The GlobalCapital survey of heads of debt capital markets

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The GlobalCapital survey of heads of debt capital markets

GlobalCapital asked heads of debt capital markets businesses across the Street about their expectations for 2025 and their experiences of 2024. Most predict rising issuance volumes as Ralph Sinclair discovers whether they see AI, blockchains, or the rather more human rise of private credit as the most disruptive threat to the industry

What is your prediction for EMEA primary bond markets in 2025?

Volumes

Fees

Spreads

Maturities

Which sectors/client groups are you most optimistic about for 2025 in terms of revenues?

Respondents could choose as many options as they wished

Which sectors/client groups are you most optimistic and pessimistic about for 2025 in terms of volumes?

Respondents could choose as many options as they wished

Do you expect your business to make more or less money in 2025 than in 2024?

Do you expect your MDs and directors to be paid more or less in 2025 than in 2024?

Overall, will there be more or fewer people working for you by the end of 2025 than now?

Thinking about 2025 compared with 2024, how has the rate at which competitors have poached or attempted to poach your staff changed?

Increased sharply Somewhat increased Stayed the same Somewhat decreased Decreased sharply


Senior staff (eg MDs and directors)

Junior staff (eg associates and analysts)

How aggressively will the US and European central banks loosen monetary policy in 2025?

Which sectors of the market will have the most exciting technological developments in 2025?

Respondents were asked to rank their top three choices. First preferences were allocated three points, second preferences were allocated two points, and third choices got one point

Which banks do you expect to gain and lose market share in EMEA DCM the most in 2025?

Respondents were asked to rank their top three choices. First preferences were allocated three points, second preferences were allcoated two points, and third choices got one point

How many bank mergers (announced or completed) can we expect to see in 2025 that will involve a top 25 bookrunner bank?

Which will be the most important capital markets hub at the end of 2025?

Respondents were asked to rank up to five choices in order of preference. First preferences were allocated five points, second preferences were allocated four points, and third choices got three points, and so on

Which of the following risks to DCM in 2025 are the most likely, and which would have the most severe impact?

Most likely to happen Most severe if it were to happen

Respondents were asked to rank as many options as they liked. The most choices any one respondent made was five. Therefore, each respondent's top choice was scored five points, its second choice scored four points, its third choice three points and so on

Which of these themes in capital markets is most likely to change the way you do business in 2025?

A true disrupter of capital markets Overhyped

Respondents were asked to rank as many options as they liked. The most choices any one respondent made was five. Therefore, each respondent's top choice was scored five points, its second choice scored four points, its third choice three points and so on

What is your average split of time between the office, home working and travel?

Respondents were asked to reply with the average number of days they spent in each way, and could express numbers to 1dp, hence the total adds up to more than five.

From which sectors can we expect the most debt restructurings in 2025?

How are you using AI in your business?

Not in use and no plans to in the near future  Considering investigating, testing or using in the near future Have started to investigate, use or trial AI  Fully integrated into our workflow

What is the biggest burden on doing business?

Respondents were asked to make up to three choices, in no order of preference. Each time an option was picked, it was allocated one point

What is the biggest management challenge you face in your business?

Respondents were asked to rank as many options as they liked. The most choices any one respondent made was five. Therefore, each respondent's top choice was scored five points, its second choice scored four points, its third choice three points and so on

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