Everyone has a capital markets strategy until they get punched in the face

This was supposed to be a decent year for banks in the debt and equity capital markets. But the uncertainty generated by a chaotic US tariff policy has wrecked investment banks' ability to plan and operate in their markets.

We look at what is grinding the sell-side's gears and investigate how banks should navigate the volatility to meet their budgets.

One area of the bond market where issuance has been slow to resume since the US first announced its new tariffs is the senior unsecured FIG market. Issuers returned this week, so we took the opportunity to examine where FIG borrowers can raise debt capital from covered bonds all the way down to subordinated debt.

The yields on many frontier emerging market sovereign bonds have gapped higher this month to above the 10% level that many consider the beginning of the death zone for debt sustainability. We ask whether this has the makings of a debt crisis, or if issuers are well prepared to weather the storm.