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Decades of top decile returns and a focus on client needs made GoldenTree Asset Management a market leader. The employee-owned firm’s culture of collaboration and innovation drives differentiated strategies across asset classes. All this makes GoldenTree the deserving winner of Global & Americas Hedge Fund of the Year.

As 2024 draws to a close, the covered bond market is hoping — but not necessarily expecting — to see historically high spreads fall. The product’s strengths are unassailable, but pressure on other rates segments could be the deciding factor. GlobalCapital spoke to Bodo Winkler-Viti, Head of Funding & Investor Relations at Berlin Hyp, about the outlook for the year ahead, the growth of ESG and the bank’s role as a covered bond pioneer

Political and economic uncertainty was rife in 2024, highlighting the importance of a trading platform with the scale and sophistication to support clients through volatile conditions. GlobalCapital spoke with MarketAxess’ Global Head of Emerging Markets, Dan Burke, and Head of LatAm Sales, Maria Calderon, about the firm’s rapid EM expansion, its strategy for Latin America and what they expect to see in 2025.

It’s an exciting time for S&P Capital IQ Pro. The market’s preeminent research and analysis platform is incorporating new functionality and generative AI into an already cutting edge offering. GlobalCapital spoke to Warren Breakstone, Global Head of Capital IQ Solutions at S&P Global, about recent acquisitions, the benefits of GenAI and the outlook for the future

2024 has been another impressive year for Aussie dollar bank supply, almost outpacing the 2023 record. The year ahead will bring new opportunities along with regulatory change. GlobalCapital spoke to James Holian, Head of DCM & Syndicate Europe at Commonwealth Bank, about the outlook for issuance, the phase out of AT1 and whether covered bonds might spark into life in 2025

Hybrid issuance surged in 2024 as banks and corporates alike found investors hungry for duration and yield. GlobalCapital spoke to Crédit Agricole CIB’s Cecile Bidet — DCM head for financial institutions — and Xavier Beurtheret — head of DCM for corporates — on what drove their markets this year and the outlook for next

BNY’s corporate trust business, led by Cécile Nagel, has been investing and evolving to meet the changing needs of the market and its issuer clients. Nagel talks to GlobalCapital about the business’s strategy and strengths

Market participants in 2024 had to contend with significant changes in inflation, interest rates and geopolitical risk. Against such a shifting backdrop, cutting-edge data and analytics have never been more important. Global Capital spoke to Satyam Kancharla, Executive Vice President and Chief Product Officer at front-to-risk technology firm Numerix, about trends to expect in 2025 and how changing market dynamics impact analytics requirements

Political and economic uncertainty, quantitative tightening and new supply expectations weighed on the SSA sector in 2024, pushing spreads wider versus swaps throughout much of the year. With Donald Trump returning to the White House and questions over France and Germany’s political and economic direction, the coming year is unlikely to be smooth sailing for SSA issuers. To discuss the main trends and developments this year and their expectations for 2025, GlobalCapital convened a roundtable of leading SSA borrowers and an investor involved in this critical market

On a range of measures — liquidity, investor base, regulation — Australia scored highly this year as a source of fixed income funding. Growing interest from new and repeat issuers, and strong investor demand suggest the Australian dollar market will continue its upward march. While diversification is a common reason for banks from outside the country to operate Kangaroo programmes, it is not the only one. Relative value is also important. In November, GlobalCapital gathered senior funding leaders from major lenders in the UK, Nordics, EU, Canada, Asia and Australia — all with varying amounts of experience in the Australian market — to discuss all of this and more.

European sovereign issuers and African multilateral institutions are among those focused on how to achieve future funding goals. But expanding their investor base is also critical. That is why sukuk, Panda bonds and sustainability-linked products are commanding their attention as they look for more innovation. GlobalCapital convened a discussion between funding executives from these organisations and other market specialists on their progress in 2024, where they see opportunities for doing things better in the future and why sustainable finance can be a contentious area when it comes to setting targets.

The UK’s borrowing need over the next year has increased materially, creating a challenge and opportunity for the new CEO of the Debt Management Office to calibrate the best funding channels to deliver cost-effective financing. To discuss how it plans to manage this, together with the changing dynamics of the Gilt market, innovation and risks, GlobalCapital convened a roundtable with the DMO, market makers and investors to explore and interrogate these areas.

Jeavon Lolay, Head of Market InsightsNiall Coakley, Co-head, Corporate Financing and Risk Management

Energy is integral to Qatar. Oil was its past and LNG is its future. The country’s lower carbon natural gas will be a crucial transition fuel for the world’s efforts to abandon coal and oil. But Qatar is also set to become a solar powerhouse, as it brings its considerable financial firepower to roll out new renewables

Already in command of one of the world’s largest sovereign wealth funds, Qatar’s economic foundations are becoming ever stronger. Strategic expansion of its unrivalled natural gas deposits, fiscal restraint and a thriving non-oil sector combine to create a platform for transformative growth

The Chief Financial Officer of CIB shares his thoughts on how Egypt’s economy will develop in the next three to five years

Anthony Bryson, CEO, Lloyds Bank Capital Markets Wertpapierhandelsbank, FrankfurtWilliam Mansfield, CEO & Country Head, Lloyds Bank North America, New York

In an interview with GlobalMarkets, CAF’s Executive President Sergio Díaz-Granados discussed the development bank’s geographical expansion, major capital raising and funding goals for the year ahead.

In an interview with GlobalMarkets, Hitesh Asarpota, CEO of Emirates NBD Capital, discussed the surge in regional liquidity, its impact on different asset classes and the growth of ESG

The international nature of the derivatives market requires an international law firm particularly well placed to guide clients through a rapidly evolving capital markets landscape. There is no firm able to match Mayer Brown in providing a truly global practice. Its expertise across geographies and market segments saw the firm once again take home the award for Americas Derivatives Law Firm of the Year.

Operating at the cutting-edge of technology and finance, Derivative Path has become the partner of choice for firms in need of seamless support across derivatives and risk management. Unrivaled product solutions, peerless analytics and a dedication to evolving along with its clients’ needs made the firm a worthy winner of both Derivatives Technology Provider and Risk Management Advisory firm.

The market recognised the Crédit Agricole Corporate & Investment Bank (Crédit Agricole CIB) covered bond franchise in no fewer than three categories this year. In addition to taking home awards for Best Research and the Best Bank for ESG Issuers, the firm’s guidance helped a standout Novo Banco deal secure Best Pioneering Deal.

Trade receivables securitisation, receivables purchase, and invoice financing are powerful funding tools that open up new avenues for efficiency.

Erste Group’s decade-long expansion of its DCM franchise has created a covered bond powerhouse with expertise stretching from Canada to eastern Europe. Dedication to issuers and investors alike secured Erste wins for Best Bank for Distribution and Syndication, two of the most coveted categories for covered bond dealers. In a testament to the strength of its team, the firm also saw a trio bankers win awards for individual excellence.

Jörg Homey, head of covered bond research at DZ BANK, assesses the state of the covered bond market following the summer break and considers where it goes now

A culture of collaboration, cutting-edge technology and unrivalled geographic reach contributed to MarketAxess’ win as ‘Best Secondary Market Trading Platform for Emerging Market Bonds’ at GlobalCapital’s annual awards. We sat down with Dan Burke, the firm’s new Global Head of Emerging Markets, to discuss how the MarketAxess platform has evolved and what the future holds.

Issuers need to look to the future with clearly defined objectives and remain agile.