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Fund raising in the international capital markets in 2021

Author

Listed:
  • Laura Álvarez

    (Banco de España)

  • Alberto Fuertes

    (Banco de España)

  • Luis Molina

    (Banco de España)

  • Emilio Muñoz de la Peña

    (Banco de España)

Abstract

This paper analyses the main trends in the private sector’s issuance activity in international capital markets during 2021, a year in which, despite positive developments that resulted in volumes above pre-2020 levels, the record 2020 figures were not achieved. Thus, the total issuance volume of debt securities declined due to lower issuance in the non-financial corporate sector, which may have been driven by the large amount of funds raised during 2020, lower funding needs for precautionary reasons in view of the improved health situation and higher funding costs. However, bond issuance by the banking sector and other financial institutions increased; this growth was concentrated in the United States, on expectations of monetary policy tightening in that area and regulatory factors. High-yield bond issuance also increased, benefiting from lower risk aversion. By region, the sharpest declines were in the United States, followed by the United Kingdom and the euro area. Conversely, issuance in the equity markets was strong and surpassed the 2020 figures.

Suggested Citation

  • Laura Álvarez & Alberto Fuertes & Luis Molina & Emilio Muñoz de la Peña, 2022. "Fund raising in the international capital markets in 2021," Occasional Papers 2211, Banco de España.
    • Handle: RePEc:bde:opaper:2211e
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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/22/Files/do2211e.pdf
    File Function: First version, November 2022
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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/22/Fich/do2211.pdf
    File Function: Spanish version
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    More about this item

    Keywords

    bond issuance; international capital markets; corporate finance; debt securities; equities;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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