International Capital Markets During the COVID-19 Crisis

19 Pages Posted: 22 Apr 2021

Date Written: April 21, 2021

Abstract

This article analyses the main trends in securities issuance activity on international markets in 2020, a year in which capital markets were very buoyant despite the COVID-19 crisis. In 2020, record figures were posted for issues on fixed-income markets globally, driven by the measures adopted by governments and central banks to smooth financing and foment market liquidity. In terms of sectors, issuance by the public sector and non-financial corporations increased, while there were declines in the banking sector. By region, increases in issuance volumes were across the board, with notably greater dynamism in the United States and the United Kingdom. Finally, as regards time horizon, there was a strong increase in the second quarter of the year, with record figures posted. This may have been due to the fact that many issuers attempted to bring forward their issues in that quarter given the enormous uncertainty over the course of the pandemic and future financing conditions. Equity market issues were also notably buoyant, with figures not recorded since 2009.

Keywords: issues, international markets, COVID-19

JEL Classification: F3, G12, G15

Suggested Citation

Álvarez Román, Laura and Fuertes, Alberto and Molina, Luis and Muñoz de la Peña, Emilio, International Capital Markets During the COVID-19 Crisis (April 21, 2021). Banco de Espana Article 13/21, Available at SSRN: https://ssrn.com/abstract=3831143

Laura Álvarez Román (Contact Author)

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Alberto Fuertes

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Luis Molina

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Emilio Muñoz de la Peña

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

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