Global bond issuance plummeted in 1Q23, with soaring interest rates and bouts of market volatility beating down demand for fundraising and refinancing despite a recovery in investor appetite for credit earlier in the year. Issuance for the first quarter stands just shy of USD 1.72trn, a decade-low for debt capital markets (DCM) activity in the first three months of the year, and a 25% fall year-on-year (YoY). However, trends vary significantly across regions, industries and asset classes.
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