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Bailey McCann, Opalesque New York:

The Federal Reserve's interest rate policy is having a significant impact on debt capital markets. Total debt capital markets activity was down 11% compared to the first quarter of 2022, marketing the slowest period for debt capital markets since 2019, according to new data from Refinitiv.

The number of new offerings brought to market during the first quarter of 2023 totaled 6,483, a 13% decline compared to a year ago and a four-year low.

International bond offerings also declined 10% compared to the same period a year ago. Debt from emerging market corporate issuers totaled US$65.6 billion during the first quarter of 2023, down 20% compared to a year ago, the report said.

Corporate debt issuers from India, Saudi Arabia and accounted for 61% of emerging markets activity during the first quarter of 2023, report data shows.

New issuance is primarily coming in the form of global high-yield and green bonds. Global high yield was down 16% compared to the first quarter of 2022, however, that figure was still triple fourth quarter 2022 levels representing a significant increase in activity. The increase is notable given the slowdown that hit the high-yield mar......................

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