Capital flows to Latin America and the Caribbean: first 10 months of 2023

Latin American and Caribbean bond issuance in international markets totalled US$ 76.4 billion in the first 10 months of 2023, rebounding from the low volumes recorded in 2022. This figure represented a 30% increase compared to the same period in 2022 and was 20% higher than the annual volume. Issuers that have been waiting for lower borrowing costs are gradually returning to the international market, as they anticipate the end to global interest rate hikes while accepting that rates may remain higher for longer.

The region issued US$ 23.2 billion in international green, social, sustainability and sustainability-linked (GSSS) bonds in the first 10 months of 2023, up 15% from the same period in 2022. Including the first half of November, the region’s total international GSSS bond issuance was US$ 29.6 billion. This represented a 45% increase over the 2022 annual GSSS volume and accounted for a record 35% of the region’s total bond issuance in international markets in the period, highlighting the enduring resilience of these novel instruments in the current international climate.

Capital flows to Latin America and the Caribbean: first 10 months of 2023 presents and analyses the main trends and developments in capital flows to Latin America and the Caribbean in the first 10 months of the year. This report is published by ECLAC three times a year and provides an overview of the region’s new international bond issuances, bond spreads and credit ratings.