Capital flows to Latin America and the Caribbean: 2023 year-in-review and early 2024 developments

Latin American and Caribbean bond issuance in international markets totalled US$ 89 billion in 2023, 40% higher than the figure recorded in 2022, but still 35% lower than the average annual level in the three-year period from 2019 to 2021. The average coupon on the region’s bonds issued in international markets was 1.65 percentage points higher than in 2022. Indicating a strong start to the year, international bond issuance amounted to US$ 31.19 billion in January 2024, the region’s third-highest monthly total.

In 2023, the region issued US$ 31 billion in green, social, sustainability and sustainability-linked (GSSS) bonds in international markets, up 52% from 2022, but with an increase of 2.1 percentage points in the average coupon. This total represented a record 35% share of the region’s overall annual issuance in international markets, highlighting the resilience of these novel instruments in the current global environment.

Capital flows to Latin America and the Caribbean: 2023 year-in-review and early 2024 developments presents and analyses the main trends and developments in capital flows to Latin America and the Caribbean in 2023 and January 2024. This report is published by ECLAC three times a year and provides an overview of the region’s new international bonds issued, bond spreads and credit ratings.