ContentsHighlights 5Overview 7I. Bond markets and debt management 13A. Sovereign Spreads 15B. Corporate Spreads 17C. New Debt Issuance 191. Sovereign Issuance 192. Corporate Issuance 203. Currency Composition 244. Thematic Bonds 24II. Bond markets and credit management in the Caribbean 29III. Portfolio equity flows 33IV. Prospects 35Appendix 37Highlights In the first quarter of