Squeezed by negative rates on one side and an ageing population on the other, Japan’s banks have never had it so tough.

When RBS floated Citizens Financial in 2014, it was the biggest bank IPO since the financial crisis and investors were sceptical of its prospects ‒ five years on and RoE and EPS have doubled, the stock trades at a premium, and the bank has shown it can compete with bigger US banks and non-banks alike.

The dynamics of the US securitization market have changed beyond recognition, while the role of banks in ABS has evolved too; the excesses of the past have gone and securitization is now a safe and reliable funding tool for consumer lending.

Elizabeth Warren is showing a unique ability to get under the skin of Wall Street leaders as the US presidential election season heats up.

Leading bankers in sustainable finance fear that, despite the advances and the rhetoric, the industry is not moving quickly enough.

The Lebanese authorities said that they met a $1.5 billion bond payment in late November, but with the country rapidly running out of money and in the absence of any clear ability to enact reforms, Euromoney looks at its options.

A $30 billion bond from AbbVie has given US dollar investment-grade corporate debt volumes a boost late in the year, but net issuance is down and the outlook is mixed.