Issuing bank debt used to be easy. But with many banks now crowding through the same narrow issuance windows, even high-quality issuers have barely covered the books on some deals. And as non-performing loans look set to rise, investors are worrying that the boon from higher rates won’t last.

China’s Belt and Road Initiative is as controversial now as it was a decade ago. Yet its legacy endures. Even as Beijing cuts funding to debt-saddled BRI states, the West is emulating Xi Jinping’s flagship development plan. The BRI is not dead but is quietly mutating into something much bigger and – whisper it quietly – perhaps better.

The IPO market has all but closed as rates rise and stock prices fall. But even as they mark existing holdings down, private equity investors will still provide big volumes of new capital to young companies seeking to scale up. The key factor? That those firms are focused on green energy and dealing with the climate crisis. Freed from the noise of public stock markets, these big funds are happy to back their own long-term views of the most promising growth businesses.

In previous years, the outflow of foreign portfolio investment that characterized the first seven months of the year in India would have caused a market collapse. This time, it didn’t. The difference: Indian retail finding its voice.

Where once Indian companies went overseas to seek technology, brand and scale, today – thanks to the strength and ambition of private capital – better opportunities can be found at home.

India’s refusal to take a side over Russia’s invasion of Ukraine is typical of a geopolitical approach that aims to keep everyone onside – to India’s advantage. Doing so helps the country to keep inflation in check, the one threat to an exceptionally powerful domestic story that is enticing the banking sector.

Rakuten’s adventures in mobile have given the Japanese e-commerce group a rabid thirst for capital. So much so that it is prepared to list the group’s digital bank at the worst possible time.

Logging only a 1.2% decline over the past year is good going for Australia’s sovereign wealth fund, testament to a policy to build an inflation-ready portfolio relying heavily on private markets.

A new platform aims to help get troublesome sustainable infrastructure projects financed. Its chief executive explains to Euromoney the ambitions and challenges ahead.

Ukraine’s recent debt restructuring agreements with international bondholders give it a better prospect of returning to market once its war with Russia ends. But the IMF – more used to pulling countries out of purely economic crises – faces a policy challenge in assisting a country at war.

With less than a year to go, market participants seeking a smooth transition face a number of challenges.

A new automated bookbuilding system lets asset managers gather orders from peers and retain control of the toughest equity trades in thin markets.

One of the architects of Deutsche Bank’s corporate and investment bank leaves a complex legacy.

New trading protocols offer some hope that investors may find the other side of the trade, but turnover in normally liquid bonds can suddenly collapse.

Argentina faces yet another financial crisis and has brought in a new ‘super-minister’ to try to calm the market and placate the IMF. While he will find a sympathetic ear at the fund, not many other international investors are listening anymore.

The US bank has reorganized its Latam wealth management business to focus on faster growing countries, but home bias remains a tough instinct to overcome.

The European Central Bank has made it clear that it would look favourably on big bank mergers to create stronger pan-eurozone lenders. But M&A between large lenders in different eurozone states is still stalling through financial and political fragmentation – despite hopes for a closer union after Brexit and the war in Ukraine.

Getting rid of Natixis’ minority shareholders has helped the investment bank use the strength of mutual group BPCE’s balance sheet, says divisional leader Nicolas Namias. There are some signs it’s making a positive difference.