Sandy Frucher, Nasdaq

Investor access, for the first time, to a basket of Indian public-sector bonds through an ETF listed in London has elicited sceptical groans, not because it poses liquidity risks or that corporate governance and transparency of the underlying securities barely conform to international best practice.

Three days before Facebook’s market debut in May 2012, underwriting banks increased the IPO price range from between $28 and $35 to between $35 and $38 and the deal was priced at $38.

A year ago, we at Euromoney marvelled at the near perennial progression of personages passing through the portals of Bucharest’s finance ministry in the 25 years since Romania’s tyrannical Nicolae Ceaucescu was toppled: 21 finance ministers since 1989.

“Fixed income is the area in the firing line because it used to make so much of the money but now accounts for so much of the leverage”

“Fitch could decide to do this but if they did we would simply ignore it”

Banking supervisors and other regulators are determined to bring so-called shadow banking within their purview.

New specialist liquidity providers are nibbling away at the share of the big universal banks in more and more parts of the FICC markets. In swaps, government bonds, foreign exchange, credit, and in securities financing and repo, new entrants are on the march, stepping up to fill the gaps left by the retreating banks. Tech savvy, led by quants and data engineers rather than the expensive traders sitting on the scrap heap of most banks’ inferior tech, the new entrants now just need people with the skills to win over large numbers of customers.

Britain’s renegotiation of its relationship with the EU could be a good thing for Europe too.

Sometimes bank PR boils down to a simple question: what does ‘is’ mean?

Clydesdale Bank has been nothing but trouble for National Australia Bank for much of the past decade. Now it is to be cut loose via a demerger and IPO. New CEO David Duffy insists he can make Clydesdale a genuine challenger to the big six UK banks.

European Central Bank president Mario Draghi has been dropping further hints that he is considering unconventional measures to combat deflationary pressures in the region. This sets the stage for potential central bank buying of European corporate bonds, which in turn raises the question of whether there will be opportunities for nimble investors to game a new ‘Draghi Put’ for corporate credit.

Jes Staley can add an entry to his ‘to-do’ list for December 1, his first day as CEO of Barclays: send all staff an email about how to send emails.

Commercial Bank of Dubai pays up; Gulf Investment Corporation cancels deal.

Pricing slashed as emerging market IPOs struggle; political in-fighting ‘threatens Georgia’s reform record’.

Meek year-end further weakens annual total; euro deal resurgence brings some cheer.

Record low yields for sovereign’s recent deals; slowing economy, deteriorating fundamentals.

Gao urges SOE defaults; financial reform should precede capital liberalization.

Bank cuts business in five countries; Brazil spared but offering diminished.

Dollar dominance continues; RMB inclusion in IMF reserve basket symbolic.

New Asia lender caps lending at $100 billion; dollars, not RMB, will fund projects.

ECM re-emerges from lengthy slump; foreign investors jump on slew of mid-sized IPOs.

The big US brokerages are losing market share to independent wealth managers. To stop the rot, the wirehouses must rethink almost every aspect of how they do business.

HSBC latest to pledge green bond investments; Barclays hits £1 billion target and promises more.

In October 85% of listings priced below range; healthcare dominates but has returned -6.2%.

With interest rates at rock bottom, even the best banks in Europe are struggling to find new ways of boosting profits organically. The continent needs to consolidate, and at the hands of its better-run banks. Euromoney takes a close look at price-to-book values to see which those banks might be – and which deals could get put together as regulatory uncertainty clears and M&A activity picks up.

Proliferation of $3 billion-plus deals, smaller deals and after-market performance struggle.

S&P shift hits €20 billion of bonds; issuers waive call rights to retain equity credit.

Low oil price no bar to expansion; international business up 13% year-on-year.

Italy, Austria, Germany take brunt of 18,000 job losses; lingering capital doubts overshadow efficiency drive.