The importance of emerging markets in the world economy has grown steadily but managing EM currency risk can be a nightmare for the unwary corporate treasurer. By 2014, emerging market economies already accounted for 36% of world GDP and 27% of world trade, yet in the period between 2010 and 2015 there were eight large depreciations of emerging market currencies, according to the International Monetary Fund. Managing the company’s financial interests in these challenging markets has become a top priority for treasurers. Which factors should treasurers look at?

If its second half maintains the pace set to date, 2017 may be a landmark year for bank and insurance capital issuance, with investors showing an appetite for a wide range of credits and willing to go down the credit curve in search of yield.

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As one of the fastest growing economies in the G20, Indonesia is on the up. Having taken some difficult decisions after coming to power in 2015, Joko Widodo’s administration is reaping the rewards, with growth accelerating, a budget deficit below 3% and inflation tamed. This benign economic background has helped the Indonesian government become one of the most sophisticated sovereign borrowers in the international market. At GlobalCapital ’s roundtable in Jakarta in early April, hosted by Standard Chartered, leading bankers and issuers explored the impact of reforms to state-owned enterprises, potential US interest rate rises and changes to tax laws on the potential to create a deeper, more effective debt market.

Innovation is on everybody’s mind and many wonder whether it’s actually more than just a buzzword. BNP Paribas’s response is clear and strong: innovation is a continuous journey, it goes beyond technology, is already underway and bringing progress at multiple levels and the Bank is also now working hand in hand with its clients to rock the treasury house. From blockchain-based solutions to SWIFT gpi and Virtual Account Management, the evidence is blooming.

Environmental, Social, Governance (ESG) investing is not a temporary trend for fund managers, but a movement that is gaining momentum, and one that could have a significant impact on firms’ operations

Middle Eastern governments and companies rose to the financing challenge set by falling oil prices in 2016, rethinking their operations, cutting costs and turning to the international bond markets in committed fashion to plug funding gaps. Issuers in the Gulf Cooperation Council countries raised $66bn last year, and this year’s first quarter total of nearly $25bn suggests issuance will be similarly high in 2017.  At GlobalCapital’s roundtable in Dubai on March 27, hosted by Standard Chartered, leading participants discussed the steps needed to take the region’s debt capital markets from nascent to mature, to ensure that they can continue to function, whatever happens to the oil price.

Asian green bond initiatives are supporting an unprecedented global surge in issuance, with many markets taking a leaf out of China’s regulator-led book.

The commercials of running an onshore fund product are appealing, and Asia-Pacific managers want to jump in on the action.

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Bank of China’s powerful combination of global reach, quality service, and profound local and regional expertise has led to it triumphing as Asia’s most highly ranked cash manager.

In 2016 there was substantial growth in the panda market. New reforms may stimulate activity further in 2017.

The Gulf Cooperation Council (GCC) regional grouping is one the fastest growth engines in global debt capital markets.

Banks involved in trade should be striving to find a practical solution to today’s challenges while also working towards the ideal of a purely digital future.

Bond issuance volumes have picked up in the early months of this year, as borrowers have capitalized on low volatility and interest rates. Issuance has reached some $950 billion year to date, 5% up on the same period last year. Of particular interest are bonds from Asian high-yield issuers (with credit ratings below BBB or Baa), which account for over $6.2 billion in offshore debt year to date. This is over four times the total amount issued in 2016 whereas the broader high-yield segment rose 66% year on year.

In the world of trading, January 2018 could mark the start of a new era, as a result of the changes that will be introduced by the EU’s revised Markets in Financial Instruments Directive and accompanying Regulation (together, “MiFID II”). MiFID II aims to build on MiFID I by establishing a more transparent financial system, restoring investor confidence and improving the way capital markets function “to the benefit of the real economy”.

Euromoney and J.P. Morgan conducted a survey of global corporate treasurers to find out what they see as the biggest challenges they currently face, and assess their expectations for 2017. The survey enjoyed an overwhelming response, with more than 230 respondents sharing their thoughts, from over 30 countries.

By Henrik Raber, global head, capital markets, Standard Chartered Bank