Deutsche Bank

Blockchain, the technology underlying bitcoin, is coming to a back office, and clearing house, and bank, and front office near you. Instead of one authority keeping records, everyone will. That’s the idea, anyway, of a wave of start-ups rushing to build workable applications. How will clarity emerge from this ferment, and just how will it change the business of capital markets? Jon Hay reports.

Corporate issuers now dominate Europe’s high yield market, but investor appetite is showing signs of its old fickleness. As Victor Jimenez reports, issuers can still depend on the market, but may have to pick their windows carefully in 2016.

Investment grade loan pricing has stopped falling — meaning the flow of refinancing deals is ebbing. Mergers and acquisitions, as ever, are what banks want, and they are confident of getting more in 2016. But will banks finally get round to weeding out unprofitable relationships? Rob Cooke reports.

Investors see equity-linked debt as combining safety with upside in a happy medium. But for issuers, the product is offering happy extremes: super-high premiums, ultra-low coupons and even no equity risk. Jon Hay reports.

The Inter-American Development Bank is the latest issuer to enter a red hot dollar market, after KommuneKredit and the Asian Development Bank raised money on Wednesday.

The World Bank printed a five year Kangaroo note on Wednesday to kick off the Australian dollar market for the year, which could be set for a bumper couple of months.

The US is top of every European banking chief executive’s to-do list for 2016, as they race to comply with new regulations that will define the future of their international ambitions. Consolidation beckons, writes David Rothnie.

The European Stability Mechanism is seeking ideas for a bond issue next week, as the euro market burst back into life following a holiday across much of Europe on Wednesday.

Europe's equity capital market lost no time in hitting back after the scary start of Monday, when world markets tumbled after China's stockmarket went into freefall and Saudi Arabia and Iran's war of words became more rancorous.

If Monday was an ugly beginning to 2016 in the equity capital market, with a 7% fall in Chinese stocks dragging world indices down, Tuesday has been much cheerier, even bringing deals in Europe.

Last year’s difficult dollar conditions looked firmly in the past on Tuesday as a pair of issuers tapped different parts of the curve for big deals — and other issuers readied themselves for trades.

Daimler opened this year's European investment grade corporate bond issuance on Tuesday, selling a barn-storming €3.25bn triple tranche deal that pulled in a €7bn order book.