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Even the greats can get it wrong. Eleven years ago to the day, Bill Gross, ‘Bond King’ and co-founder of Pimco, proclaimed that Gilts were "resting on a bed of nitroglycerine".

The Singapore Exchange’s plan to get in on the rush to list special purpose acquisition companies (Spacs) is a bold move that could give it an edge over regional rivals. But there are plenty of obstacles — and its efforts may well be futile.

An undercapitalised bank in the crosshairs of a market rout can expect counterparties to demand higher margin calls, particularly when a lot of its assets are already encumbered, as is the case at many European banks. This is a problem of the European Central Bank’s making and one that only it can fix. Making covered bond repo haircuts more severe would be a good place to start.

In this round-up, Beijing plans to increase oversight of debt management and corporate governance at Chinese lenders, Hong Kong is ready to include Star-listed A-shares into the Stock Connect, and the securities regulator gives the nod to set up a new futures exchange in Guangzhou.

This week in Keeping Tabs: disagreement over stimulus in the US, a treat for the end of Trump, and how people present their backgrounds.

A new era has begun in the US, with the swearing in of Joe Biden as president. For America and the rest of the world it is a sea change in leadership style and political substance.

There are few unpleasant things that can trump having to watch someone else take your job.

The relationship between the US and China, which has faced immense strain during Donald Trump’s presidency, is unlikely to get too much relief under the Biden administration. The biggest losers will be US banks and their capital markets business in Asia.

Eurostar, the company which runs trains through the Channel Tunnel between London and Europe, is angling for a UK government-backed bailout loan. It is a ruse that can most generously be described as cheeky. If the company really needs cash to survive, there are many more appropriate ways of raising it in the capital markets.

The ECB's attempts to curb leveraged lending are damaging, inconsistent, and come at exactly the wrong time

The damage caused by hurricanes Eta and Iota, which slammed into the Central American states at the end of November, caused widespread damage and further misery to millions in countries that were already suffering from the Covid-19 pandemic.

Bankers have not struggled when helping European governments sell debt lately. So it was a surprise to see a kerfuffle in this corner of the market last week, particularly as the deal in question was so well bid.