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Lockdowns raised big questions about how capital markets operate. Trading floors — their beating heart — emptied even as the need for the financial blood they pump round the system rocketed. But markets thrived. Now Ralph Sinclair asks how the experience will change the future of work in capital markets.

BBVA is expected to take advantage of recent changes to Pillar 2 requirements with a greater proportion of senior preferred issuance but it has a modest need for subordinated issuance. The Spanish national champion also plans to make use of its Targeted Longer-Term Refinancing Operation (TLTRO) allotment from the ECB, which has been substantially increased.

In this round-up, Beijing braces for a second wave of local infections from Covid-19, China's industrial production grows for a second straight month, and American Express secures a clearing licence onshore.

John Hempton, the Australian short seller and self-styled eccentric, believes fraudulent companies will soon become evident in the corporate rubble left by the coronavirus pandemic. Hempton, who has bet against 1,100 companies over the course of his career, explained how his hedge fund Bronte Capital goes about finding rotten eggs in business and finance.

Each week, Keeping Tabs brings you the very best of what we in the GlobalCapital newsroom have found most useful, interesting and informative from around the web. This week: a debate about the riskiness of CLOs to US banks, the role of the euro and more.

In this round-up, China’s central government pushes ahead with reform, both the consumer price index and the producer price index were weaker than expected in May, and aviation activity and car sales warm up.

The green bond market lets investors scrutinise the way issuers use their money, promoting good behaviour. Now, the focus is turning to the middle men: the banks. It is a welcome iteration, given their importance in financing either a green or brown future, but we must push them further.

There are many reasons to like Hong Kong, despite the goings-on in the city these days. I should know, having lived here for many decades.

The US Federal Reserve’s whatever-it-takes approach to stabilising markets has had an unintended victim: serious discussions about debt relief in the emerging markets.

Italy is launching a new retail product, the BTP Futura, turning to its impressive stock of domestic savings to help finance its recovery. It’s an excellent move, and could be even more valuable to Italy’s recovery from the ravages of the coronavirus pandemic than the external support of the European Stability Mechanism.

Sustainability bond bankers are batting around the idea of subverting usual practice by letting issuers price themed deals and then follow up with their green or social bond framework document after issuance. The idea is to hasten market access for issuers battling the effects of the coronavirus. But it could weaken sustainability standards.

Chinese issuers have been slashing the coupons on their onshore puttable bonds in an attempt to save money. They are playing with fire.