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Voters go to the polls on Thursday to pick the next UK government, with the outside possibility of a far left Jeremy Corbyn-led Labour government keeping capital markets bankers awake at night. But the return of Marxism might hold some silver linings for them.

Crédit Agricole bagged a total loss-absorbing capacity eligible senior preferred Panda bond in China last week — the first of its kind onshore. But the confusion it created shines a light on a market that is still in dire need of education around these new structures. With Chinese banks set to come under pressure soon to issue their own TLAC-eligible bonds onshore, rapid change is needed before time runs out.

In this round-up, Chinese exports shrank in November while imports rose unexpectedly, the China Banking and Insurance Regulatory Commission (CBIRC) will lift foreign ownership caps on life insurance companies to 51%, and the Mainland will waive import tariffs on US soybeans and pork.

In this round-up, conflicting trade war headlines confuse the market, Huawei sues the Federal Communication Commission amid public relations troubles at home and the People’s Bank of China (PBoC) signs a three year bilateral currency swap agreement with the Monetary Authority of Macao.

Houlihan Lokey’s European corporate finance land grab has made its fifth acquisition since 2014, writes David Rothnie, at a time when the fluctuations of the credit cycle may be about to lead to more restructurings.

While capital markets professionals might be preparing to pop champagne corks in the expectation of a Conservative Party victory in the UK’s general election on December 12, they should remember that the government’s key policy is appalling for the UK.

For most people, holidays are a way to escape from the frenetic reality of day to day life. Some opt for sandy beaches, others a snowy mountain peak, but the aim is generally the same — relaxation.

When investors are presented with a new financial instrument, their instinct is generally to focus on pricing, relative value and liquidity. This is a natural response, especially in a low yield environment in which every basis point counts.

European banks are waiting for relief from central bankers, politicians and regulators. But UniCredit is positioning itself to offset several of the biggest problems facing the sector, giving it greater room to forge its own destiny.

The European Central Bank (ECB) likes to keep up the idea that it dips in and out of markets judiciously with its quantitative easing programme. This is disingenuous. Its driving force is its need to pump money into the system.

The FICC Market Standards Board has just released guidance on the proper conduct of government bond auctions, cautioning banks — and primary dealers especially — to manage their conflicts of interest carefully. That’s fine as far as it goes, but the whole point of the primary dealer system is to rig the market, with finely tuned incentives on all sides to make sure governments have access to funding whatever the weather.

Polite, sincere, with a swift wit, David Pepper had a huge presence in Europe's syndicated loan market.