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Unlike recent years, when the M&A pie has turned out more lukewarm than piping hot, this year has one extra crucial ingredient: really convincing European growth. By Toby Fildes.

As Donald Trump leads the US's retreat from the world, how will global capital markets react to this tilting of the landscape? Some see an opportunity for Europe and its banks. Others see a hastening of the inevitable rise to global influence of other powers — above all China, but also Russia and India — and perhaps even, in its own region, the newly assertive Saudi Arabia. By Toby Fildes.

As central banks beat their retreat from bond markets and press on with raising rates, normalisation is a word capital markets could well come to despise in 2018. By Toby Fildes.

In 2017 the continuation of the ECB’s Corporate Sector Purchase Programme helped dampen volatility in the corporate bond market, allowed spreads to continue a long grind tighter and persuaded a diverse range of issuers to access the market. Debut issuers took advantage of some of the best ever conditions for issuance, while others returned after many years.

After a year in which a myriad potential political risks failed to materialise and SSAs enjoyed extremely strong conditions, GlobalCapital used our editorial judgement, with inspiration from our world-famous Bond Comments and patented BondMarker app, to pick what we felt were the top trades of the year.

China’s central bank will hold on to its 'neutral and prudent' monetary policy, the central bank of Pakistan encourages businesses to trade with China in renminbi, and the Chinese currency regains its position as the sixth most used global payments currency.

The cryptocurrency boom has been mostly confined to the corporate world. But, some of the more forward-thinking countries are planning on getting into the digital currency game. They should know better.

The European Central Bank’s decision to exclude conditional pass through (CPT) covered bonds issued by non-investment grade issuers from its covered bond purchase programme (CBPP3) will constrain liquidity and credit where they are most needed, and is not necessarily justified by risk considerations.

GlobalCapital is pleased to reveal the nominations for its Loan Awards 2017. We thank all the voters and congratulate all the nominees. The winners will be announced at the Loans Dinner in London on February 7.

The Chinese president emphasises the need to control financial risk at a key economic policy forum, Pakistan considers using the renminbi instead of the dollar in bilateral trade with China, and China Development Bank sells $350m of bonds in Hong Kong to help fund the Belt and Road Initiative (BRI).

Bank regulators are being encouraged to incentivise green investment through bank capital relief because others have been too slow to take up the fight against climate change. But capital requirements are not designed for this purpose.

UK and Chinese officials press ahead with London-Shanghai Stock Connect, China tops the October league table of foreign holders of US Treasuries, and Bank of China opens a new branch in Qatar.