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Supranational issuers have enjoyed a strong start to 2017, with core currency markets in fine fettle. Wide swap spreads have aided dollar issuance — as have efforts to tap the US investor base — while several borrowers have introduced new strands to their SRI and currency mix. The political outlook is also rosier after Emmanuel Macron won the French presidency, although risks remain in the form of an unconventional US administration and looming Brexit negotiations. GlobalCapital met some of the world’s top tier supranational issuers in May to discuss these topics — and more.

A warm welcome to this publication that marks 30 years of GlobalCapital, or EuroWeek, as it was called until 2014.

China Securities Regulatory Commission welcomes the prospect of A-share inclusion by MSCI, China’s State Council publishes a new negative list to make foreign investment easier in free trade zones, and the Asian Infrastructure Investment Bank (AIIB) makes its first equity investment.

The European Central Bank switches €500m-equivalent of dollar for renminbi in its FX reserves, the International Monetary Fund adjusts China’s GDP growth forecast while recommending a more transparent monetary policy, and Singapore does a policy U-turn to support One Belt One Road (OBOR).

The EU has caught the rest of the world on the hop. Years of neglecting structural reform, anaemic growth, all manner of financial crises, domestic political disruption, ructions with Greece — and now divorce with the UK — have variously driven predictions of death for both the Union and the euro. It hasn’t turned out like that.

The last few weeks have been rough on my pals in the equity capital markets. Business has been booming, but equally competition has risen to a fever pitch.

No matter how you choose to invest in Venezuela, you run into questions of morality. There may be no perfect way to buy Venezuelan bonds, but there is certainly a dubious way.

Fantasia Holdings Group Co surprised markets last week with a 364 day bond, opting for a short-term note to circumvent delays in offshore funding approval from the Chinese regulator. At first glance, the notes appear to offer a quick solution for property companies with looming funding requirements — but borrowers should take a closer look at the many disadvantages that come with such short term deals.

People’s Bank of China (PBoC) plans new bitcoin regulations, Stock Connect southbound flows hit new highs, financing costs of renminbi bonds are cheaper offshore than onshore for the first time in 28 months.

China’s FX reserves rise for the fourth consecutive month in May, a Chinese securities regulator says the country will start allowing foreign investors to trade commodities futures onshore, and Ford Motor’s onshore financial arm issues RMB-denominated bonds.

Banco Popular’s resolution has set a precedent, and it’s a good one.

The scores have been counted and the results for the benchmarks sold in the week commencing May 29 are in. The week produced only a smattering of public sector trades trades, and not all were warmly received.