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Soon, banks will have more TLAC and MREL than equity. The new bond classes are a immensely important part of the financial structure of a bank, but the risks to investors aren’t yet clear. Just how will this alien new instrument class behave — or misbehave?

Fintech is all the rage these days, so it was no surprise when a chum of mine announced that he had joined a bank to help it embrace the digital age.

The impact of Brexit on Ireland is likely to be mixed. While Ireland’s exposure to the UK has led the government to revise its forecasts for GDP growth down in 2017, some areas of the economy look well positioned to flourish in the post-Brexit era, most notably financial services. Following the triggering of Article 50 by the UK government, representatives from the public and private sector gathered in Dublin in early May to discuss the longer-term prospects for the Irish economy and the financial services industry.

The market for socially responsible investments is flourishing, but only at the top. Corporate and emerging market borrowing, which the world sorely needs, is still conspicuously scarce. Financial innovation is required to broaden participation.

As the UK Labour Party’s Jeremy Corbyn bounces in the polls, his party’s plans for the financial system owe much to the German model — and have similar weaknesses and strengths.

European regulation never dies, it’s said, but stumbles around Brussels, zombie-like, forever.

Investors, issuers and bankers came together in April for the GlobalCapital/Crédit Agricole CIB covered bond roundtable to discuss the key factors facing the market over the next 12 months.

As one of the fastest growing economies in the G20, Indonesia is on the up. Having taken some difficult decisions after coming to power in 2015, Joko Widodo’s administration is reaping the rewards, with growth accelerating, a budget deficit below 3% and inflation tamed. This benign economic background has helped the Indonesian government become one of the most sophisticated sovereign borrowers in the international market. At GlobalCapital ’s roundtable in Jakarta in early April, hosted by Standard Chartered, leading bankers and issuers explored the impact of reforms to state-owned enterprises, potential US interest rate rises and changes to tax laws on the potential to create a deeper, more effective debt market.

Kookmin Bank became the first commercial lender from South Korea to sell a dollar bond into Taiwan last week, to a rousing reception from investors. The Formosa dollar debt market has remained largely untapped by Asian borrowers this year — but it is a fundraising avenue worth considering.

China’s FX market records Rmb11.38tr ($1.65tr) of transactions in April, the State Administration of Foreign Exchange releases more foreign investment quotas, and CFETS completes first options write-off in the interbank market.

The PBoC is rumoured to be looking into making the daily fixing more stable, MSCI says there are still questions on including A-shares in its emerging market index in June, and Vanguard sets up its first wholly foreign owned entity (WFOE) in Shanghai.

GlobalCapital is delighted to announce the winners of its Americas Derivatives Awards for 2017. The results were revealed at a gala dinner at New York’s Metropolitan Club on May 25. Our thanks to all those who attended the dinner and competed for the awards.