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‘Rogue traders’ have struck again — Tijane Thiam, Credit Suisse’s chief executive, doesn’t seem sure quite how his traders ran up such large positions, but they’re being blamed for $750m of losses and writedowns since October 2015. The Swiss bank’s distressed debt desk joins a long line of unauthorised big losers stretching back four decades.

Argentina’s record-breaking return to international capital markets will be priced much tighter than many investors would have liked. But President Mauricio Macri is exactly the kind of leader EM investors have been looking for, so expect the deal to receive strong support in the aftermarket.

Several covered bond issuers have removed the swaps in their covered bond programmes, in the face of onerous regulatory obligations. This has improved their funding efficiency and given investors a less risky, more transparent, and potentially higher yielding product. Others should follow.

The UK moved quickly, and a long way, on bank capital, but apparently it hasn’t done enough. In a year when the Basel Committee is supposed to be finally finishing its own capital rules, do we really need more uncertainty?

South Korea has been one of the most active Asian equity capital markets in 2016 with high expectations that IPO volumes this year will be its largest on record. The figures are reassuring, but the KRX appears hell bent on wooing southeast Asian issuers to its stock exchange. Focusing on its strengths instead would be far more fruitful.

The FCA’s review of the primary capital markets has mostly turned out fine. It doesn’t drink the industry Kool-Aid, but it does leave decades of hallowed market practice mostly untouched.

The loan market got a bit hot under the collar about events in Turkey last week.

Italy doesn’t mince its words on troubled assets. Loans in danger of becoming non-performing are dubbed ‘incagli’, which means ‘run aground’. When they become the ‘NPLs’ we hear so much about, they are ‘sofferenze’, which simply means suffering.

The securitization of non-performing loans was the main topic of discussion at the China Securitization Forum 2016 in Beijing as the market gets to grips with the new product.

It was that time of the year again last weekend when rugby (and drinking) fans from around the world descend on Hong Kong for the Sevens, clogging up the island with fancy dress and drunken mischief.

The Reserve Bank of India has given the nod for infrastructure companies to access foreign currency debt for shorter maturities than originally allowed — making a rare U-turn just four months after putting a new framework together. The RBI may have got it wrong first time around but it’s comforting that it lost no time in setting things right.

Nomura announced on Tuesday that it was joining the investment bank restructuring party, with deep staffing cuts and the closure of several business lines in London and the US.