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Browsing through hundreds of pages of financial statements is one way to tell how a bank is doing. But a simpler way would be just to observe the trading floor.

“The rate of interest is never negative,” declared John Maynard Keynes in his masterwork, The General Theory of Employment, Interest and Money (1935). Keynes was expressing the universally held view that the nominal interest rate had a “zero lower bound” (ZLB) — a holder of a £5 note would simply hold it as cash earning no interest rather than placing it on deposit at, say, minus 1%, making it worth £4.95 in a year’s time.

The lead managers on Municipality Finance’s debut euro benchmark this week felt the need to remind investors that the issuer’s sovereign faces a ratings review on Friday. Are we entering a new era of banking health and safety gone mad?

Buried in a hay bale of legal documentation last week, the European Union’s final draft of margin rules for uncleared swaps contained a joke that is sure to needle major banks. The question is whether anyone, including regulators, will still be able to smile at it when the September 1 deadline passes.

Regulators and politicians have suddenly found the will to defend the additional tier one market — a market they created — from the violent shocks it experienced early this year. In particular, they want to give AT1 investors some reassurance about skipped coupons.

The right way to keep banks off the Russia deal is adding Russia to official US and EU sanctions lists. Having words with banks through back channels opens up a grey area ripe for misinterpretation. It’s only fair to everyone involved to sanction the sovereign or let it do the deal.

A recent succession of frontier market sovereign loans have given banks an opportunity to build relationships with these countries. Outwardly, some lenders may find it hard to stomach Mongolia, Pakistan and Sri Lanka risk. But a more nuanced view is needed. Getting in early will allow banks to be part of their development story.

No amount of European Central Bank shock and awe can take away from the continued weak profits at capital markets banks — even the best players are cutting costs. Meanwhile, the farcically large amounts of money being aimed at the European banking system continue to amuse.

As GlobalCapital celebrated promotions for its colleagues, Silver and Tonto last week who made it through the newspaper's graduate trainee scheme, loan market participants also reminisced about their days as trainee bankers.

“I’m not going to let that stand,” said Bank of England governor Mark Carney, calmly.

The reaction to Thursday’s ECB announcement brings to mind the phrase 'chasing the dragon'.

The German bank is building on momentum in European DCM with an expansion of its corporate finance business, writes David Rothnie.