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January kicked off with China front and centre as the upheaval in its stock market caused indices across the globe to tumble. South and southeast Asia did not escape unscathed but the chances are that when markets stabilise, investors will be eager for equity issuance from the region.

Credit Suisse’s exit from European primary dealerships once again raised the question of whether the business is sustainable for banks. As the cost of providing secondary market support rises thanks to growing regulation, volatile sovereign bond markets and other factors, more exits appear inevitable. Craig McGlashan reports.

Many loans bankers focused on Central and Eastern Europe have pinned their hopes on Turkey as a source for deal flow this year, as Russia remains thwarted, but it will not bring the hidden treasures bankers expect.

The International Swaps and Derivatives Association (ISDA) pledged to tighten up the standards that govern its Credit Derivatives Determinations Committee, a welcome move at a time when the committee’s role is evolving and it is assuming greater importance as a quasi-legal authority.

The European Central Bank needs to give Europe's regions clarity on whether it will buy their bonds. Delaying the decision costs the central bank credibility, leaves the regions in a damaging limbo, and hurts those issuers that tend to print private deals.

The bond markets had it coming. It was naïve to hope that every corner of the Eurobond market, even in these compliance-heavy days, was a model of perfect probity. While there is money to be made, corners will be cut.

While equity markets began 2016 with a head-banging hangover, some loan bankers suffered worse from the repercussions of their glut of food and alcohol over the year end.

The green bond wave is set to rise higher in 2016 but, as before, most of the deals will not help the environment much. One bond that did was sold in the closing days of 2015 — but such deals are still bought only by a small fraction of investors.

Investigators are finally baring their teeth at the bond markets, after dozens of other post-crisis scandals, with a probe into the supranational and agency market that has engulfed four banks.

If bankers had to put one thing on their Christmas lists it would have been a new year free of disruptions. But it looks like Santa Claus was paying attention to all those conduct fines. One week in and we’re off to a stinker.

Bond trading has never been a gentleman’s game exactly, but it has always seemed a more dignified pursuit than the Wild West of the money markets. So as the full scale of the Libor scandal lurched into view, the bond markets in EMEA managed to maintain composure.

I remember only too well the mad dash to sign deals before December to make our year-end numbers look good. So I understood when a banker friend turned down my offer for Christmas drinks, saying he was “snowed under with work”.