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The principle of pari-passu among bondholders lays dead and buried. The Bank of Portugal’s decision to select only five of Novo Banco’s 52 senior bonds for bail-in last week has established a new precedent for bank resolutions, and what a fine mess it has created.

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.

GlobalCapital’s Toby Fildes interviewed the heads of debt capital markets at 20 of the top 25 banks in late November and December, to ask their views on how the market will evolve in 2016. Here are their thoughts. Information design Jon Hay, Sam Medway

Equity markets had an inauspicious start to 2016, as China triggered yet another global sell-off and a new circuit breaker only added to the volatility. Monday was officially the worst-ever start for Chinese shares, but market participants shouldn’t read too much into the turbulence.

Latin American bond bankers are already complaining about a bare January pipeline, and a poor first day’s trading in global markets has even prevented several US issuers from getting their funding for the year going. But this should not make Lat Am borrowers hesitate once they are ready for market: conditions are unlikely to get better.

As the public sector bond market returns to work after its winter break, will it still be complaining about the extra European Central Bank stimulus that never was? Probably not. Instead, as Virginia Furness reports, it will most likely have to contend with a hectic first quarter.

Supranational borrowers have long talked of US mid-tier banks and municipal investors as a new source of funding. And for good reason — with hundreds of these accounts in existence, this pool of money could be a game changer for them. But the education process is proving challenging and some think supra debt is simply too expensive to appeal. Virginia Furness reports.

With the euro and dollar market suffering an uncertain end to last year, public sector borrowers will rely more on non-core currencies for opportunistic deals in 2016. Luka Dimitrov reports.

The MTN market coped well with the volatility thrown at it in 2015 by quantitative easing in the eurozone and concerns about rising interest rates in the US, writes Lewis McLellan.

As a turbulent year for public sector borrower markets drew to a close, the GlobalCapital editorial team picked the standout trades from 12 months that will live long in the memory — from the introduction of eurozone quantitative easing, to Greece’s nail-biting bail-out negotiations and the rare sight of negative swap spreads in dollars. We strived to pick those trades that really made an impact — whether it was re-opening the euro market after secondary distortion from QE made benchmarks a difficult business, or achieving size amid fevered speculation around when the US Federal Reserve would raise rates. The winners are presented here. We hope they are an apt reward for the issuers and banks involved — but also that they spark debate over whether they were truly the worthiest recipients.

The GlobalCapital editorial team has picked what it believes to be the standout bond issues of 2015 across the corporate, public sector, financial institution and emerging market bond markets. Below are the SSA Deals of the Year 2015. We selected the trades that we think will be remembered for their success in challenging conditions, for making the best use of the demand available to them, or for having made a longer lasting impact, such as the re-opening of a market. The winners are presented here.

The GlobalCapital editorial team has picked what it believes to be the standout bond issues of 2015 across the corporate, public sector, financial institution and emerging market bond markets. Below are the SSA Deals of the Year 2015. We selected the trades that we think will be remembered for their success in challenging conditions, for making the best use of the demand available to them, or for having made a longer lasting impact, such as the re-opening of a market. The winners are presented here.