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One of my banker friends had always found Hong Kong to be the most glamorous city because every time he was here for work, he stayed in luxury.

Loans are the last bastion of European corporate finance activity, as the rest of the market falls to Federal Reserve trepidation. But the right message from the Fed could open the door for small, opportunistic trades.

Currency wars are back in the headlines. First it was Japan’s endeavours to weaken the yen. Then, in August, China’s surprise 3% devaluation of its pegged exchange rate against the dollar, with some analysts predicting an eventual depreciation of 15%-20%. Now the US is raising interest rates while Europe pursues further easing, risking a soaring dollar, wilting euro, and heightened danger of US accusations of currency manipulation.

As Middle Eastern banks are priced out of deals in their own region by international lenders with lower funding costs, they need to find more deals further afield in Africa and Asia to make decent returns.

Markets divisions at investment banks have ruled the roost for years now, but their world is being turned upside down. Soon, nothing will be what it seems anymore.

Corporate borrowers in peripheral Europe have a golden opportunity to borrow thanks to the ECB’s targeted long term refinancing operation (TLTRO) help for banks – stalling the march towards bond and private placement predominance.

The Asian debt market has been buzzing about Masala bonds for months but the maiden deal from an Indian issuer — widely expected in the first week of December — is yet to materialise. The slow development of offshore rupee bonds, however, is a good thing for what could potentially be a big market in the future.

The loan market brought in the Christmas period in style at the Loan Syndicate Managers' Forum carol service last Wednesday. The singing was angelic, the mulled wine delicious and the sermon inspired some intriguing ideas.

Investment bank management teams aren’t known for their sentimentality, but even they wouldn’t be heartless enough to sack thousands of staff in the week before Christmas. Instead, Morgan Stanley decided to do it two weeks before.

KfW will use sustainability criteria when choosing leads for its green bonds. It is a logical and welcome step.

It’s funny how public perception of something can be completely opposite to reality.

In the fourth and final part of our annual awards we reveal our choice for Best Investment Bank.