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Myanmar has moved closer to an offshore bond issue after circulating a draft law clarifying how the sovereign can raise debt, and hiring Citi and Standard Chartered as ratings advisers. The moves have been welcomed but investors have been warned to expect a long wait before they get their hands on any deal, writes Shruti Chaturvedi.

Tuesday’s surprise decision by the People’s Bank of China to allow the renminbi to be more market-driven was an important and necessary step as the country attempts to move to a more open economy. The mistake has been to do it at a time when China is under stress from falling economic growth. But what the fallout has made abundantly clear is that the renminbi is already a global currency.

As Greece nears a deal on a third bail-out package, the idea of GDP-linked sovereign bonds will bubble up again. The structure looks good in academic papers, but the real world might be less forgiving.

The AT1 market has come of age. In just over two years there is no longer a need for arduous investor education and perfect markets to sell the riskiest bank debt on offer.

The Indian government has ridden to the rescue of its ailing state-owned banks, promising to plough more capital into them to help shore up their tier one ratios. But a capital boost is no answer to the myriad problems facing the country’s public sector lenders. India needs to take a more radical approach.

A pair of Korean policy banks have shown their savviness by opting for single tranche offshore renminbi trade bonds dual-listed as a dim sum and Formosa bond. Strong international credits should take this fairly new structure more seriously if they are looking for opportunities to save costs and secure new investor bases at the same time.

Guotai Junan’s Rmb500m ($80.6m) ABS has set a new landmark in China's securitization market, which has welcomed a raft of new asset classes this year. But while the opening up of a new funding channel for Chinese brokers has excited some market participants, others are worried it could deepen the country’s margin financing troubles.

Many market participants decamp to Cornwall for their summer breaks - in fact it is seemingly where the whole market has absconded to over the last couple of weeks, but with varying results.

Emerging markets bankers say Turkish banks, in their new enthusiasm for MTNs, have taken their devotion to an alternative market a little too far. But the Turkish issuers are only using this market exactly as they were sold it.

Asia's high yield bond market finally saw some overdue activity over the past week, with four deals pricing. But the sector is by no means invincible — eHi Car Services had to pull a deal amid tepid demand. But despite that setback, bankers are confident of printing more deals through the summer, writes Narae Kim.

The recent move by two Asian oil companies to change covenants on existing borrowings has prompted a debate on whether more of their industry peers will follow suit. Some bankers believe the reality of a lower oil price environment justifies the revisions, while others are convinced the changes reflect the needs specific to these companies, rather than their sector, writes Shruti Chaturvedi.

The departure of a key southeast Asia banker from a global firm has thrust the region back into the spotlight, with banks battening down the hatches in expectation of a prolonged slump. Recruiters foresee another purge in jobs before the year is out, writes John Loh.