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Investors are finally taking seriously the prospect of continued expansion in the US economy. An extended quiet period this spring pulled levels of implied risk to near multi-year lows, as investors showed reduced demand for hedges and protection while bonds remained strong and first quarter earnings looked passable.

It wasn’t so long ago — less than three weeks, in fact — that the big story in European financial markets was very low, or even negative, government bond yields. Germany’s 10 year Bunds were trading below 0.05% in mid-April, while sovereign bonds in the eurozone’s periphery were quoted at lower yields than US Treasuries.

Vietnamese companies have made a splash in the loans market in recent months, with borrowers from the banking and property sectors heading offshore for funding. And they have managed to raise their latest financings at a much lower cost than previously, taking advantage of abundant liquidity and an improving domestic macroeconomic outlook, writes Shruti Chaturvedi.

Interior design is an art that this old dog does not claim to know a lot about. But I’ve been to enough banks to know just how hard each and every one tries to differentiate itself from the competition.

Japanese lender Mizuho is leading the way for an Asian Development Bank (ADB) initiative that allows borrowers to issue local currency bonds in most jurisdictions in Asia using a uniform set of documentation. While many details still need to be ironed out, market observers are confident this could herald an increase in cross-border issuance within the region, writes Christina Khouri.

China’s investment banks have leapt up the rankings in Asia ex-Japan’s equity capital market, even as some rivals beat a hasty retreat from the region, writes John Loh.

The Chinese and Hong Kong equity capital markets have been thriving since April, as relaxed capital controls on the Stock Connect fired up business. It’s only normal now for other markets to want to follow suit, with talks of Taiwan-Shanghai and Taiwan-Shanghai-Hong Kong links doing the rounds. The thinking is bold, but replicating the success of the Connect will not be easy.

China’s investment banks have leapt up the rankings in Asia ex-Japan’s equity capital market, even as some rivals beat a hasty retreat from the region. Their willingness to be cut-throat on fees and a higher risk tolerance have allowed them to thrive in Asia’s ultra-competitive ECM landscape.

The relative value of covered bonds compared to sovereign bonds has improved, but the pace of European Central Bank buying has not slackened, as had been widely hoped. And even though the ECB has marginally scaled back primary market purchases this year compared to last, it remains an aggressive secondary market buyer.

ADB’s Nakao rebuffs claims of AIIB rivalry

This is your final chance to vote for the best individuals in the derivatives markets in the Americas. Polls close May 15.

The Asian bond market is showing no sign of slowing down, with a flush of deals capping the end of April. This, however, is only a sign of things to come, with expectations that the buoyant activity will last until the middle of May, write Rev Hui and Narae Kim.