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There seems to be no end in sight for the Asian ECM bout of depression. Above all, it’s been a pretty miserable year so far for IPOs, in sharp contrast to new listings activity in other parts of the world. The reasons put forward by market observers to explain the dearth of offerings are several, but in the main remain unconvincing, writes Philippe Espinasse.

We have oft remarked that loans bankers are generally a serene bunch. With little that ruffles their market, they appear as Zen-masters.

Asiamoney is pleased to announce the winners of the 2014 Australia Awards. After suggestions by bankers from global and domestic institutions, we weighed the most impressive deals and banks in the market last year. The decisions were not always easy, but we hope to have picked a series of winners that truly highlight the breadth of potential in Australia's capital market. It was a good year for the overall market; it was a great year for the winners below.

Although the region witnessed the world's largest ever IPO in 2014, it was bond issues that dominated the roster of notable capital markets transactions in Asia ex-Japan. After considering a bumper selection of awards pitches from firms across the region, Asiamoney has picked its standout transactions across ECM, DCM and syndicated loans. Our thanks to all those firms that took the time to pitch.

Spain brought a record breaking 15 year benchmark this week that may have helped drive other eurozone sovereign yields to all-time lows.

It’s become a cliché to call bankers Masters of the Universe. It would be much closer to the truth to describe them as Slaves of the Client.

Singapore’s 2015 budget surprised many market participants this week when it was revealed that the 3% stamp duty remission enjoyed by the country’s real estate investment trusts will not be extended. While S-Reits will have to make do with higher costs, this is a smart move by the authorities. It will encourage the asset class to grow beyond the borders of the city state.

Royal Bank of Scotland (RBS) signalled on Thursday a plan to reduce sharply its global presence, including taking an axe to its Asia Pacific business. The decision marks the end of a torrid time for the bank since the global financial crisis, during which its Asia franchise has been steadily chipped away, writes Narae Kim.

Banks are lining up to lend to a high profile airport project in India, putting the spotlight once again on the country's infrastructure financing needs. The hype surrounding that scheme is far from typical, as delays and undeveloped capital markets largely keep foreign investors away. Bankers are hoping this weekend’s budget will change that, writes Shruti Chaturvedi.

Singapore’s real estate investment trust (Reit) market got a welcome boost on February 23 after several tax breaks for the asset class were renewed in the country’s 2015 budget. But while most tax concessions have been extended, a 3% stamp duty remission has been allowed to expire, which observers say could spark a change in the make-up of S-Reits, writes Rev Hui.

A greenshoe clause in two tranches of UBS’s recent additional tier one (AT1) deal was a welcome development for a market that needs lower volatility and more confidence.

Angola may have progressed to printing bonds in the public market, but the lure of opaque African private placements will continue to tempt others.