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Europe has hit yet another stumbling block on the path to banking union, just as central banks are being urged to look for an exit from QE. Without a solid financial system, including a resolution framework which gives the public confidence that bank failures can be handled, growth will continue to be constrained.

Polkomtel startled the loan market by using Trigon Brokerage, a non-lending adviser, to coordinate its recent loan refinancing. Banks may not like it, but they cannot dismiss it. Trigon’s coup could be the first of many.

With the dollar bond market continuing to be hostile to Asian issuers, bankers are mulling other currency options for those that need to raise finance. It’s hard to know where to look.

Global aggregation of trade repository data is essential to enable comprehensive monitoring of risks to financial stability, according to the Financial Stability Board.

The spike in Italian yields since the US Federal Reserve started planning for the end of quantitative easing is certainly cause for concern. A Mediobanca report has suggested the country will need a bail-out within six months and other commentators have joined the chorus. But such talk is premature and fails to look at the context of the crisis.

Important questions must be addressed before the U.S. can finalize substituted compliance, according to Commissioner Mark Wetjen of the Commodity Futures Trading Commission.

French call centre operator Webhelp has signed a new €275m loan package to refinance existing debt. The largest tranche was flexed by 25bp, a sign of the adverse effect of market conditions on leveraged loan issuance, according to bankers close to the deal.

Japan’s Nikkei index has been on the rise but it still has the potential to go much further, say bankers. International investors should not cling to their increasingly antiquated excuses for staying away from the country’s equity market, they argue, forecasting sustained outperformance.

With lower funding needs and higher costs of doing deals in Japan, Australian banks have eased back on issuing Samurai bonds. However, while their absence in that market is particularly apparent given their usual prominence, they are still keen on MTN and Uridashi deals.

With lower rates and tighter spreads, Uridashi investors are having to take more risk through longer tenors or by moving into new currencies. Japanese retail investors still have money to invest and their risk tolerance is rising too.

Yields on Japanese Government Bonds have surged following intense volatility, leaving investors confused. However, bankers advise the buyside to keep their nerve and look for opportunities. They also believe the Bank of Japan could help with clearer communication.

The Samurai market has a compelling story for the long term, bankers believe, thanks to a combination of low yields and a lack of alternative paper for local investors. Japanese regulators are also keen to open up the market to more issuers and investors.