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The symbolism of dropping to third place behind China in the global economic league table might be the wake-up call that Japan’s leaders need to focus on reviving growth. Not everyone is betting on it

If Beijing raises interest rates too quickly, debt and bankruptcy will surge and growth could collapse. But failure to hike rates will delay a much-needed rebalancing of China’s economy, argues Peking University's Michael Pettis

The two banks have impressed more of the region's financial institutions and corporates than ever, in ASIAMONEY's 20th annual survey of cash management services in Asia-Pacific.

CEBS has finally published its guidance on the securitisation requirements of CRD II, but it raises as many questions as it answers. Far from reinforcing the fragile ABS market, the new rules may drain the last drops of liquidity from it.

The loan market in Europe, Middle East and Africa has improved in the last six months, but not nearly fast enough. The US and Asian markets are growing much more rapidly. Unfortunately for Europe’s loan bankers, this trend could well continue for the rest of 2010.

Corporate borrowers, especially debut ones, were accused by syndicate desks earlier this year of having funding ambitions that were far too lofty, leading to some difficult deals. But bankers may now also be guilty of underestimating the limitations of the credit markets after an 18 month bull run.

Public capital markets remain closed to many borrowers, notwithstanding the Kingdom’s of Spain’s Eu6bn syndicated return on Tuesday. In this environment, many extol the benefits of private and semi-private debt placements, such as the Schuldschein market, for its ability to provide borrowers with funding at even the toughest of times. But the factors that make it appealing could easily contribute to even more instability.

Throwing money at a problem to make it go away has been a popular tactic among governments through the crisis. Spain, in dealing with its cajas, is no exception. The trouble is that the cajas are going to need a lot more money before their problems go away.

Over the following six pages is a full listing of the EuroWeek Bond Market Awards 2010. They were first revealed at our Gala Dinner on May 20 held at the Royal Courts of Justice in London.

Country risk is an easy explanation for a successful deal; risk-on or risk-off can ostensibly explain all kinds of market gyrations in the niche currencies. But good old-fashioned credit quality is more important.

The high yield market showed welcome signs of recovery last week, and more deals are on the way. But borrowers will need to temper their pricing and structure expectations if they want investors to remain on board, as few will be able to emulate HeidelbergCement’s aggressive stance.