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Nomura has ambitions to improve its covered bond market making presence, but it has a long way to go before getting close to the top, where Citi, Santander, and JP Morgan all occupy a clear lead, according to investors.

Anne Stevenson-Yang is a director and co-founder of J Capital Research, a New York firm and short seller that specialises in Chinese companies, as well as international companies looking to grow their business in China. GlobalCapital spoke to Stevenson-Yang about the dangers of trusting financial reporting from China, and steps stock exchanges could take to stifle the likelihood of fraud.

European banks will be subject to some of the Federal Reserve’s highest capital targets, after the US regulator switched to using stress test results as the main input for its requirements.

The convertible bond market has played a vital role during the Covid-19 global pandemic in funding corporates that were in urgent need of liquidity as the crisis took hold. Deals have performed for investors too, although they should be concerned about the potential for rising defaults.

US president Donald Trump’s sudden targeting of Tencent Holdings and its flagship app WeChat last week was vague in the extreme. But what is clear is the Trump administration’s increasing willingness to go after China’s tech darlings. That should not be ignored.

Trading platform Liquidnet is set to expand into the primary market through a new issuance system for European corporate and emerging markets bonds, one that would rival Ipreo’s Investor Access and other, newer entrants to the business. Liquidnet’s global head of fixed income, Constantinos Antoniades, discussed the plans with GlobalCapital.

European Union member states have begun applying for loans from the bloc’s €100bn Support to Mitigate Unemployment Risks in an Emergency (SURE) package. Unlike with other European rescue lending facilities, countries seem less concerned with the reputational damage of asking for a share of this cash, writes Lewis McLellan.

Credit Suisse chief executive Thomas Gottstein has brought its investment bank back together but threatens to leave it with a diminished corporate finance business, David Rothnie reports.

Investors appeared positive on Natixis's prospects after Nicolas Namias replaced François Riahi as chief executive. Meanwhile, the bank has said it will reposition its equities division after it endured another tough quarter.

UniCredit returned to profit in the second quarter with a larger pool of excess capital to reward shareholders from next year, if the European Central Bank gives its permission.

Commerzbank expects its corporate division to remain under pressure from the coronavirus crisis in the second half of the year, after a second quarter where international firms rushed to take out debt products but the bank was stung by a large single provision, understood to relate to disgraced payments company, Wirecard.

Slawomir Krupa will replace Séverin Cabannes to lead Société Générale’s global banking and investor solutions (GBIS) activities from next year. The division reported a net loss of €604m in the first half of the year.