Mergers and acquisitions have undergone a paradigm shift as far as some are concerned, with bond issuance fast becoming the default funding source, but others say bank lending can still give debt a run for the money.

Companies across the globe are increasing their use of so-called “cloud solutions” for handling payments. Europe leads the way, driven by the need to meet upcoming changes to regulation, but many are now embracing the benefits to secure a broader competitive advantage. Etienne Bernard, Head of Transaction Services, EMEA at RBS, says the opportunities are limited only by companies’ aspirations.

Three years on from the infamous flash crash of 2010, there is relief for some that speed limits do not feature in new European rules on high-frequency trading, but others now see a gap in the market for a slow lane.

European and Basel forbearance on trade finance regulations will reduce, at the margin, borrowing costs for the larger corporates but for SMEs the challenge of accessing capital will remain undiminished until the banking sector is re-capitalized. Meanwhile, creative financing solutions are afoot.

Companies are turning to bonds to fund their acquisitions as part of unprecedented change in financing across Europe.

Record low yields in emerging market local currency debt is fuelling concern among some investors over a bubble, but analysts and asset managers insist the growth picture and slow inflation in many core EM economies justify increased allocations.

Republicans and Democrats seem to be inching towards to a deal that would raise the United States’ debt ceiling and avoid a damaging government shutdown – or even a sovereign default – a senior Republican strategist has told RBS.

China has been inching towards full currency convertibility – and perhaps reserve currency status for the renminbi – with a number of developments that amount to an acceleration in its trade liberalisation programme. FX swap lines are largely symbolic but yield practical benefits in liquidity crises.

For some, citing weak growth and fiscal cuts, there is seemingly no end in sight to quantitative easing in the United States, while others argue rates can no longer decouple from improving economic fundamentals. The Fed has sent mixed messages about its monetary policy course, heaping on allocation risks.

Emerging market sovereign bonds are overvalued by an average 5 per cent and are due a correction as US monetary easing nears its end. Emerging European debt looks most at risk of a sell-off, RBS analysis shows.