Eurozone woes take centre stage; Regional self-reliance comes to the fore

Chemicals company shifts refinancing; Investors give up restrictive covenants

Impact investing – putting money to work both for profit and social impact – is in its infancy as an industry. But it has the potential to become part of the fabric of financial markets. A group of leading wealth managers, foundations and sector specialists discuss how impact investment will develop, and the challenges they face.

Four of the top five corporates in the emerging markets asset class of Euromoney’s survey are Latin American, signalling a renewed strength in the region, as Mexico takes second place in the sovereign rankings.

Volatile market blamed for failure; Liquidity issue addressed

Bank regains market share; Benefits arise from bespoke research

Financial institutions deals prominent; Chinese outbound M&A on the rise

Geographic retrenchment to focus business; Commercial banking to drive growth

Mila impetus for regional consolidation; Aim more regional than country specific

QInvest to inject $250 million; Eyes expansion in Africa, Asia

€60bln war chest for bank assets amassed; Sales to peak in 2013

Deep sector coverage wins key mandate from Novartis; Firm to benefit as universal banks retreat

Find out who funding officials at borrowers in the global debt capital markets think are the best at servicing their clients across various service categories, by major currency sectors and by product types.

Turmoil in the Spanish banking sector raises the threat of substantial losses for subordinated bondholders.

Corporates used to be at the risky end of the credit spectrum, with governments supposedly risk-free and banks benefiting from implicit sovereign support. That order is now inverted.

Assumption is that central bank liquidity will keep on coming.

Lucrative stakes in Turkey’s Akbank and Finansbank have been added to the for-sale list, while Dexia approaches a deal with Russia’s Sberbank to sell Denizbank. With EFG Eurobank leaving the Turkish market to Kuwait’s Burgan Bank and Lebanon’s Bank Audi establishing a unit in Turkey, the trend is hard to ignore: Arab investors have discovered Turkish banking.

Secondary market illiquidity is taking its toll in Europe.

Italian banks may have no choice but to consolidate.

The JPMorgan credit derivatives trading farce is set to extend its run. Rival market players will have plenty of tactical opportunities for profits, but a bigger question for peer-group banks is whether they will be able to win back investment banking market share that was lost to JPMorgan after 2008.

An end to the proliferation of bookrunners will be a vital aspect of the resurgence of Asian IPOs.

New regulation of M&A in Brazil will add uncertainty to an already weakening merger market.

The effects of Standard & Poor’s reduction of outlook on Turkey have been muted, while some sectors of the country’s debt capital markets hobble along at their own pace.

Jamie Dimon’s failure to control the traders gone wild in JPMorgan’s chief investment office has dealt a serious blow to the standing of group CFO Doug Braunstein and investment bank head Jes Staley.

There are too many banks for sale in emerging Europe, and not enough buyers.

None of the policy responses, monetary or fiscal, addresses the real global sickness: debt.

Graff pulled on verge of float; Alibaba ultimate test of appetite

Preparations for Greek banks’ withdrawal; Romanian and Serbian currencies at record lows

Grexit or not, the selective default of Greece has already changed everything for both bond and equity investors in Europe.

As the one bright spot in dark markets, DCM is the business that everyone wants to be in this year. But a distinction is emerging between those banks that are crowding into the space and those that are able to make money from it. To be one of the latter takes more than just a strong league table showing; it takes a global franchise and a sharp eye for opportunity.