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Which event has been the biggest boost to foreigners making RMB-denominated issuances onshore? Vote now

The directive is tipped to create a patchwork of regimes, increasing the ways companies can be caught

The controversial megamerger has sparked speculation over US tax authorities' next move to clamp down on the structure

Non-EU fund managers are struggling to navigate both the passporting roadmap under the directive and its private placement workaround

The Central African state is latest in the region to issue, and will do so again

Your average private bank? Underwriters in Asia are fed up with inflated orders. The practice itself – which sees investors request more securities than they actually want, knowing the bookrunner won't fill their entire order – is not isolated to Asia's primary markets. But with a relatively large proportion of the region's wealth controlled by high-net-worth individuals, the private banks that steer these empires are emerging as the prime culprits.

If there's one thing to take from Europe's various capital market initiatives over 2015 – most notably, the Capital Markets Union – it's that the continent's financial infrastructure needs work. Europe's new single securities settlement platform, Target2-Securities (T2S), has been hailed as one of many solutions to that problem. A €1 billion ($1.5 billion) project run by the European Central Bank, T2S provides the post-trade IT system that underpins Europe's single capital market. And while its potential to boost efficiency and reduce costs shouldn't be underestimated, the project's first few months have been marred by technical issues and severe delays. "There's definitely questions over the complexity of the system," says Godfried de Vidts, chairman of the European Repo Council. "The amount of delays and teething problems so far is not surprising, and I think we can expect a lot more of that in the future."

An unlikely source of issuance in Europe's growing contingent convertible (CoCo) market in 2015 was Greece. And the next 12 months could lay the foundations for more.

Dawn raids are a gruelling experience, even for industry veterans. Thankfully, they are willing to share their tips on how to survive one

While 2015 was the year securitisation came back into fashion – at least in the eyes of the European Commission (EC) – 2016 could be the year that reality bites and regulatory disconnects hit home.