Commonwealth Bank of Australia's €1.5bn five-year issue was the third and comfortably the most successful Australian transaction since the country passed supportive legislation for covered bonds in late 2011. Joint bookrunner on the deal, BNP Paribas, put its success down to timing and the choice of currency.

Despite volatility in equity capital markets the world over, Brazil continues to make a compelling investment case. And in 2012, twice as many new names are expected to debut on Bovespa than did in 2011, driven by the consumer and infrastructure sectors. For international banks wanting to win mandates competition will be tougher than ever, as Brazilian players continue to dominate the equity market.

As the eurozone crisis rattles equity capital markets, equity bankers and investors are being forced to anticipate the actions of politicians. But with a host of deals carried over from the fourth quarter of 2011, there may still be scope for an increase in activity in 2012.

With a miserable reporting session at the start of 2012, equity bankers are expected to bear the brunt of it with widespread bloodletting predicted in the business. However, some senior figures argue that consolidation in the equity sector is long overdue, with overcrowding pushing down margins to unsustainable levels.

There seems to be something of an inevitability about the renminbi's rise to reserve currency and global dominance. However, there are mutterings that this ascents will be curtailed by China's development model, corporate governance and financial system.

Keeping Greece in and allowing massive European Central Bank intervention are the best ingredients for saving the eurozone. But the case for common eurozone bonds is less clear.