As part of its drive to make the country more attractive to international investors and strengthen its economy, Turkey has kick-started a series of capital markets reforms by bringing its three exchanges under one roof, thus establishing the Borsa Istanbul.

UBS undertook one of the more radical post-crisis changes of strategy in 2012, and its head of European advisory, James Hartop, explains how the new structure enables his team to move beyond pure merger and acquisition work.

JPMorgan has sought to maintain hard-won expertise even during the near closure of European equity capital markets in late 2011 and early 2012. Its regional co-head of equity capital markets explains how continuity has set it up well to capture a nascent revival of new issues.

The European Central Bank has helped assuage fears of an imminent eurozone breakup, but sovereign, supranational and agency debt management officials must still contend with ratings downgrades and difficult political and fiscal situations in a number of countries. The Banker hears from a range of EU issuers both inside and outside the eurozone.

The foreign exchange markets have been tough of late, amid relentlessly declining volatility and persistently low returns. However, a shift in the economic landscape may give managers a chance to shine in the coming year and take advantage of new relationships with the banking community.

Portuguese corporates began to re-access bond markets via retail distribution in 2012, paving the way for banks and the sovereign to return to Eurobond markets by early 2013.

In the three years since Arunma Oteh was brought in to head Nigeria’s Securities and Exchange Commission and tasked with rebuilding the country's capital markets, much progress has been made. But she still has plenty to do if she wants to fulfil her bold ambitions.

More people need it, there might not be enough of it, and much of it is locked up and cannot get to where it needs to go. Collateral is in demand and the hunt is on.

Renewed access to capital markets for both the sovereign and the two largest banks has prompted hopes that Ireland will be able to exit multilateral support programmes successfully by the end of 2013.