The housing market in the US appears to have turned a corner since the conservatorship of Fannie Mae and Freddie Mac in 2008. But until the government puts clear regulatory guidelines in place, uncertainty surrounding the precise nature of capital rules on mortgages will remain for market participants.

Two years ago fears abounded that the US municipal bond market was on the brink of a surge of defaults. While those fears proved to be misplaced, local and state governments are still struggling amid a weak economy.

Demand for credit has been very strong in the US this year, opening opportunities for high-yield, European and emerging market issuers. But there are risks on the horizon at home and abroad.

Yankee bond issuance by European names has been setting all-time records in 2012, and in addition to well-known investment-grade names, the market has been showing a tremendous appetite for high-yield offerings.