After a desperate 2011, 2012 got off to a flying start in the sovereign, supranational and agency arena, with successful issues being placed left, right and centre, most notably in euros and sterling. All of this has meant a busy couple of months of HSBC's debt capital markets team.

A new proposal in Mexico is urging foreign-owned banks to list on the country's stock exchange. But while these banks achieve high returns on equity and the global equity markets remain volatile, the Mexican regulators may have a wait on their hands before these plans come to fruition.

Few could have predicted the start that debt capital markets have made to 2012, with the European Central Bank's long-term refinancing operation breathing new life into the sector, providing a bonanza for sovereigns, corporates and high yield alike. However, the continuing problems within the eurozone still cast a shadow over the markets.

Regulatory pressure and the high cost of capital are driving a radical change of asset ownership in Europe. But most banks could take years to sell their non-core assets.

Europe’s MTN market has proved to be accessible for most SSAs and corporate borrowers since the start of the year. But it is a different story for bank issuers, most of whom are restricted to selling covered bonds.