The inaugural social bond by RBS will, it is hoped, support the bank’s commitment to SME lending in areas of high deprivation within the UK.

China has been absent from the euro-denominated bond market for a decade and a half, and UBS announced its exit from the SSA bond business in 2012. This unlikely duo came together, however, for a €4bn deal in November 2019. 

Capitalising on regulatory changes that have breathed new life into Indian high-yield markets, Deutsche is leading the way on non-bank financial company issuance. 

A shift from offering clients hedging to a more solutions-based approach has driven Bank of America’s success in a field dominated by European banks. 

The death of global M&A activity is very much exaggerated, say Mark Shafir and Cary Kochman of Citi, which has advised on four of 2019's mega-deals.

Nomura's expertise in the SSA sector saw it play a key role in issuances by Iceland, Italy and Austria, to notable effect. 

Since emerging from RBS's investment banking business, NatWest Markets has become a major player in the FIG DCM space in the EMEA region and Canada. 

The Dubai-based MENA team at Morgan Stanley was well-placed to facilitate Saudi oil giant Aramco’s debut bond issue. 

As reverse yankees bounce back from 2018's dip, Deutsche Bank's EMEA investment grade credit team has been quick to get in on the action. 

Capital securities issuance declined in 2018 as investors sought refuge in safer instruments. But the turn of the year has seen a revival in appetite, and the team at HSBC has been one of the leading bookrunners.