◆ A pivotal moment for digital capital markets
◆ Who really benefits from bonds on the blockchain?
◆ FIG M&A in Europe

There is no shortage of evangelists for digital capital markets. But adoption of bonds on the blockchain has been slow, not least because it hasn't always been obvious what problem the tech is solving, or how it can be widely implemented. This week, however, the ECB took a big step forward by launching trials of distributed ledger technology for bonds.

We discuss what the ECB hopes to achieve with this initiative. We also debate whether it will change the face of finance or we know it, will fizzle out into nothing, or something in between. One thing is for sure: everything is to play for at this critical moment in the digitalisation of the bond market.

We also took a keen interest in French president Emmanuel Macron's opinion this week that there is a need for consolidation among the EU's banks. Is big bank M&A on the agenda, and if so which firms? We also look into the likelihood of it happening as well as the pitfalls and benefits.

◆ Etihad to lead fleet of airline listings as IPO market and aviation sector blossom
◆ Air Baltic's historic coupon
◆ Open season for bank AT1s

An airline IPOs are a rare bird. In the last nine years, there have been three. The industry has rebounded from Covid, however, as UAE carrier Etihad's results proved this week and now it and at least eight others are looking to list on stock exchanges this year, or next. We look at what is driving them to the equity market and what reception they will likely find when they get there.

One of those airlines is Air Baltic. It was in the bond market this week raising €340m of five year debt, callable after two, at a cost of a whopping 14.5%. We look into the airline's capital markets strategy.

Meanwhile, banks piled into the additional tier one capital market this week. We examine how they managed to cram so much issuance into such a small window at such tight pricing.

◆ Sustainability-linked bonds lose appeal...
◆ ... as do the loan versions, come to think of it
◆ The favourites to take over from Quinn at HSBC

When Enel missed a KPI on its sustainability-linked bonds, it could have marked a moment of maturation for a youthful product but issuance volumes are plummeting.

Meanwhile, the international banks that lend to Turkey's financial institutions seem to prefer to make green loans rather than the sustainability-linked versions they made previously.

We ask what is going on with sustainability-linked products — does all of this signify the last rites for an asset class that was supposedly so well-suited to funding the green transition?

Meanwhile, Noel Quinn caused a surprise this week by announcing his plans to retire from HSBC, where he is chief executive. We look at who might replace him, and we think we've identified a clear favourite.