German election a pivotal moment for EGBs and European defence

Germany votes this weekend in a general election. Whatever the resulting coalition, fiscal matters will be top of their agenda. With the pressure on to raise defence spending but with the constraints of the country's debt brake to tackle, the strain is already showing in the bond market before a vote has been counted.

The UK water regulator has set out the conditions under which the 10 utilities it governs must operate. But this is a troubled sector of the UK economy and downgrades have been rife. We pick apart these companies' access to capital markets and how well they can raise the funding they need even as one teeters on the brink of default.

Meanwhile, corporate bond issuance in the emerging markets has been shrinking for years. But there are signs of a turnaround. We examine who is issuing and why.