◆ Capital Markets Union: gauffre it ◆ The EMEA investment banking riddle ◆ Why EM bond investors keep buying deals that end up under waterMairead McGuinness, the European Commissioner for financial services, financial stability and Capital Markets Union urged those attending the International Capital Markets Association's conference in Brussels this week to get on with building CMU. But were they listening? We cut through the waffle to discuss the path to a common capital market .Meanwhile, investment banks are reassessing how they make money from M&A and advisory in the EMEA region. We reveal the new approaches to client coverage and staff pay that are emerging.Finally, a plethora of borrowers from the emerging markets have been bringing deals at ever tighter spreads and paying very little in new issue premiums. But as we discover, these deals are not performing in secondary trading. We investigate why investors keep showing up for the paper.