◆ Primary market for banks flying but will property burst the bubble? ◆ Japan to debut transition bond as SLLs fall out of favour ◆ Kenya back in bond marketThe bond market for bank issuers goes from strength to strength. Any trade seems possible in any format and new issue premiums are rarer than hen's teeth. But is a sharp dose of reality coming in the form of exposure to bad real estate loans?We also discuss the demise of the sustainability-linked loan and whether the product has a future alongside such ESG finance innovations as Japan's debut transition bonds, which we pick apart to see if they could provide a way for more sovereigns to fund innovation in sustainability.Finally, we look into Kenya's bond market return. It wasn't that long ago — two weeks in fact — that market participants said the country was a default candidate and had no bond market access. Now it is planning to price a new issue. We explain what's going on.