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The European Union stunned onlookers this week with its first deal under its Next Generation EU programme, raising a record-shattering €20bn in a single tranche. Lewis McLellan reports.

China Aoyuan Group’s attempt to woo investors to its $200m bond with a generous yield fell flat on Tuesday. Recent concerns about the property developer’s leverage, and the subsequent fall of its dollar bonds in the aftermarket, held investors back from the new deal — and caused a further spiral in secondary. Morgan Davis reports.

A brace of sukuk trades from the Gulf this week racked up enormous order books, demonstrating the voracious demand for Sharia-compliant paper. With a hungry investor base, sukuk issuance is expected to grow, despite some "teething problems".

Investors had plenty of appetite for a super-high yielding additional tier one from Piraeus Bank this week. Will they still be hungry when Greek banks try and issue large volumes of senior debt for their regulatory requirements?

Pharmaron Beijing Co brought the first renminbi-linked but dollar settled convertible bond to the market in nearly five years this week, raising $600m from the dual tranche deal. Bankers called it a ‘smashing success’ and said the issue pipeline from the pharmaceutical sector is strengthening. Rashmi Kumar reports.

European lawmakers are introducing new rules and restrictions for banks in areas where supervisors could be far more effective acting on a case-by-case basis.

Asia’s equity-linked market has had a roaring year so far, with MicroPort Scientific Corp becoming the latest to add to the supply with its $700m debut convertible bond this week. The momentum is unlikely to fade anytime soon, as more issuers look for cheap money and get comfortable with the asset class, say bankers. Jonathan Breen reports.

Nestlé, the Swiss food company, landed its largest ever euro bond on Wednesday, close to or through fair value. But investors showed a strong preference for the shortest tranche after EU inflation turned out higher than expected this week.

Inside the office of Spondoolicks Emerging Market Bond Fund, May 24.

The Emirate of Abu Dhabi raised $2bn on Tuesday, in a deal that bankers said achieved one of the largest negative new issue premiums on any sovereign dollar investment grade bond so far this year.

Sovereign, surpranational and agency borrowers have endured a rough week in the euro market. Trust in the ECB’s support is flagging and inflation is threatening to return. It’s going to be a bumpy ride and issuers that can steer clear for now would do well to.

Shares in Coinbase plunged more than 10% at the open on Wednesday after the US cryptocurrency exchange operator sold $1.25bn of convertible bonds and suffered a serious outage of its platform that stopped many users from trading.