Europe

State-owned Türk Eximbank has signed a $200m three year loan facility with the China Development Bank.

Promsvyazbank priced an inaugural additional tier one dollar deal at 8.75% on Wednesday morning after attracting more than $1.1bn of orders.

Rates volatility is expected to continue and, with the long end being disproportionately affected, DZ analysts are urging investors to shorten duration.

Spanish banks will return from their blackout periods this week but market participants believe it is unlikely that the country’s issuers will jump into issuing non-preferred senior debt in August.

Bondholders have been left between a rock and a hard place, according to one investor, after Novo Banco published the terms of its liability management exercise (LME) this week.

Hungary priced its debut Panda bond just before 5pm on Wednesday, completing the second onshore renminbi bond deal by a European sovereign.

Unilever, Eversholt Rail and Grand City Properties have all defied the season this week to bring corporate bond issues, and been rewarded with strong demand.

A hedge fund manager who bought some of Greece’s comeback €3bn five year bonds on Tuesday believes that the paper will trade “like a rates instrument” rather than credit, despite the bonds being marketed at an absolute yield level more akin to the high yield corporate market.

Supply continued to seep into CEEMEA bond markets at the start of the week despite the looming summer slowdown and Wednesday’s US Federal Open Markets Committee meeting.

After a lull last week when many companies were in closed periods ahead of results, the equity block trades market is more vibrant this week, with several significant trades so far, including a successful capital increase for Metro Bank.

Bain Capital’s Diamond, the cleaning chemicals business, had to remove a controversial restricted payment clause before printing the triple-C rated bonds of its new financial structure on Tuesday.

Metro Bank, the UK challenger bank, completed a 9.9% capital increase on Tuesday evening, after announcing its fourth consecutive quarterly profit.