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The newly published Covered Bond Directive is viewed favourably by credit rating agencies, but it will not necessarily drive covered bond rating upgrades— in stark contrast to the Bank Recovery and Resolution Directive.

Saudi Aramco’s $85bn of orders amassed before US investors even had the chance to buy makes a mockery of the idea that regulation has stopped the inflation of investor orders in bookbuilding.

The US Securities and Exchange Commission should take the opportunity of errant tweeting from Tesla boss Elon Musk to figure out how it transitions to a more modern way of regulating market communication.

China has in the past used panda bears for political gestures, loaning the rare creatures to countries with which it wants to forge ties. The bond market named after them looks similarly endangered, while deals priced there are also nothing more than international relations votives.

Austrian plastics maker Borealis has returned to the Schuldschein market, seeking euros and dollars.

In this round up, US president Donald Trump claims DC trade talks solved some of toughest problems, FX reserves rise again, and Caixin PMI brings confidence in China’s economic recovery.

The European Stability Mechanism is spearheading a plan to create a new digital platform for launching public sector bonds in euros. The system, which ESM wants to launch in 2020, is named the European Distribution of Debt Instruments (EDDI). It could end up replacing some of the functions of investment banks and clearing houses.

Equity investors should double down on new listings in open trading to support their purchases. But according to many syndicate bankers, lots choose to sit on the sidelines instead, sometimes watching their investments plummet.

It is clear that Saudi Aramco does not need the cash from the bond it looks set to raise next week. With that being the case, investors and bankers should bet on the lower end of any stated size range, and other Saudi issuers should be hoping that tight pricing is the priority

We can all find ourselves in embarrassing situations, like that time Donald Trump greeted cameras with a string of loo roll stuck to the bottom of his shoe. I’m usually just happy not to be the victim.

Gentlemen’s agreements seem like a quaint idea when billions of dollars are up for grabs, yet, bafflingly, the capital markets continue relying on them. It’s time to stop assuming borrowers will blindly do what financiers want when there is a cheaper, easier or more sensible option for treasuries to take.

Aramco’s bond prospectus shows many things, but it makes it clear just how thin the rationale for raising the money is. But at least it helps the investment banks.