HSBC

The offshore renminbi market could be the next growth spot for socially responsible issuance following the first ever green deal in the format this week. The International Finance Corporation sold the pioneering deal and plans to return with more, though other issuers are debating the merits of green renminbi trades.

Cyprus drew a flock of international investors to its comeback five year syndication this week as Greece mulled its options for a second syndication of the year. But concerns are growing that a wave of volatility may be about to confront investors in an ever more frenzied hunt for yield as banks take up the European Central Bank’s targeted long term refinancing operations (TLTROs) later this year.

The covered bond market had one of its busiest weeks this year as six borrowers from five countries raised €5bn. With outright yields continuing to decline, and investors scrambling to hit return targets, supply was slanted to the long end, where more yield was on offer. Even so, several deals offered coupons that set new lows.

Eurobank on Thursday became the last of Greece’s big four banks to return to the capital markets after the country’s 2010 bailout. While the deal didn’t reach the blowout heights of some of its predecessors, it was received favourably and concluded a strong week of senior issuance that saw Dutch bank ING grab a hefty order book at an aggressive level.

Wm Morrison Supermarkets, the UK’s fourth largest supermarket chain, is preparing to issue a bond, after a period of bad publicity, when its results and strategy have been attacked by shareholders and in the press.

Turkish banks pushed on apace with international funding drives this week, despite rising fears over Iraq knocking some froth off their recent strong rally. Isbank and Kuveyt Türk priced well with benchmark bonds and sukuk, while Albaraka Türk completed its sukuk meetings and Ziraat Bankasi announced plans to go on the road with a long-awaited inaugural dollar deal.

The flurry of action at this week's UK-China Financial Forum was aimed at conveying one message: the internationalisation of the RMB is happening faster than ever, and London is set to be a big beneficiary. And after the agreements of the last few days, Asia-based analysts broadly agree with that view, arguing that London's natural advantages leave it well-placed.

Webhelp, the French call centre operator, intends to add €120m to an existing €275m loan from June 2013.

China Construction Bank (CCB) Asia is out in the market what bankers believe is the first dim sum bond to be issued in Switzerland as the bank deepens its involvement in the renminbi’s burgeoning presence in Europe.

Wheelock & Co made a return to the dollar market on Wednesday, pricing its first bond since March 2013. The Hong Kong real estate company was met with strong demand and it was able to price flat to its existing curve.

The UK’s Islamic banks have good grounds for fury at missing out on the UK sovereign sukuk mandate. But for their own sakes, they must keep faith that the deal is a dress rehearsal for something bigger, and turn up in size to buy the paper.

Turkish participation bank Kuveyt Turk has launched a $500m five year sukuk at 340bp over mid-swaps, the tight end of refined guidance, after drawing $3.25bn of orders.