Emerging market currencies appear to be back in fashion with medium term note investors this week, after supply had weakened in early February from a strong January start.

The Chartered Community of Navarre made a rare appearance in the bond market through Santander on February 11.

A rally in Japanese equity prices on Monday led to a friendlier tone in public bond markets than has been seen in recent weeks. Medium term note bankers fear that will shift attention away from their market.

Some medium term note investors believe the Mexican peso may now be undervalued, a pair of deals in the currency suggested this week.

Medium term note investors believe the Mexican peso may be undervalued, as they took punts with a series of deals in the currency.

Medium term notes from supranationals are proving popular, as investors turn to the asset class in the face of uncertain markets.

A difficult start to 2016 has led public markets looking subdued at best. Issuers and investors alike are turning to the private placement market to get deals done.

A recent flurry of medium term notes in Russian roubles indicates that some investors believe that the currency has found its floor.

The Province of Manitoba has returned to euros early in 2016, printing €45m of 25 year paper through Scotia Capital.

A recent flurry of medium term notes in Russian rubles indicates that some investors believe that the currency is unlikely to fall much further.

NRW.Bank printed a trio of €500m notes this week, equalling its highest ever weekly volume for private placements, according to Dealogic.

German Länder yields are expected to fall in the wake of the European Central Bank's announcement that sub-sovereign issuers are to be included in its asset purchase programme.