The European Central Bank’s press conference on Thursday did not provide the headline fireworks that its last meeting did. The sombre tone caused “disappointment” among investors and a slight widening of peripheral spreads. SSA issuers were also left dissatisfied with the bank’s lack of support for the money markets.

The German state of North Rhine-Westphalia made its first visit to the offshore renminbi market earlier this week, continuing this year’s SSA dim sum shopping spree.

The ECB has, despite an early gaffe, decided that it is its job to close spreads after all — and for the most part, it is excelling in its task. But its attention is focused on the bond market and, as a result, those who rely on the money markets for short term funding are suffering.

A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board.

The Asian Development Bank has become the first public sector issuer to tap the Canadian dollar market to fund its coronavirus response. In the days since the deal was placed, the value of the Canadian dollar has mirrored the rapid decline in the price of oil, which some bankers fear could put off future non-domestic issuers visiting the market.

The European Central Bank’s purchase programme will do little to aid agencies in raising cash in the commercial paper market, making little difference to rising borrowing costs and expanding programmes, according to Jérôme Margerin, head of short-term funding at ACOSS, one of Europe’s largest non-sovereign CP issuers.

Syctom, a French metropolitan agency responsible for household waste management in the Île-de-France region, printed its debut bond at the end of last week, selling a green bond that will go towards funding sustainable waste management projects in the Paris region.

Danish agency KommuneKredit made one of its infrequent visits to the Swedish kronor market on Wednesday. With many issuers preferring the short end of the market due to volatility from the coronavirus pandemic, the agency instead opted to tap a pocket of demand at the long end of the curve.

The Inter-American Development Bank (IADB) tapped the Indonesian rupiah market for its latest Covid-19 response bond this week, becoming the first SSA to print a response bond in an emerging market currency.

German agency L-Bank steamed into the dim sum bond market on Tuesday to print what could be the start of a new flurry of offshore renminbi issuance.

The MTN market is picking up as issuers (particularly corporates and SSAs) and investors find opportunities for attractive deals.

Pockets of stability in the Swedish market drove demand across the curve this week, allowing investors the chance to pick up a handful of well-known SSA names at highly attractive levels.