Uncertainty over upcoming European elections could make short term debt investors “run to the sidelines”, said a commercial paper banker.

A surge in demand for Russian rouble paper could have been brought to a premature end by a US missile attack on Syria on April 7, but market participants are confident that issuance will continue.

The direction of the European Central Bank’s monetary policy is still keeping investors awake at night, as an announcement on Thursday by the bank’s president did little to avert concerns about rate hikes at the short end.

Eurofima sold its first socially responsible investment (SRI) note on March 30, raising $100m with a 10 year MTN. Michele Montefiori, head of capital markets at Eurofima, is keen to follow up with a green bond.

US money market fund investors are applying a more bullish approach, with $20bn of cash returning into prime and alternative money funds from government funds since November 2016, according to Fitch.

Asian Development Bank will issue its first green bonds in the Uridashi market in May, with Daiwa Securities as dealer.

World Bank sold a €90m zero coupon 40 year bullet MTN towards the end of last week — its longest ever non-callable deal.

The SSA market is “breathing a sigh of relief”, according to one SSA syndicate banker, as this week's hotly anticipated Netherlands election produced the result capital markets bankers were hoping for.

Short dated US dollar floating rate notes proved a popular product in the MTN market this week as some investors sought protection against a likely policy rate hike.

Municipality Finance this week enjoyed a boost to its plans to term out its funding, as an investor placed a reverse enquiry order for a record breaking long dated euro note.

Cassa Depositi e Prestiti has sold €300m and €150m notes late in February, despite dealers reporting an overall lack of MTNs in the market.

With hotly contested elections approaching in France, the Netherlands and Germany, 2017 is expected to be rife with political risk. So skittish investors, wary of committing funds for long periods, will pump cash into money market funds, says a Moody’s report.