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Turkey’s president Recep Erdoğan prompted another wave of selling in bonds from the country on Monday, eschewing choosing people to form his new cabinet that markets approve of and showing signs of nepotism in picking his own son in law, Beret Albayrak, to be finance minister.

The new issue market has been stumbling from short issuance window to short issuance window since the start of June, with the periods of no issuance in between often seeing corporate bond spreads widen. That widening however, has started to create a perception among investors that there is value to be had.

Turkey’s president Recep Erdoğan delivered a shock to investors on Monday, announcing a cabinet reshuffle in which he removed market favourites Mehmet Simsek, who was deputy prime minister, and Naci Agbal, minister of finance. He appointed his son-in-law Berat Albayrak, who previously served as energy minister, as finance minister.

Unrated German mail order retailer Otto Group found plenty of demand for its debut hybrid bond on Tuesday. Order books were more than twice oversubscribed following a week-long roadshow.

The Russian Ministry of Finance has released its borrowing plans for the next three years, starting with a plan to borrow Rb1.48tr ($24bn) in 2019. Though the plan, which includes continuing to raise money internationally, is being seen as brazen, bankers in London said that there will be appetite.

Hong Kong-based Hang Lung Properties is hitting the Panda bond market for the first time, as it seeks to finance the construction of two shopping malls in the mainland. The issuer says the new buildings will be environmentally friendly, making the Rmb1bn ($150.9m) trade one of the few green Panda deals.

The corporate bond market started the week slowly with a pair of well rated German corporates selling two year floating rate notes on Monday. Both had just a sole lead manager.

A light week of supply in the corporate bond market, which still boasts a healthy pipeline, might have people expecting a rush of supply ahead of summer holidays, but bankers are not so sure.

Dutch residential property company Vesteda sold a €500m eight year bond on Tuesday to help refinance its acquisition of a Dutch property portfolio from Dutch financial services company NN Group.

German healthcare company Fresenius this week opted to issue a €500m no-grow seven year trade following a roadshow, a choice which rewarded it with an order book that was more than five times subscribed.

Belgian postal operator Bpost announced a debut benchmark eight year deal within 48 hours of finishing an investor roadshow and achieved a very high quality order book for an eight year bond.

Toyota’s Australian finance arm ended a 14 year hiatus from issuing bonds in sterling this week when it sold the first sterling corporate bond of the second half of 2018. The breadth of the sterling investor community was evident in the order book, but the depth was not.