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The Communist Party changes the constitution to allow Xi Jinping to serve a third term as president, banking watchdog standardises market entry rules for local and international banks, and China’s legislature approves a two-year extension for the registration-based IPO system.

China is aligning itself with central banks around the world by giving the People’s Bank of China a leading role in regulating financial markets, Xu Zhong, head of the research bureau at the PBoC, has argued.

The dollar high-grade calendar snapped back to life on Wednesday and Thursday, but bankers remain cautious as a significant uptick in rates will severely test pricing levels and investor appetite.

French property companies were in vogue this week as Icade sold its fourth corporate bond in two years, further extending its redemption profile, while Mercialys, the firm spun off from supermarkets group Casino, saw its sub-benchmark deal 2.5 times oversubscribed.

French car leasing company ALD printed its largest ever bond deal when it issued an €800m three year floating rate note this week, just three months after it had printed a similar but smaller deal. Chief financial officer Gilles Momper said the success of the deal was helped by the company’s IPO in 2017.

Grand City Properties, the German residential property firm, printed eight and a half year Swiss franc bonds on Wednesday, and also sold a new nine year in euros on Monday alongside a tender for some outstanding bonds and convertibles.

Kenya printed a $2bn dual tranche bond this week from a combined book of $14bn as investors continued to pile into emerging market credits they favour.

The sterling investor base can be stubborn one not listened to, as Swedish truck and bus manufacturer Scania found to its detriment when it launched its debut deal in the currency this week. Gatwick Airport and London & Quadrant had better receptions.

The Republic of Belarus has printed its $600m 12 year bond through its curve despite other emerging market sovereigns paying up for their bonds over the past fortnight.

The Republic of Turkey is preparing to issue its first Panda bond by the end of the year, having mandated three banks to handle the deal.

Corporate bond syndicate managers have been surprised and disappointed that the pace of issuance evident at the start of the week has not continued, but the existence of a material pipeline for the first time this year is giving them some cause for optimism.

After four euro new issues in two days, the sterling market took its chance for a day in the spotlight as two issuers chose to bring new deals while euro borrowers remained on the sidelines. However, despite the recent lack of issuance, investors pushed back on spreads being tightened.