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Moody’s has downgraded Mozambique with a negative outlook blaming weaker government willingness to honour its debt related obligations as a primary concern.

Majid Al Futtaim (MAF) printed a $300m opportunistic tap of its May 2024s on Monday to re-open the Gulf Corporation Council bond market after Ramadan.

Kazakhstani crude oil company Tengizchevroil (TCO) has picked a raft of banks to manage a debt sale that will help to finance a $36.8bn expansion project.

In this round-up, Hong Kong saw RMB deposits, trade and clearing pick up, foreign exchange trading in China as direct trading of Korean won and South African rand is launched, and Standard Chartered’s RMB Globalisation Index (RGI) fell to its lowest since August 2014. Plus, a recap of our coverage this week.

Electronic broker Icap launched the first offshore renminbi (CNH) FX benchmark based on market trading, the first said on July 7. The new fix, which is priced at the open of European markets, aims to fill the gap between Asian trading sessions.

A new index series created by Thomson Reuters and licensed to the Hong Kong Exchange (HKEX) is aiming to become the renminbi equivalent of the widely used DXY dollar index, one of the series’ creators at Thomson Reuters told GlobalRMB.

World Bank reopened the SSA market on Wednesday with a $5bn three year dollar deal that met with a rapturous reception from supply starved, but cautious, investors.

With the Republic of Macedonia on the road for the first euro-denominated bond from an emerging market issuer since Brexit and EM credit continuing to rally, bankers are expecting a strong few weeks pre-summer.

Covered bond secondary market volumes saw a small improvement on Thursday, but with limited supply and continued central bank buying, the market is set to become more technically squeezed over summer.

Commerzbank issued the first euro covered bond since June 15 on Monday, and though it was a clear success, no other issuer ventured to follow.

Kuwait has joined the roster of Gulf Co-operation Council (GCC) sovereigns looking for international financing to help plug increasing fiscal deficits, but while DCM bankers are in no doubt an issue would be met with strong demand, the sovereign has plenty of work to do before coming to market.

With the first institution officially through the door of the new China interbank bond market (CIBM) access scheme, market participants are now scrutinizing the CIBM rules and how they will play out. The outlook is positive but investors should beware the small print.