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The RMB remained a tiny portion of payments between the US and China in May, according to the latest Swift data. Meanwhile, the RMB remained in sixth position among the most used payment currencies.

Emerging market bankers said on Monday that they are optimistic that developing market credit will hold firm as Britain forges ahead into the “world of the unknown” after voting to leave the EU on June 23. But the verdict on primary markets was unanimous: closed for the foreseeable.

Mobile TeleSystems (MTS) bought back over half of its remaining notes due 2020, the company said last week.

The covered bond market was almost impassive to the wider credit market turmoil that followed the UK vote on Thursday to leave the European Union, with the primary market likely to restart in early July. But one major investor said the UK's decision will be worse for peripheral economies as it will trigger a lot of uncertainty about the EU as a whole.

Emerging market bond bankers called Britain’s decision to leave the EU on Friday "madness" but while the fundamental implications for most EM credit are expected to be limited, bankers are fiercely debating how instability in the European Union will affect eastern Europe.

Brexit is here, and so is our round-up! This week: Fullgoal Asset Management launches its first RMB ETF in Europe, the Hong Kong Exchange runs further Shenzhen Connect testing, and China announces direct trading of the RMB against the Korean won. Plus, a recap of our coverage this week.

Several more Russian companies could issue Eurobonds following the successful placement of nearly $2bn of corporate paper from the country this month, said analysts this week.

Ukrainian energy company DTEK is looking to dispose of several assets which will enable it to cut its debt burden by 17%. It has given investors until June 29 to agree to the sale.

UniCredit is expanding its business in the Middle East and is in the process of opening a new branch in Abu Dhabi.

Emerging market bond bankers are already looking beyond Brexit as super-tight spreads in central and eastern Europe, caused by a Remain-led rally, make issuance levels look attractive.

PKO Bank Hipoteczny, Poland’s largest mortgage lender, has issued a well oversubscribed, tightly priced and broadly distributed covered bond, which sets an encouraging prelude for an expected inaugural euro benchmark deal later this year.

Emerging market credit has ridden the uncertainties of the UK’s European referendum this week and made considerable gains on Monday and Tuesday as support for Remain edged ahead in polls.