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Uranium One, the Russian state mining company, is offering to buy back some of its dollar bond due 2018.

Several Russian companies are considering issuing Eurobonds following the successful placement of nearly $2bn of corporate paper from the country this month, according to analysts.

The recent opening of the China interbank bond market (CIBM) gives many global investors the widest access to the onshore fixed income market so far. Yet the entry of Chinese bonds into global indices remains a tricky proposition, according to market participants.

EM credit has rallied again after the Remain camp in the UK EU referendum campaign edged ahead in several polls over the weekend. But while one EM banker commented that the referendum on June 23 is "centre of the world right now" Africa and the GCC are still more concerned with oil prices.

Clearstream has confirmed that it is working with the Chinese authorities to establish a link between offshore investors and the China interbank bond market (CIBM). The firm also said it will boost its Stock Connect capabilities from July 4.

In this round-up, South Korea’s RMB deposits drop to near-zero, South African rand starts direct trading with RMB, and BlackRock launches its first US-listed physical A-shares fund. Plus, a recap of GlobalRMB’s coverage this week.

Markets may have shrugged off MSCI’s decision not to include A-shares in its latest review but it proved to be more of a shock to some of the major investment banks which had forecast inclusion as the most likely outcome.

Stadshypotek was lucky to raise €1bn of six year funding at 3bp over mid-swaps on Monday, a feat that leads said would not have been possible on Tuesday as markets deteriorated.

Caisse Française de Financement Local (Caffil), the French public sector bank, issued its third Obligation Foncière this week but, while it set a record low coupon, it was heavily reliant on support from the Eurosystem.

Two Middle Eastern corporate credits this week shrugged off global market uncertainty, and escalating concerns that Britain will vote to leave the EU on June 23, to print strongly supported trades which came flat to inside their existing curves.

If the UK votes to leave the European Union on June 23, and a Brexit leads to fears the EU will fragment, EM bond markets will not escape the volatility that ensues in the immediate days after the referendum.

Covered bond volumes were higher this week than last even as mounting fears of a UK decision to leave the European Union lead to greater volatility and increased execution risk.