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In this round-up, RMB deposits shrink further in Singapore and Hong Kong, the Stock Connect scheme southbound channel continues to dominate trading, China prepares for direct trading of RMB and Korean won, and Italian enterprises are found to be warming up to the RMB. Plus, a recap of GlobalRMB’s coverage this week.

Credit Suisse launched its second opco level euro senior unsecured deal of the year on Tuesday, and appeared to suffer little ill effect from a Fitch downgrade last week.

US insurer AIG, one of the major players in the subprime mortgage crisis, was welcomed back to the euro bond market this week for the first time since its rescue.

Central and Eastern European corporate issuers have been quietly benefitting from the game changing cash injection set to be unleashed by the European Central Bank on June 8, as ravenous yield hunters search further afield for value.

Banca Popolare di Milano and Banco Sabadell issued covered bonds which, despite their negligible new issue concessions, met with exceptionally strong demand.

Just a week after Russia’s contentious return to the international bond market with its first sovereign bond since September last year, three of the country’s biggest companies are set to bring new tests of bond investors’ appetite for Russia. However, rather than being encouraged by the sovereign’s return, the trio are keen to get into the market before the Federal Reserve raises rates and dollar borrowing costs increase. Virginia Furness reports.

After a slow start to the week, a torrent of covered bonds was priced on Wednesday and Thursday, as issuers sought to move quickly in case the market succumbs to one of many potential political risks it faces this month.

Investors piled over $4bn into Republic of Turkey’s latest sukuk offering on Wednesday, following a cabinet reshuffle on May 22 which the market took as a positive signal amid the increasingly authoritarian rule of president Recep Tayyip Erdogan.

PKN Orlen printed the first non-financial corporate bond from Poland since 2014 on Wednesday and managed to mop up plenty of demand from a brand new investor base.

The European Securities and Markets Authority has warned banks of their “responsibility to act in their clients’ best interests” as they increase their use of bail-inable instruments, voicing further concern over the level of investor understanding of certain products.

The RMB qualified foreign institutional investor (RQFII) scheme has been instrumental in putting offshore RMB liquidity to work since its launch in 2011. But despite the recent widening of market access raising questions about the scheme’s rationale, it continues to appeal to international asset managers wanting access to China.

Three Russian corporates are looking to hammer out deals in the wake of the sovereign’s return to the bond market last week. All are refining their debt profiles with a combined buyback and new offer.