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BBVA’s third additional tier one transaction is likely to demonstrate the increasing importance of "future supply overhang" for the product’s performance, said TwentyFour Asset Management on Monday.

Turkey’s Alternatifbank is offering a juicy 10% handle at initial price thoughts stage for the second new style Basel III compliant tier two note from Turkey this year.

The CNY NDIRS curve is steeper after a stronger CNY fix backed light offers in the short end while improved price data triggered paying around the five year tenor. Meanwhile, Nigeria is considering issuing a Panda bond, writes Deirdre Yeung of Total Derivatives.

The volatility in renminbi markets has meant local corporates have had to adjust their expectations for the RMB, but Commonwealth Bank of Australia is seeing the currency growing in popularity.

In this round-up, China reports the first gain in foreign exchange reserves for March, a treasury official said preparations for the Shenzhen Connect have been completed, an RMB globalisation index dropped further in February, and Deutsche Bank assisted a corporate client set up a cross-border RMB liquidity solution. Plus, a recap of our top stories this week.

Credit Suisse sold its first benchmark euro senior unsecured bonds of the year this week, returning with a pure operating company version of a dual tranche deal it was forced to cut in half in June last year.

ING printed an operating company tier two bond this week that can be converted into holding company debt, a new technique that could be used by other borrowers and even applied to senior unsecured bonds as banks wait for clarity on resolution rules in Europe. Tom Porter reports.

Yankee banks took full advantage of strong funding conditions and the undivided attention of investors to print a volley of senior paper this week, as Wall Street’s heavyweights skulked in earnings blackout.

South Africa raised $1.25bn with its latest SEC registered bond on Thursday, amid a slew of negative headlines and what bankers described as a weak market backdrop.

Covered bond borrowers in the UK, Sweden, France, New Zealand and the Netherlands met with strong receptions for their transactions this week, which collectively raised nearly €6bn.

The dam holding back a flood of Middle East bonds was broken this week by Ahli Bank Qatar and Islamic Corporation for Development. But those two issuers demonstrated that, despite a renewed appetite for paper from the region, the price needs to be right to attract international interest.

Republic of Mozambique completed a successful debt exchange this week, but the deal heralds the swansong of African private placements, according to senior emerging market bankers. Virginia Furness reports.