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Latin American bond bankers are already complaining about a bare January pipeline, and a poor first day’s trading in global markets has even prevented several US issuers from getting their funding for the year going. But this should not make Lat Am borrowers hesitate once they are ready for market: conditions are unlikely to get better.

Korea Midland Power Co (Komipo) has mandated three banks for a dollar offering ahead of the redemption of an outstanding note due in March.

A $300m borrowing for Iris World Enterprises, an affiliate of Taiwan's Foxconn Technology Group, has been signed among eight lenders less than a month after launching into syndication.

Struggling Indonesian company Trikomsel Oke has had its debt payment obligations suspended, according to an official statement released by the firm on January 4.

The sell-off in the A-share market on January 4 might well scare off Hong Kong investors from buying Chinese securities via the new Mutual Recognition of Funds (MRF) scheme, but retail investors in China might now have increased appetite for offshore investments available via the MRF’s southern channel, according to market participants.

A better day of trading in Latin American bonds did little to improve DCM bankers’ moods on Tuesday as they say they are preparing for the toughest January in many a year.

Any hopes among European credit traders of easing back into 2016 with a peaceful first week were shattered from the outset on Monday, as spreads gapped wider due to China’s stock market woes and oil price volatility arising from Saudi Arabia’s new stand-off with Iran.

The International Swaps and Derivatives Association has accepted a request from investors to rule on whether Portugal’s Novo Banco has triggered a government intervention credit event.

DenizBank, the Turkish bank, is to conduct a second capital increase, only a few months after finishing its last one — but main shareholder Sberbank is expected to maintain its near-100% stake.

Despite the currency tanking against the dollar in 2015, investment in Brazilian real denominated medium term notes is at a healthy level.

Weak Chinese PMI figures and worsening relations between Saudi Arabia and Iran triggered a global sell-off of equities on Monday, dashing hopes of an early year rally. As one despondent ECM banker put it: “It’s a bit of a miserable day.”

Bank Nederlandse Gemeenten is the solitary public sector borrower in the euro market so far this year, with a public holiday across much of Europe likely to limit issuance in the currency this week.