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In recent years, the credit markets have become accustomed to volatility, despite the best efforts of central banks to tame the beast. But where it was sovereigns and banks that were the instigators during the crises of 2007-2012, in 2015 it is the commodities sector that is providing the oscillations.

Spain’s borrowing costs dropped to their lowest levels since spring at an auction on Thursday, rounding off a week where the country outperformed its nearest peer in secondary markets.

Bunzl, the unrated FTSE 100-listed distribution and outsourcing company, has issued a $600m US private placement, agreed last week.

The European Commission’s proposals to harmonise covered bond regulations across Europe could benefit the market — but will have the biggest impact on covered bond issuers from outside Europe.

Hapag-Lloyd, the German container shipping company, signed a $372m 12 year loan facility on September 30, to finance the purchase of five new container ships.

Glencore's bonds are attracting the interest of high yield investors, after their sharp widening this week that accompanied a steep fall in the mining and commodities group's share price.

Santander’s dollar senior holdco deal became the latest casualty of investors' growing risk aversion this week, and pressure is growing on those still looking to issue debt by the end of the year.

Scout24 and Covestro, two German firms that began bookbuilding their initial public offerings on September 21, have received very different responses from the market.

Rheinmetall, the German defence and car parts company, has refinanced a €500m revolving credit facility, as its beleaguered defence arm is scrutinised by Moody’s.

Debt bankers are pinning their hopes on the Middle East to get fourth quarter bond supply off to a strong start, after a torrid final two weeks of September.

Turkey’s Yapı Kredi Bank has signed a $1.2bn-equivalent one year loan, leaving only Garanti left to come in the refinancing cycle for large Turkish banks.

Norway’s DNB Bank has increased what is only its second MTN in Hong Kong dollars, returning a day after it placed the original note.