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A solid benchmark syndication for Portugal and rising yields at a Spanish auction marked a mixed week for eurozone periphery sovereigns — but the issuers could be about to enjoy a pricing windfall.

Leveraged loan bankers returned from their summer breaks this week to find a quiet primary market, with few deals launched and an equally bare pipeline. But bankers remain optimistic that a bout of new CLO issuance in the first half of the year means the market is, essentially, open for business.

Commerzbank, Caisse Francaise de Financement Local (Caffil) and Bayerische Landesbank (BayernLB) invigorated the long end of the covered bond market this week with 10 year deals, a duration which had not been seen for over four months.

Shares in Abengoa, the troubled Spanish renewable energy company, plunged again on Thursday and its credit default swap spread widened sharply, on unconfirmed reports in the Spanish press that banks including Bank of America Merrill Lynch, Citigroup and Société Générale had declined to underwrite its rights issue.

UniCredit Bank Austria (Baca) returned to the covered bond market on Tuesday to issue the first Austrian Pfandbrief since the country’s Financial Markets Authority (FMA) announced a debt moratorium on bonds issued by Heta Asset Resolution AG (HAR).

Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials.

First Gulf Bank — Yapi Kredi Leasing — Ardian

Oil prices have rebounded from recent lows sending both investment grade and high yield oil and gas bonds to trade tighter than last week’s all-time highs.

Turkish participation bank Albaraka Türk will sign its murabaha loan next week and increase the deal from the $400m launch size, according to bankers on the deal.

Toyota Motor Credit Corp and American Honda became the first auto issuers to tap the corporate market in September this week, appealing to appetite for safe paper with short dated FRNs and fixed tranches in the belly of the curve.

Commodity prices remain depressed and the largest trading firm, Glencore, had its ratings outlook revised downwards amid a forecast profits slump, but Dutch-owned oil trader Vitol was this week warmly welcomed at a bank meeting to arrange a $7.5bn refinancing.

Japanese bank Daiwa has expanded its LatAm DCM team with the hire of skydiving instructor Marcelo Bombarelli.