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The dollar market has enjoyed a banner year, but the recent market turbulence emanating from China has put it on course for a record that market participants would rather not see broken.

Was it all a dream? At the start of the week the markets were in the throes of a full-blown panic, with talk of “Black Monday” and plentiful comparisons with the Lehman collapse. Yet barely three days later, the iTraxx Europe was back trading at 70.5bp, exactly the same level it was quoted at a week ago.

Global equity and debt markets rallied on Tuesday, while volatility subsided, after the People’s Bank of China cut its one year lending rate. But for hard hit emerging markets, more pain could be on the way.

Stanbic Kenya launched a $100m loan on Monday and Stanbic Zambia is marketing a $50m deal, according to bankers.

Merck broke a three week hiatus in euro corporate issuance on Thursday, drawing together a hefty order book for a triple tranche M&A driven deal despite shaky markets earlier in the week.

Bank of Queensland plans a London roadshow from September 7 for the new issue from its REDS EHP Australian ABS shelf.

A week of equity market madness has left many Middle East and African bonds anywhere from 20bp to over 100bp wider since Monday, and dashed hopes of a rousing restart to CEEMEA supply come September. But for the Middle East, at least, debt bankers are looking forward to a bumper 2016.

KfW on Thursday sold the largest euro benchmark of the year from a supranational or agency — clearing a deal €2bn larger than any of its peers’ efforts in 2015.

The corporate bond pipeline for September swelled rapidly over the course of this week, with no less than six companies hiring banks for roadshows in the near future.

Ukraine debt has rocketed in value on the understanding that the country's Ministry of Finance has reached an agreement with its ad hoc creditor committee, settling on a 20% haircut on $18bn of debt.

After a month-long drought in the euro covered bond market, a minimum of three deals could be priced this week after Crédit Agricole leapt on improved conditions to reopen the market on Thursday.