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A pair of European banks took advantage of a window of issuance before the US holiday lull this week to price new dollar benchmarks.

Changes to rules governing the composition of US credit index CDX HY will improve the product’s relevance to debt markets and help address its recent disconnect from cash bonds, said market makers.

August is on course to become 2015’s busiest month for bank medium term note issuance in sterling, as cash rich investors are drawn to positive spreads over quarterly Libor.

Pohjola Bank’s next capital markets issue will likely be a covered bond, meaning investors waiting for a euro tier two deal scheduled for June may have even longer to wait.

The resignation of Greece’s prime minister Alexis Tsipras late on Thursday led to a jump in eurozone periphery yields — but the general election his resignation triggered is unlikely to have a long term detrimental effect on other sovereigns, said analysts.

Project bond supply could be on the way from Colombia after Goldman Sachs committed to provide $1.2bn for the first leg of the financing of the country’s $25bn so-called 4G infrastructure programme.

A Middle East liquidity squeeze is setting up a game of chicken between issuers where one will finally crack and pay a higher margin, Elly Whittaker reports.

A pair of smaller European SSA names kept Australasian currency supply ticking over this week, amid resilient demand for long dated paper.

We remarked last week that emerging markets could face a difficult time ahead. Well, we didn’t have to wait long before the early manoeuvers in a possible currency war had an impact on sovereign CDS spreads.

Futures markets suggest that traders have already priced in a US September rate hike, implying that the impact of the move may not be as dramatic as once feared.

Danish covered bond auctions this week attracted strong demand, especially in the five year tenor where yields are double what is available in the eurozone.

Banco Popolare (BPIM) has obtained the approval of investors to remain the account bank on its own covered bond programme, even though this will result in those covered bonds being downgraded to a sub-investment grade rating.