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One area of European credit not reflecting the global market's more bearish tone this week was iTraxx options trading, where traders reported plenty of demand among participants to sell volatility even as spreads continued to widen.

After last week’s big bang in issuance, history was written and there was even a feeling of awe at investors' capacity for paper. And this week, supply lines continued delivering until just hours ahead of the summer break.

Deutsche Boerse revived the euro hybrid market on Thursday, selling the first such deal in the currency in three months and gathering a hefty order book in the process.

The dollar market is braced for a busier than usual August as borrowers look to steal a march on the Federal Reserve’s plans to hike rates.

French smart card maker Linxens has shifted tranche sizes in its $1bn leveraged buyout loan, moving dollars from junior to senior tranches and creating a second lien for euro investors.

European equity capital markets bankers were kept occupied with three block sales this week, in a market that had otherwise little to offer in terms of issuance.

Russian fertiliser producer Uralchem is in the advanced stages of syndicating a $400m four year loan and like other Russian deals seen this year, the loan is self-arranged, according to bankers.

Ak Bars Bank launched the first Russian new issue of this year on Thursday evening in London, pricing at a yield of 8% from a book approaching $450m.

Stahl, the Dutch provider of chemicals for leather processing, has postponed its €585m refinancing and dividend payment loan after being jostled out of the market by competition.

Problems in Chinese and emerging market economies have become the biggest fear for credit investors for the rest of 2015, according to Bank of America Merrill Lynch’s July Credit Investor Survey — having not featured at all as a concern in the bank’s May poll.

US Treasury markets weakened from Wednesday, continuing a pullback that preceded a Federal Open Market Committee announcement but with the yield curve flattening further on Thursday amid a mixed response to strong GDP data.

IBM and National Grid North America both took to the sterling market to sell tightly priced deals this week, showing there is arbitrage on offer for dollar funders — though both issuers kept their deals small.