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In this round-up, Hong Kong RMB deposits and cross-border RMB trade settlement recover slightly in May, Bank of Korea activates a RMB liquidity facility to support markets, Mizuho Bank launches free trade accounts in Shanghai's FTZ, and the FTZ authority ventures overseas with six new offices.

In a week when Greece’s negotiations with its creditors grew labyrinthine in their complexity, with contradictory statements spewing forth faster than the country’s spiralling yields could follow, public sector borrowers are changing their approach.

Banks and insurers stayed on the sidelines as the situation in Greece brought dollar issuance to a stand-still this week ahead of the July 4 holiday in the US.

New issue concessions of 50bp drew snorts of derision from some corners of the FIG market last week, but with Greece sending shivers down investors’ spines, the banks that paid up early may have the last laugh.

European banks could escape the turmoil of the euro market by printing senior debt in dollars in the coming weeks, while the US market has become an equally attractive option for capital seekers, writes Tom Porter.

US water, hygiene and energy technologies provider Ecolab reopened the corporate bond market on Wednesday with a €575m issue after a shorter than expected shutdown.

Turkish financial institutions have taken no notice of the slowdown of deals elsewhere in the CEEEMEA region, with several deals progressing this week.

The primary covered bond market was inactive this week, as issuers chose to wait until Greece's referendum is held on Sunday before deciding on whether or not to proceed.

Cyfrowy Polsat, the Polish television company, has begun meeting banks about a financing package as it seeks to replace some of its loans and bonds.

Sumitomo Mitsui Banking Corp has increased its commitment to European leveraged finance, buying a $2.2bn portfolio of leveraged buyout loans from GE Capital.

Next week could provide a decent opportunity to issue dollars, said sovereign supranational and agency bankers, but borrowers will have to be cautious if they want to print in euros.

Belgian property developer Ghelamco insulated itself from broader market volatility as it priced a €77.1m bond for mainly Belgian investors, on the basis of yield only, not relative to a benchmark.