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Belfius Bank is now the sixth bank in the capital pipeline, and there is growing concern that persistent rates volatility will make it hard for them to avoid each other in the primary market.

Some bankers questioned rival teams’ claims of a strong second quarter pipeline of insurance tier two this week, while 2015 Solvency II compliant tier one supply is also in doubt.

A second successive twin tap deal, following Portugal’s lead at the end of last month, brought the European Financial Stability Facility both plaudits and brickbats this week in an otherwise deserted euro primary market, writes Craig McGlashan.

Turkey’s first bank refinancing wave of 2015 has moved nearer to completion, with Isbank having closed a $1.37bn-equivalent loan and ING Turkey in the wings.

Despite choppy markets leading to a quiet week for corporate issuance, the pipeline remains strong with several new issuers announcing roadshows for deals set to be launched this month.

Valeo Foods, the Irish food producer, has launched a €595m loan that includes a second lien tranche, to refinance debt and fund an add-on acquisition.

The 3M Co, the US maker of adhesives and a wide range of manufactured goods, highlighted a renewed bid at the long end for euro corporate paper this week, drawing a three times oversubscription for the 15 year component of a triple tranche trade.

Responses to the European Commission’s Capital Markets Union consultation argue that the project should include scrapping regulation that restricts trading. The initiative could serve as cover for politicians and regulators to row back on the more damaging elements of the new rules.

The Banca d’Italia announced on Monday that it was prepared to offer its stock of securities bought under the public sector purchase programme (PSPP) into the market for a much lower price than the other central banks using the scheme.

Delachaux, the CVC-owned French railway track maker, closed books on its €690m loan repricing this Monday, with a second cut in the deal’s margin.

The US high-grade market continued its hot streak this week, with more than $23bn of new corporate deals being priced in three days despite heightened volatility.

A project bond said to be only Spain's second ever was pre-placed this week, raising €184.5m to refinance a 49km stretch of the A66 motorway northwest of Madrid.