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Arab Petroleum Investment Corp (Apicorp), the Saudi-headquartered multilateral development bank, has launched a $500m counter-cyclical support package to aid clients in its member countries and the wider MENA region that are affected by the coronavirus pandemic and commodity volatility.

CLO managers are moving to bake additional flexibility into deal documents, looking to bolster structures against any potential wave of bankruptcies among leveraged loan borrowers.

The Federal Reserve reassured jittery markets on Wednesday that it is committed to using the full range of policy responses available to it in order to blunt the impact of the Covid-19 crisis, though some in the market fear that the central bank’s aggressive response will do longer term damage to market efficiency once the pandemic subsides.

The Instituto de Crédito Oficial expects to come to market for a social bond aimed at mitigating the impact of Covid-19 on the Spanish economy in the next few weeks, if a suitable window presents itself.

Italy was able to raise almost €6bn in auctions with ease on Wednesday following Tuesday night’s unexpected downgrade by Fitch, which leaves it just one notch above junk.

Brian Quintenz, one of the Republican commissioners on the US Commodity Futures Trading Commission, has announced that he will not seek another term at the regulator.

A €1bn five year covered bond issued on Tuesday by Caffil, that was designed to provide funding for French hospitals in response to the Covid-19 pandemic, has demonstrated that the market for public sector covered bonds, which has been in decline for more than a decade, could now be reinvigorated. Higher local authority spending could well find its way into the cover pools of French and German covered bond issuers, the head of treasury and financial markets at SFIL, Caffil's parent organisation, said on Wednesday.

Many feared that the drive to modernise systems within banks would take a back seat as those in bond markets raced to adapt to remote working during the coronavirus pandemic. In fact, banks appear to be galvanising their efforts to get up to date.

The high grade corporate primary market was receptive to issuance again on Wednesday, as syndicate bankers predicted this would bode well for what is expected to be a blockbuster May.

Finnish national airline Finnair has launched a rights issue in response to the coronavirus pandemic — the first in an expected wave of large European rescue recapitalisations.

UK discount clothing retailer Matalan said this week that it hoped to take advantage of the government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS) — but that the extra £50m available under the programme will have to be senior to its public bonds, requiring bondholder consent.

Robert Bosch, the German engineering group, has signed a €3bn revolving credit facility, as lenders warn that smaller companies in the same industry will find it harder to get financing.