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Nordea Bank took advantage of very attractive conditions in the dollar market this week to price a new senior deal at a spread that was well below the fair value implied by secondary trading levels.

GVS, the Italian manufacturer of masks and filters, has confirmed that it is seeking to list on the Milan stock exchange this month.

Barclays was positively surprised at how quickly capital markets reopened and it wasted little time issuing senior and tier two deals while its treasury team were still working from home. The UK lender is likely to use the Bank of England's Term Funding for Small and Medium-sized Enterprises (TFSME) facility, which will lower its secured funding needs. The bank was well capitalised going into the crisis and has buttressed itself against the expected tide of credit impairments with a prudent level of provisioning.

Standard Chartered sold its first capital instrument in euros since 2014 this week, clocking up a considerable 40bp saving versus the dollar market. The deal adds to a recent flurry of tier two supply from European banks.

The head of the Prudential Regulation Authority (PRA) has sent a letter to banks confirming its guidance on how to provision for expected credit losses (ECLs) amid the coronavirus pandemic. The UK regulator also said that it would be asking for more information around loan loss provisions in an effort to identify "significant outliers" in the market.

Yinchuan Tonglian Capital Investment Operation Co, a Chinese local government financing vehicle, failed to meet its $300m funding target on Wednesday. Concerns around the company’s old ties to cash-strapped Shandong Ruyi Technology Group and troubles at other LGFVs dented investor support.

ING has hired former European Credit Management portfolio manager Chris Telfer for high yield credit trading, focused on autos and paper and packaging names.

US convertible bond issuance topped $21.3bn in May as American companies rushed to raise funding during the Covid-19 global pandemic, transforming a niche corner of the equity capital markets into a significant source of banking fees.

Hong Kong’s bar scene caters to a broad range of clientele. Boorish expats drink in Lan Kwai Fong, huddling on street corners over cigarettes and pints of lager. Posh chancers turn to The Captain’s Bar, the Chinnery or Sevva. Creative types end up in temples of self-congratulation like Piqniq, Woobar or Feather Boa. But only the finest Bacchanalians find their way into one of Hong Kong’s hidden bars.

Brazil became the third Latin American issuer in three days to find bond buyers willing to place large orders even as pricing was pushed below their initial demands, as it raised $3.5bn of five and 10 year paper to provide arguably the starkest example yet that technicals are trumping fundamentals primary emerging market new issues.

Covid-19 has shifted some of the attention away from ESG, but the demand for solar and Property Assessed Clean Energy (PACE) securitizations is still high, sources say, and the virus may bring opportunities for sustainable asset classes to thrive.

Estonia returned to the capital markets on Wednesday after 18 years away, introducing itself to a new set of investors as an SSA borrower.