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Smaller financial institution issuers have been welcomed back to the European bond market in recent weeks, after their hopes of raising deeply subordinated capital were dashed by turbulent market conditions in late 2018. But they are not taking chances this time, seeking comfort in using the support of just one investment bank rather than a group of bookrunners.

Indications of interest for Saudi Aramco’s planned bond issue were understood to have topped $15bn on Thursday morning in London, with three days left of the roadshow still to run. Contrary to press reports, investors have been told on the roadshow that the cash raised will not be used directly to fund the acquisition of Saudi Basic Industries Corp, as that is not expected to take place for another six to 12 months, writes Francesca Young.

Russian equity capital markets are red hot again, after almost two years in the cold, with supply being driven by some of Russia’s most powerful oligarchs. As investors warm to Russian equities, more of these billionaires are set to monetise some of their holdings, writes Sam Kerr.

The European Investment Bank and Flemish Community brought sustainability-linked transactions on Thursday, with investors piling in despite a busy market elsewhere.

Crédit Mutuel Arkéa sold a seven year non-preferred senior note on Thursday, in a market where investors are thirsty for supply. The €500m deal attracted €2bn of orders — demand that even surprised the arrangers, given that funds are still ignoring growing risks around a no-deal Brexit.

During an investor day on Thursday, Nomura said it will scale back some secondary trading operations in Europe, the Middle East and Africa (EMEA), as it seeks to adapt to global challenges in the wholesale sector and the region’s slower growth.

Indications of interest for Saudi Aramco’s bond are understood to have hit over $15bn, with the roadshow not finishing until Monday April 8.

Spain’s Acciona has signed a €675m environmental, social and governance-linked loan. Lenders piled into the infrastructure and renewable energy group's deal after launch, enabling the size to grow by 35%.

The Covered Bond Directive provides a basis for harmonisation of the European covered bond market and sets a standard for other countries to follow suit. But following approval of the final text this week, market participants expect the new law will give member states plenty of leeway to interpret the rules.

Citi and KBC Group led the way on Wednesday in what was a very busy day for new bond supply from financial institutions, with issuers taking advantage of stellar market conditions to raise funding ahead of reporting their first quarter earnings.

ECM investors continue to support Russian deals and flooded into a Rub5.8bn ($89m) block in LSR Group, the Russian real estate development company, in what was the latest sell-down by one of the country’s oligarchs.

The National Bank of Ras Al-Khaimah came to market for $500m on Tuesday, managing to slice 25bp from initial price thoughts to the final spread.