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HSBC has promoted two bankers internally to head up its capital markets business in the Middle East, North Africa and Turkey.

A leading covered bond investor has reacted positively to a series of measures announced by Canada’s Office of the Superintendent of Financial Institutions’ (OSFI) which have effectively provided stable access to emergency funding, including a temporary increase in the amount of covered bonds the country's banks can issue. The move comes after a heavy spell of supply that had sparked concerns that Canadian banks were struggling for cash.

The covered bond market’s reputation for a being a close knit community has served it well during this difficult period with members staying in close virtual contact as they self-isolate at home. On the whole, the experience has proved positive, though it’s clear that some have found it difficult to separate work from play.

Wild swings in emerging market bond prices have been painful for investors this month. It is a problem that banks’ market making capabilities have compounded.

HSBC has put its mass redundancy plan on hold as its seeks to limit the impact of the coronavirus crisis on its staff.

Banks will have an extra year to comply with the latest set of bank capital rules, with the Basel Committee telling the industry on Friday to focus on responding to the coronavirus pandemic instead.

Market participants are already questioning the legitimacy of new ‘expected loss’ accounting rules, with the eurozone, the UK and the US having all now softened the application of their standards for banks during the coronavirus crisis.

Kunal Gandhi, who left Barclays last year, has joined Fenchurch Advisory Partners.

Those working in capital markets have found aspects of working from home difficult. But many believe the new routines will not be put back in the box once offices are allowed to fill up again.

Another derivatives strategy has fallen foul of volatile trading conditions, as ABN Amro on Thursday declared a $200m net loss as a result of the blow-out of a client’s positions.

European corporates facing months of operational lockdown in the face of the coronavirus pandemic are turning to equity capital markets to secure their survival. But they need to be quick about it with markets so volatile, meaning banks are exploring how to get them in and out of the market without putting them through the long, arduous process of a rights issue.

The Eurogroup made no progress towards creating a common EU debt instrument on Tuesday night, but member states will be able to fund their responses to the coronavirus crisis through a new credit line with the European Stability Mechanism.