UniCredit

The euro high yield market was giving signs that investor discrimination is back this week, as borrowers IDG and Victoria respectively marketed and postponed new issue bond deals.

There is increasing confidence among market participants that the European Central Bank will renew its policy of providing banks with cheap financing, given the arrival of tougher issuance conditions and more stringent liquidity requirements.

Qatar may still be under a blockade set by its Gulf neighbours, but bankers are optimistic about its borrowers' prospects in the loan market just as Qatar National Bank (QNB) returns for its second deal this year, writes Mariam Meskin.

Yapı Kredi is the latest top tier Turkish bank to refinance hard-currency debt, with a $1.1bn equivalent loan. It is the largest Turkish bank refinancing of the season, indicating that there is resilience in the market, and Garanti Bank is set to follow.

The European Banking Authority (EBA) will release results of its 2019 stress test on Friday. Investors will be looking out for the results of NordLB and the Italian banks in particular.

Kernel, the Ukrainian powerhouse producer of sunflower oil and agricultural products, has boosted and extended its $200m pre-export revolving credit facility.

The price of Italian bank shares and bonds rose on Monday morning after local media reported that the government was weighing up extraordinary measures to help the embattled lenders. The next few weeks are crucial for the banks, with the release of stress test results and third quarter earnings.

Türk Ekonomi Bankası (TEB) has signed a $530m-equivalent loan, as lenders predict Turkish banks to continue a strong refinancing season, despite the country's economic and political troubles.

A three times subscribed deal by KfW this week showed that there is plenty of green demand for issuers looking to print in the format in the remainder of the year, as a fellow German agency moved forward with plans to bring a trade.

Guarantor: Federal Republic of Germany

Italy replaced €3.8bn of a short dated BTP Italia with longer dated conventional BTPs on Thursday, but against a backdrop where its bond yields were once again on an upward trajectory.

KfW priced through its curve on Wednesday as it wrapped up its green bond programme for the year with a more than three times subscribed trade.