UniCredit

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.

Italy will give investors the chance to swap out of its earliest maturing BTP Italia for longer dated nominal bonds on Thursday as it attempts to reduce the size of the €20.5bn issue. The deal comes amid a calmer backdrop for BTP yields than over the last few months — a factor that helped determine the timing of the exchange, said one of the leads.

Bank Nederlandse Gemeenten and KfW mandated banks on Tuesday for euro issues at opposite ends of the curve.

Milanese pharmaceutical firm Recordati was out with its CVC buyout funding this week — a €1.3bn bond, in a European high yield market that has mostly ignored Italy’s political fights. But on Thursday, volatility went global and investors started pressing for concessions. Recordati went ahead regardless, and priced on guidance.