The bond market has been unusually busy for this time of the year, swinging from exuberance to risk aversion, so Barclays Capital' bond syndicate is our team of the week for executing many of the important mandates.

The most important deal of the week by far was the €5bn European Funding Stability Mechanism capital raising yesterday, which attracted €21bn of bids for the €5bn bond. The deal was over three times oversubscribed by investors, buoyed by strong interest from central banks and sovereign wealth funds.