Citi

Eurozone sovereign issuers lined up to take advantage of the quantitative easing driven flattening of the euro curve on Monday, as one country the periphery mandated banks for a 30 year benchmark and another set most of its target range for an auction later this week at the long end of the curve.

Italy’s Servizi Assicurativi del Commericio Estero (SACE) made a last minute appearance in last week’s primary FIG market, pricing a €500m perpetual non-call 10 year subordinated bond at 25bp lower yield than initial price thoughts were set at, despite uncertain secondary markets.

Russian steel company Severstal has updated the terms of its offer to buy back of up to $600m in aggregate of its 2016s and 2017s.

National Bank of Abu Dhabi (NBAD) is meeting investors this week to offer an update on its recently announced financial results. A senior dollar bond may follow.

KES Power has raised Prp6.375bn ($63m) from a sale of shares in Pakistan’s K-Electric, after shrinking the deal size by nearly half and pricing the delayed block at the bottom of the bookbuilding range. Just two international investors signed up for stock as pressure on the company’s share price, negative news about dividend payment plans and protests in Karachi wreaked havoc on the trade’s execution.

Philippine consumer food and beverage company Universal Robina Corp’s NZ$742m ($537.57m) loan has been allocated, with ten banks joining the syndication. The loan, which is for the company’s acquisition of New Zealand’s Griffin's Foods, received a good response thanks to the lack of top tier offshore deals out of the Phillipines.

Isolux Corsán, the Spanish energy and construction firm, last night pulled its €600m initial public offering, in the first blow to what has been Europe’s strongest ECM region so far this year.

Bookbuilding will close a day later than scheduled for a Rp12.48bn ($125.49m) block in K-Electric after protests broke out in Karachi, crippling parts of the city.

Egypt is preparing to follow Tunisia’s landmark return to the international bond market as investors shrug off conflict in Syria and the oil price’s collapse to regain appetite for Middle Eastern credits. Underscored by this week’s $1bn deal, confidence in the region has rebounded to levels last seen before the Arab Spring in 2011, writes Virginia Furness

A strong reception to a 10 year Eurobond from Tunisia this week — its first conventional bond since the Arab Spring —is proof that the country is on the right path in terms of financial autonomy, according to bankers.

Bond investors are hoping for a flood of US supply in the coming weeks as companies emerge from earnings blackout following a disappointing start to the year.

Italian oil and gas company Eni shrugged off any concerns around falling oil prices to issue a €1bn 11 year bond on Tuesday that was five times subscribed.