Natixis

Public sector borrowers from the eurozone periphery are preparing a flurry of issuance in the next few days, with one still smarting from a change to its rating outlook late last week.

Konecta, the Spanish call centre operator, has closed its €195m acquisition debt in a club deal with four banks.

The Islamic Development Bank (IsDB) printed on Thursday morning its $1.5bn five year sukuk “well inside” its own curve, according to a syndicate banker on the deal. The profit rate was lower than its last outing despite the spread being much wider.

United Overseas Bank sold a landmark transaction this week, printing the first euro-denominated covered bond from Asia, and plans to become a frequent issuer in the market.

Mauser, the German industrial packaging producer, has priced its €100m incremental term loan in line with guidance.

The only spark of new issue activity this week from CEEMEA is an Islamic Development Bank sukuk, but EM bankers in London are also busy with a European roadshow from Femsa.

Emirates Global Aluminium has completed its $4.9bn loan refinancing, with eight lenders joining the underwriting banks, as this week the borrower announced its income had almost halved last year.

Alès Groupe, the French cosmetics company, has issued a €60m European private placement, its first bond issue in that format.

The long end of the euro curve is wide open for public sector borrowers, after a pair of issuers printed deals this week and speculation grew that further central bank stimulus is on the way.

Unédic joined a mini resurgence in the 10 year part of the euro curve with the third new issue in the tenor in two weeks, following a one month dearth of supply.

Santander Consumer Finance opened up a new Tokyo Pro-Bond programme worth €10bn on Tuesday, following a similar move from its UK sister borrower last year.

The SSA market has seen a steady stream of activity across the euro and dollar markets this week. The European Stability Mechanism priced the week’s biggest deal on Tuesday, printing €4bn in 10 and 40 year tenors. Meanwhile African Development Bank led the charge in dollars, preparing to print a $1bn no-grow in its first benchmark deal of the year.