Natixis

Issuers lined up to print in euros on Tuesday as a vital European Central Bank meeting loomed later in the week — but bankers were divided as to how much the flurry of deals was down to concerns over the central bank meeting.

The FIG senior unsecured market welcomed lower beta trades from DVB Bank and Dexia Crédit Local on Tuesday, as bankers started to turn their attention to Thursday’s European Central Bank meeting.

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.