Natixis

Over €30bn of covered bond supply is expected from borrowers in Spain and Italy next year but with nearly €40bn of Cédulas redeeming, the technical backdrop is most constructive in Spain.

Emirates Global Aluminium (EGA) is wrapping up syndication for a $4.9bn seven year loan facility and will close the deal before the end of the year, according to a banker with knowledge of the deal.

A €630m ($683.6m) facility for a unit of China National Chemical Corp has been allocated, with a dozen banks coming in during general syndication.

The crunch is coming. The Middle East loan market has long offered low margins and lashings of liquidity but pricing is widening, just as issuers flock to the market in droves, writes Elly Whittaker.

Legrand, the French electrical fittings manufacturer, issued a €300m bond on Wednesday, carving out a successful trade in the face of frantic activity.

Intesa Sanpaolo issued a €1.25bn 10 year covered bond on Wednesday, a transaction that did not initially seem to be an obvious trade, but which in the end proved very successful.

Legrand, the French electrical fittings manufacturer, issued a €300m bond amid busy action on Wednesday, carving out its own success in the face of frantic activity.

Arrangers have not set a closing date for the $1bn loan for the Sultanate of Oman, on which pricing has been widened recently, but bankers hope to close the deal before year end.

Corporate bond bankers are busy, for this time of year. While they are usually up for doing deals, it is clear investors, too, are in no hurry to close their books for the year, but are keen to buy paper, despite the let-down of the European Central Bank’s lukewarm QE boost last week.

Latvia has provided the only point of CEEMEA new issue activity this week so far, though the sovereign is shifting out of the emerging market universe.

The Sultanate of Oman has widened the pricing of its $1bn loan by 10bp to encourage banks to lend, after the sovereign was downgraded by Standard & Poor's in November.

Vivalto Santé, the French private health service provider, has announced €228m of loans for its leveraged buyout by Mubadala Development Co, the Abu Dhabi Government owned investment and development company.