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BBVA priced a well oversubscribed €1.25bn seven year with barely any new issue concession and a long way through the Kingdom of Spain’s spread.

CEE sovereigns rallied on Thursday in response to Mario Draghi’s plans to extend quantitative easing. But while some emerging markets bankers were hitting the phones to line up trades next week, others were less convinced that the news would have any impact on issuance.

Kuwait Projects Company (Kipco) printed the first bond this year from a corporate in central and eastern Europe, the Middle East or Africa on Tuesday. While the solid international book could not prevent some softness in secondaries the next day, the issuer was unaffected by rating action by Moody’s this week.

Toronto-Dominion Bank (TD) and National Australia Bank (NAB) raised more than €3bn this week in the US dollar denominated covered bond market, nearly doubling supply seen so far this year.

Berlin Hyp (BHH) issued the first negative yielding fixed rate euro covered bond on Tuesday, days before the European Central Bank lowered the discount rate further into negative territory.

Family-run Turkish conglomerate Koc Holding printed $750m with a minimal new issue premium on Wednesday as corporate supply in CEEMEA ramped up.

Many other issuers, and particularly those in Germany, likely to follow Berlin Hyp's lead with negative yielding covered bond supply.

North Energy, the Norwegian oil and gas exploration company, signed a Nkr950m($112m) exploration financing agreement on Tuesday with two banks.

Bankers anticipate a charge for bank funding in the coming weeks, after European Central Bank president, Mario Draghi announced more stimulus via virtually every avenue open to him on Thursday.

Southern Gas Corridor Company has started investor meetings for a bond fully guaranteed by Azerbaijan.

Israel printed a new 10 year bond and a tap of 2043s on Wednesday with only a small new issue concession and some of the biggest books seen so far this year for a CEEMEA bond.

The Islamic subsidiary of Turkey’s Ziraat Bank has launched a bitesize $75m murabaha deal, as the bank itself refinances $1bn of loans.