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Angola’s years long journey to the Eurobond market ended this week with a hot 10 year deal, which soared in the secondary market. The importance of fresh cash for the dollar starved state overrode pricing criticism, while the deal laid down a marker for what oil states can do in bond markets. Steve Gilmore reports.

A spate of mandates hit CEEMEA this week, with Macedonia and Cameroon joining two Middle East banks in announcing new deals.

Veritas, the IT systems management provider, caught some officials unaware as it held bank meetings on Tuesday for a $2.45bn cross-border term loan ‘B’, backing its $8bn acquisition by the Carlyle Group.

Solina, the French food ingredients supplier, is arranging €362m of new debt facilities in relation to its buyout by Ardian.

European financial sponsor-related leveraged loan borrowing has fallen 18% so far this year, to the lowest level for three years.

Plunging swap spreads, coupled with data releases and holidays in the US, are set to make dollar benchmark issuance difficult in all but the most defensive of tenors next week, public sector bankers have warned.

It is a truism that the finances of countries, as well as companies, feel the impact from declining commodity prices. This can be good for energy importing nations, and the positive effect on consumption can boost economic growth.

Turkish sovereign and bank bonds crunched tighter this week as the ruling Justice and Development Party (AKP) regained its parliamentary majority, but the rally lost its steam on Thursday as the market looked further forward to at least another four years under President Recep Tayyip Erdogan.

A supranational issuer is understood to be mulling a visit to the belly of the dollar curve, but may have to pay up to do so as five year swap spreads have fallen into negative territory.

With limited opportunities left to buy primary SSA debt this year, demand is likely to be strong for European Stability Mechanism’s next benchmark.

Spain cut its long term borrowing costs at a debt auction on Thursday, as it hit the middle point of its target volume range.

Glarner Kantonalbank (GLKB) has priced a junior subordinated Swiss franc additional tier one (AT1) bond on Friday, drawing interest from local retail investors.