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Merger and acquisition loans were noticeably absent in the first quarter of 2015, but despite banker grumbles, Western Europe’s volume has been far from bad.

The relevance of the euro to SSA issuers is under threat. Even a wave of fresh investor cash due after Easter might not be enough to counter quantitative easing induced price distortion.

At the end of a very busy quarter of block trades, business continued this week — despite the approach of Easter holidays.

With the European Central Bank bond buying programme creating the perfect market for locking in long dated funds at record low yields, the Republic of Poland this week made the most of sublime conditions to print a 12 year with a coupon of 0.875%. Virginia Furness reports.

ArcelorMittal is in the market with a $6bn loan to refinance two revolving credit facilities, according to bankers involved in the deal.

Swisscom sold its longest ever bond on Monday as part of a Sfr365m dual tranche transaction.

Dufry, the Swiss travel retail operator, is assessing how it will use the capital markets to finance its €3.6bn cash acquisition of World Duty Free, announced on Monday.

Azelis, the chemicals distribution business formed from the merger of Novorchem and Arnaud, closed books on a €240m acquisition loan on Wednesday.

Turkish state-owned agricultural bank Ziraat Bankasi completed a loan of over $1bn on Tuesday, increasing the deal size from last year following high demand.

Ukraine Export-Import Bank is asking bondholders to approve a three month extension to its Eurobond due April 27 and the prospect of full repayment looks bleak.

National Bank of Abu Dhabi has been left off the mandate to lead Egypt’s return to the capital markets, GlobalCapital understands.

A central counterparty stress test framework proposed by LCH.Clearnet assesses risk impacts in several adaptive scenarios under the cover 2 requirement and a default auctioning protocol.