UniCredit

While Thursday’s European Central Bank meeting brought little in the way of material changes, the SSA market is watching closely, expecting a tightening of eurozone monetary policy. Meanwhile, the Joint Laender launched a euro seven year benchmark.

Azerbaijan’s Southern Gas Corridor Company raised $1bn with a tap of its outstanding 2026s on Wednesday but fell foul to underlying rate movements which meant that it did not price at the tight end of guidance, according to a lead banker.

The Republic of Croatia has picked four banks to revive a euro benchmark deal it was forced to delay last year after anti-government protests in Zagreb in the early summer.

Toronto Dominion had less luck than its Canadian peers when it issued the third sterling Canadian covered bond of the year this week. Even though the transaction offered a hefty concession there was only sufficient demand to issue in half the size of the previous deals.

Covered bonds issued this week by Axa Bank and Lansforsakringar Hypotek (LF Hyp) were priced at — or inside — fair value, partly reflecting a technical squeeze that was aggravated by the European Central Bank’s move to step up purchases in the secondary market.

Mid Europa Partners’ Lei1.4bn (€305m) loan for the buyout of Romanian supermarket chain Profi Rom Food has been oversubscribed, allowing the pricing on each tranche to be cut by 30bp.

Five new IPOs were announced in EMEA this week as the market enters a crucial window in the run-up to Easter.

Novomatic, the Austria-headquartered gambling company, has syndicated a €1bn five year revolving credit facility as it looks to combine its credit facilities into a single line.

Deutsche Bank confirmed over the weekend that it was preparing an €8bn rights issue, alongside a fresh strategic overhaul that includes a partial IPO of its asset management division and the reintegration of Postbank.

NRW.Bank will be the next SSA borrower to tap the euro market, after two eurozone sovereigns raised a combined €11.4bn through auctions on Thursday, making the most of a week largely free from political volatility.

Cassa Depositi e Prestiti has sold €300m and €150m notes late in February, despite dealers reporting an overall lack of MTNs in the market.

Three banks have joined the syndication for the Z2.7bn ($661m) loan CVC is using to fund its takeover of Polish supermarket Żabka Polska.