Commerzbank

Barclays began marketing a multi-tranche Samurai trade on Monday, as some FIG bankers claimed European banks were still baulking at the new issue premiums being offered by US visitors to the euro market.

Commerzbank, Caisse Francaise de Financement Local (Caffil) and Bayerische Landesbank (BayernLB) invigorated the long end of the covered bond market this week with 10 year deals, a duration which had not been seen for over four months.

UniCredit Bank Austria (Baca) returned to the covered bond market on Tuesday to issue the first Austrian Pfandbrief since the country’s Financial Markets Authority (FMA) announced a debt moratorium on bonds issued by Heta Asset Resolution AG (HAR).

Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials.

French hotel group Accor showed that demand is strong for even weaker investment grade credits on Thursday, drawing a rush of orders for a new eight year benchmark.

Merck broke a three week hiatus in euro corporate issuance on Thursday, drawing together a hefty order book for a triple tranche M&A driven deal despite shaky markets earlier in the week.

Several former bankers from Royal Bank of Scotland have joined new institutions recently, as the UK firm continues to dismantle a large part of its Asia business.

Commerzbank has appointed former Royal Bank of Scotland banker David So to its Singapore-based debt origination team.

Louis Dreyfus Commodities Asia has sealed its $400m three year revolver, with a group of 38 banks. The loan, which was signed at the end of July, attracted mostly the company’s relationship banks, said a banker at one of the leads.

After last week’s big bang in issuance, history was written and there was even a feeling of awe at investors' capacity for paper. And this week, supply lines continued delivering until just hours ahead of the summer break.

Covered bond new issue premiums fell this week as six issuers raised a collective €5.5bn in three currencies with total demand of almost €8bn.

Abu Dhabi's Union National Bank is looking for a margin of 75bp over Libor for a $500m three year loan, according to a banker on the deal.