Natixis

The Republic of Latvia sold its €500m 10 year bond on Wednesday attracting a €800m book and a new SSA investor base.

The Republic of Latvia has released initial price guidance at 40bp area over mid-swaps for its new 10 year euro denominated bond, representing only a 20bp new issue premium, but a doubling of the sovereign’s secondary spreads, according to bankers away from the note.

Finnvera took its first ever billion sized bite of a core currency bond on Tuesday, enticing investors with a juicy pick-up over its sovereign’s curve.

Natixis has promoted its former head of aviation, export and infrastructure finance in the Americas to a global role.

The Republic of Latvia has mandated DNB, HSBC and Natixis to arrange a 10 year euro denominated benchmark bond, its first since the start of ECB sovereign bond buying.

Pernod Ricard, the French distiller, priced an opportunistic €500m bond on Monday, paying an 18bp new issue premium in a market that some participants feel is getting heavier.

The euro pipeline for SSAs is fit to burst amid strong conditions, with a trio of issuers hitting screens on Monday and at least one borrower set to come with a deal later in the week.

Russian fertiliser producer Eurochem signed a $750m pre-export credit facility, it was revealed on Wednesday, having been in talks with banks since the end of last year.

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.

The euro market was treated to its first 10 year corporate deals in more than a month on Thursday, with Irish food producer Kerry and French utility Suez Environnement opening books.