Natixis

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.

Two French borrowers took advantage of a resurgent corporate bond market on Wednesday, with electrical components manufacturer Schneider Electric and real estate company Icade selling euro debt.

French banks Natixis and BNP Paribas have rejigged their Asian loan syndication teams.

John Wade, the head of syndicate and MTNs, Asia Pacific at Natixis will also head loan distribution in the region for the bank from September.

At least three Turkish banks have set up covered bond programmes and could theoretically be ready to issue their first benchmarks this autumn. However, even if the political outlook improves, the cost of funding in dollars using established senior unsecured programmes may be difficult to beat.

One bank has sent out invitations for a $200m refinancing being raised by Indian travel company Cox & Kings, according to two sources.

French lender Natixis has poached two bankers from RBS to form a corporate advisory department for Asia Pacific.