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Europe's RMBS pipeline bulged dramatically this week as originators in four countries began marketing deals. But the deals emerged in the context of an unsteady secondary market that widened by 2bp or more on the week, after a brief period of flat trading over Easter.

Lenders filling up on Russian bank debt are starting to look down the credit curve in search of new borrowers and greater diversity. The returns, bankers say, will more than justify the extra work involved. Nick Briggs reports. Russia coverage bankers are keeping their anxieties well hidden. While many will be worried about the Russian government's handling of oil company Yukos and its subsidiaries or the anger being stirred by state pension reform, those anxieties are not being reflected in the syndicated loan market.

Standard Bank is putting together a $75m facility for Sodrugestvo Group, the largest producer of soy beans in Russia and the CIS.

BNP Paribas was the highest climber in the corporate league table this week. The bank moved up two places to seventh after it launched a Eu100m 18 month deal for RCI Banque. The bond pays a coupon of 9bp over three month Euribor.

Syndication of the seven year $600m multi-currency revolving credit for Atlas Copco was signed yesterday (Thursday).

The NT$3.3bn three and five year loan for Cheng Loong has reached financial close. Coordinating arrangers Chinatrust Commercial Bank and First Commercial Bank held NT$300m each.

After three weeks of selling and marked spread widening, levels in the European credit default market suddenly tightened again this week.

The $100m 364 day credit for BankThai has been signed. Mandated lead arrangers Natexis Banques Populaires, Oversea-Chinese Banking Corp and RZB-Austria held $12m each, and Bank of America took $9m.