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  • Seat Pagine Gialle’s entry into the secondary loan market on December 12 had been widely expected to be an “absolute massacre,” as one head of secondary trading put it, because 17 banks had participated as lead arrangers in the primary syndication and were expected to want to sell their positions of around Eu100m each.
  • Guarantor: Total SA
  • Rating: Aaa/AAA
  • Turkey’s economic development continued to pick up speed in 2003. War in Iraq put off nervy investors in the first half, but when the smoke cleared, lenders could reflect on a buoyant economy, political stability and a banking system that has taken great leaps towards coming into line with international standards. Charlie Corbett reports.
  • Turkey’s standing in the international debt markets soared in 2003. This year, progress with EU membership and its IMF programme will prove essential. Kathryn Wells reports.
  • Rating: Baa1
  • Over the last 12 months the UK loan market consolidated its position as the dominant force in Europe, and even showed some of the first signs of a pick-up in merger and acquisition activity. But bankers became concerned about the increasing presence of club transactions, threatening to undermine their roles on deals. Adam Harper reports.
  • Well received offerings from unrated corporates in 2003 helped to debunk the myth that ratings are an essential part of successful bond issuance. Indeed, the year contained many cases where investors looked past the absence of a rating and concentrated instead on the strong corporate story.
  • Rating: A3/A-/BBB+
  • While the offshore yen and domestic Samurai bond markets have continued to wilt, the Uridashi market blossomed in 2003 as triple-A supranationals and agencies took advantage of the huge Japanese retail investor base looking for higher returns than are available in their own currency.
  • Freddie Mac will want to forget 2003, embroiled as it was in accounting malpractice. The Federal Home Loan Banks also had some troubling moments. The problems were alarming because the market is used to perceiving the agencies as near-perfect. But though European and Asian investors became nervous, the US markets continued to fund the agencies at remarkably tight levels — proving just how integral they are to the US debt market. Sebastian Boyd reports.
  • The year’s strong beginning in the US dollar high grade corporate bond market petered out this week as many companies went into pre-earnings blackout periods and investors started balking at tight spreads.