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Guarantor: Hellenic Telecommunications Organization SA

Rather than following Japan's banks into the NPL black hole, Germany's financial institutions have experienced a renaissance in terms of investor sentiment and spread performance this year. And although it may be not be fashionable to praise some areas of the German banking system, the truth is that the panic that was rampaging through the sector at the end of last year was heavily over-played.

Guarantor: Petroleos Mexicanos

Far from sulking as other European covered bond markets emerged with popular new assets, Germany's Pfandbrief market has hit back this year. Armed with a recovering economy, new and improved legislation, and an informal code drawn up by issuers, the Pfandbrief market is ready to regain its title of number one European covered bond market.

The $70m three year loan for Development Bank of the Philippines has been launched into syndication by arrangers ING, Mizuho Corporate Bank and Standard Chartered Bank.

Guarantor: Banco Popular Español SA

A launch date will be announced shortly for syndication of the project financing for PKN's new plastics plant. Mandated lead arrangers are Bank of Tokyo-Mitsubishi, KBC and SG.

The $150m three year loan for Premier Oil has been closed oversubscribed. Barclays Capital and Royal Bank of Scotland syndicated the deal among a close group of relationship banks.

Private equity sponsors CVC, Texas Pacific Group and Merrill Lynch Global Private Equity are likely to widen the group of arranging banks on the debt backing their £1.72bn buy-out of UK retailer Debenhams.

The South African rand bond market was revived this week when triple-A rated Landesbank Baden-Württemberg offered a R200m 8.5% November 2010 deal. Royal Bank of Canada (RBC) led the retail transaction, which was launched on Tuesday with a syndicate of six banks.

After two years in which Europe's premier economy has been embattled and dogged by the prospect of deflation, Germany is at last showing real signs of making a comeback. IPOs are back on the agenda and the convertible product is more popular than ever before. Syndicated loans volumes are rising, there is clear political support for asset backed issuance, confidence in the Pfandbrief sector is growing and, perhaps most importantly, there are definite signs that bank and corporate restructuring is gathering momentum.

The US bond market staged a spectacular turnaround from last week's auto-induced gloom, with issuers such as DaimlerChrysler and cigarette maker Altria coming to market with blow-out jumbo transactions.