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Rating: Aaa/AA/AAA

Rating: Aaa/AA/AAA

Guarantor: Deutsche Bank AG Rating: Aa3/AA-/AA Amount: Nkr750m (fungible with Nkr250m issue launched 08/05/03) Maturity: May 28, 2008 Issue price: 103.725 Fixed re-offer price: 102.125 Coupon: 5% Launched: Friday July 11 Lead mgr: Deutsche Bank Market appraisal: "...this deal signals a rebound in demand for issuance in Norwegian kroner. In recent weeks, for example, we have seen four new offerings in the currency. For several months now, new supply has been low, but we are seeing good redemption flows. And the spread between kroner and euros makes this market attractive. Banks are keen to get issues on their books to offer investors during the quiet summer months - this may also explain the recent upsurge in supply. "...this deal was tapped twice in one day, which demonstrates its popularity and indicates a comeback in Norwegian kroner. The pricing, however, is quite expensive on this transaction - we have had limited interest as yet, although we are expecting a gradual uptake over time. We expect to see increased demand for the currency in the coming months due to its good pick up versus the euro and US dollar."

Rating: Baa3/BBB+/A-

Deutsche Telekom made a spectacular return to the global dollar market this week with a blowout issue of $2bn of five and 10 year bonds.

The Hong Kong Monetary Authority (HKMA) has appointed William Ryback to take over as its deputy chief executive, after a search of several months.

Amount: A$700m (increased from A$600m)

Arrangers Development Bank of Singapore and Standard Chartered have launched the S$150m LBO financing for CVC Asia Pacific and JP Morgan Partners Asia's S$220m acquisition of SingTel Yellow Pages to a handful of sub-underwriters.

Rating: Baa1/BBB+

Groups of banks are jostling for position on a Eu5.5bn medium term loan for the Kingdom of Spain. The sovereign has invited banks to lead the facility and mandates are expected to be awarded next week.

The $100m three year bullet loan for Industrial Development Corporation is oversubscribed and the borrower may take an increase. There are still some commitments to come in, however, with a close likely today (Friday) or the beginning of the next week.

Groups of banks are jostling for position on a Eu5.5bn medium term loan for the Kingdom of Spain. The sovereign has invited banks to lead the facility and mandates are expected to be awarded next week.