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A twice oversubscribed Eu1.5bn 10 year issue for Eni, the Italian oil and gas group, shone out in the corporate bond market in Europe this week, as both investment and non-investment grade borrowers took advantage of a positive market tone to raise opportunistic funding.

A twice oversubscribed Eu1.5bn 10 year issue for Eni, the Italian oil and gas group, shone out in the corporate bond market in Europe this week, as both investment and non-investment grade borrowers took advantage of a positive market tone to raise opportunistic funding.

Rating: Aa3/AA/AA- Amount: Eu1.5bn

Swiss engineering conglomerate ABB paved the way for a capital increase on Monday when it revealed plans to issue up to 400m new shares. The company underwent a complex refinancing last May which involved raising $5bn through the loan, bond and equity-linked markets. But analysts have predicted that ABB may need to raise equity if it is to meet its debt targets.

Amount: $660m Legal maturity: July 2010

Allianz launched its recapitalisation this week after positive market conditions enabled it to increase its rights issue to Eu4.4bn. Allianz will issue 117m new shares at Eu38, well above the minimum Eu30 guaranteed by its underwriters four weeks ago. As a result, the seven for 15 offering will raise nearly Eu1bn more than expected - an impressive vote of confidence in the insurance and banking group.

Mandated arrangers African Merchant Bank, BNP Paribas, Natexis Banques Populaires and SG are waiting for a few stragglers to join syndication of the $1.15bn pre-export financing for Sonangol before the facility closes next week. Six banks have already joined the deal during senior syndication. The transaction will be launched into general syndication immediately after the sub-underwriting stage closes.

Rating: Baa1/BBB+ (Moody's/Fitch) Amount: Eu450m subordinated debt

Commonwealth Bank of Australia has secured the mandate for the A$130m refinancing for Northern Territory Airports. Proceeds are to refinance an A$87m five year term loan completed in June 1998, arranged by ANZ Investment Bank and BA Australia, and to provide A$43m for capital expenditure. The 1998 deal refinanced the Airport Development Group's A$110m acquisition of the leases for the three Northern Territory airports from the Commonwealth Government. The airports include Darwin International Airport, Alice Springs Airport and Tennant Creek Airport.

Amount: Eu1bn Legal maturity: April 18, 2035

Rating: A1/A-/A+ Amount: Eu150m (increase to Eu600m issue launched 28/03/03)