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Rating: A1/A+

Do you, too, sense that the worst may be over for the main European insurance companies? OK, those who remain overweight in the life sector are still praying for a huge stock market rally, but portfolio insurance has helped to soften the blow. General risk insurance premiums were hiked sharply before the war with Iraq, the money is pouring in and who is to say that the insurers will have to bring those rates down again? Four weeks ago, you could not, for example, have given away shares in Germany's Munich Re and Allianz. The insurance industry was in the doghouse, Germany looked like an economic basket-case and most German banks, with the exception of Deutsche, were teetering on the brink. For one awful moment, it looked as if Allianz shares would join the dreaded 90% Down Club and Allianz share certificates, cleverly converted into imitation US air force Stealth bombers or Tomahawk Cruise missiles, were selling like hot cakes on Munich street corners.

Rating: AA Amount: Eu200m

Do you, too, sense that the worst may be over for the main European insurance companies? OK, those who remain overweight in the life sector are still praying for a huge stock market rally, but portfolio insurance has helped to soften the blow. General risk insurance premiums were hiked sharply before the war with Iraq, the money is pouring in and who is to say that the insurers will have to bring those rates down again? Four weeks ago, you could not, for example, have given away shares in Germany's Munich Re and Allianz. The insurance industry was in the doghouse, Germany looked like an economic basket-case and most German banks, with the exception of Deutsche, were teetering on the brink. For one awful moment, it looked as if Allianz shares would join the dreaded 90% Down Club and Allianz share certificates, cleverly converted into imitation US air force Stealth bombers or Tomahawk Cruise missiles, were selling like hot cakes on Munich street corners.

Barclays Capital, Dresdner Kleinwort Wasserstein, Deutsche Bank and JP Morgan will launch the syndication of the $2.27bn loan for Xstrata next week. For more details see EuroWeek 798.

Rating: Aaa Amount: Eu250m (fungible with three issues totalling Eu1bn first launched 09/04/99) Öffentlicher Pfandbrief series 560

Guarantor: Münchener Ruckversicherungsgesellschaft AG Rating: A2/A/AA-

Rating: Aa3/AA/AA Amount: $500m

ABN Amro and JP Morgan have signed in banks on the popular Eu400m loan for chemicals group DSM. Despite raising over Eu600m from the market, the borrower did not increase the facility. Co-arrangers are Citigroup, Rabobank and UBS. Tickets at this level were Eu40m for 25bp.

Telecom Corp of New Zealand (TCNZ) is tapping the market for a $325m three year multi-currency revolver through arranger JP Morgan. Lending banks will earn a margin according to the borrower's Standard&Poor's rating ranging between 85bp over Libor for a BBB rating to 35bp for an AA- rating. Lenders will initially receive a margin of 45bp as the borrowers rating stands at A.