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Mexico Mexican retailer Controladora Comercial Mexicana (Comerci) is planning to come to the US private placement market with a $100m bond offering.

Germany Standard&Poor's cut the rating of Hannover Re from AA to AA- on Tuesday, one day after the company said that it was committed to keeping its AA rating but did not need a capital increase.

Danske Bank, Lloyds TSB, Royal Bank of Scotland and WestLB have closed oversubscribed the £500m five year revolver for Northern Rock. The borrower has yet to decide whether to take an increase.

Rating: Aaa/AAA Amount: $1bn

The Nordic Investment Bank has successfully positioned itself among the top tier of supranational borrowers with its second global dollar bond, a $1bn April 2008 transaction launched this week via BNP Paribas, HSBC and Morgan Stanley. Initial price guidance of Treasuries plus 25bp area was quickly revised to 24bp-25bp as the book gained momentum and final pricing was set at 24bp over. At the equivalent of Libor minus 18bp, the deal came flat to the EIB five year on a curve adjusted basis when six months ago with its January 2006 bond, triple-A rated NIB paid a premium of 1.5bp-1bp over the EIB.

Mandated arranger BayernLB has closed syndication of the Eu75m revolver for Sparebanken More. The deal has been 50% oversubscribed and will be increased to Eu100m when banks are signed in this month. The deal will pay a margin of 28.5bp over Libor, with a commitment fee of 50% of the margin. Three tickets were offered during syndication: senior lead manager for a take of Eu7.5m for a fee of 12.5bp flat; lead manager for a take of Eu5m for 10bp flat; and manager for a ticket of Eu2.5m for a fee of 7.5bp.

Invemed Associates, a brokerage run by New York Stock Exchange director Kenneth Langone, has been charged with unlawful dealings with hot IPOs during the technology boom. Hot IPOs were the highly sought-after technology offerings launched at the peak of the bull market.

All the competing banks to arrange the $1bn project financing for Sohar Refinery have submitted their bids for the mandate. A mandate should be awarded in the next two weeks.

New issues dominated trading in a quiet market this week. Fannie Mae launched a 10 year subordinated deal, the Federal Home Loan Banks (FHLB) priced a $1bn five year non-call 18 month transaction, and Freddie Mac sold two and 10 year paper. All the deals were oversubscribed.

Mandated arranger ABN Amro, Citigroup and SG have launched the Eu400m five year revolver for TPSA into syndication. The deal will pay a margin of 95bp over Libor. The margin is linked to a ratings grid and will move between 60bp and 115bp. The transaction charges a commitment fee of 45% of the margin.

Rating: Aa2/AA- Amount: C$25m (increase to C$100m issue launched 10/04/03)

Rating: B3/B- Amount: $300m