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Issuance in the short and medium part of the yield curve picked up this week at the expense of the long end. Trades of 10 years and longer fell to 29% of issuance, while trades shorter than one year rose to 8% and volumes in the five and six year maturities grew to 22.54% of the week's total. The long end continues to be dominated by the yen market. Power reverse dual currency structures from triple-A issuers remain a firm favourite and despite the approach of the fiscal year end in Japan on Monday, yen volumes held up this week.

Cadbury Schweppes has closed its $6.ibn acquisition facility fully subscribed with the support of its relationship banks. The deal had been criticised by some in the market during syndication Bankers say arrangers Bank of America, BNP Paribas, HSBC, Lloyds and Royal Bank of Scotland should be applauded for tapping sufficient liquidity from a diverse range of lenders in general syndication.

The Kingdom of Spain yesterday (Thursday) awarded BBVA, Citigroup/SSSB, Crédit Agricole Indosuez, Deutsche Bank and SCH the mandate for a Eu3bn-Eu5bn 10 year syndicated transaction. Spain's decision not to offer its new Bono via an auction shows that the sovereign has been persaded of the benefits of syndication.

Telefónica de España has requested proposals for the refinancing of a Eu2bn tranche of a Eu8bn revolver signed in 2000, say bankers. That deal, which was fully underwritten by the arrangers was oversubscribed to Eu12bn. ABN Amro, BBVA,BSCH, the then Chase Manhattan, Citigroup/SSSB, Dresdner Kleinwort Wasserstein were active on that deal which funded the borrower's take over of a German UMTS license, general corporate purposes and for refinancing.

Rating: AA-/AAA Amount: Eu200m Landesschatzanweisung series 1

Munich Re will next week start a European roadshow ahead of a planned subordinated capital issue through Lehman Brothers and UBS Warburg. The borrower and the leads have refused to comment on the details but Eu3bn is the number being heard in the market.

A surprise mandate has been awarded to a group of eight banks to arrange a $1.3bn project financing in the Middle East. The facility is for a United Arab Emirates independent power project. International Power plc made a successful bid for the project and has now invited the syndicated loan market to provide the funding. EuroWeek hears that the recipients of the mandate to arrange this $1.3bn 20 year financing are HSBC, Gulf International Bank (GIB), Bank of Tokyo-Mitsubishi, Sumitomo, WestLB, National Bank of Abu Dhabi, ING and First Gulf Bank.

Issuer: Private corporate finance Maturity date: March 11, 2010

Swap spreads in euros and dollars came under downward pressure this week as it became apparent that the war in Iraq would not be a quick affair. There was a revival of sorts in the new issue sector market this week. Early on there was little activity, but after a couple of days, borrowers and investors began to return. The consensus was that while event risk still looms large, borrowing conditions are still very good.

Rating: Aa2/AA+ Amount: $100m (fungible with $250m issue launched 13/01/03)

Swap spreads in euros and dollars came under downward pressure this week as it became apparent that the war in Iraq would not be a quick affair. There was a revival of sorts in the new issue sector market this week. Early on there was little activity, but after a couple of days, borrowers and investors began to return. The consensus was that while event risk still looms large, borrowing conditions are still very good.