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Rating: A1/A+ Amount: Eu200m

Guarantor: Bank of Scotland Rating: A2/AA/AA+

Public financials were the big movers this week, rising from sixth position last week to third over the last seven days. German names led the charge, but Swedish borrowers also issued strongly, coming with 11 trades for $216m. Svensk Exportkredit was active with eight notes. Its largest was a ¥7.4bn note that came off the borrower's Eu25bn debt instrument facility. Also busy was Venantius with three notes for $15m.

Trades in the three to five year tenor dominated by volume this week with over $3.9bn closed from 74 trades, a 31% share of the market. Issuance in euros was strong, with 27 notes traded for $2.39bn. Issuing the largest volumes was Bremer Landesbank Kreditanstalt Oldenburg Girozentrale. The German bank came with four notes for $592m (equivalent), a 15% share of the market in this maturity. Among its issues was a Eu200m note that matures in September next year. The trade pays a coupon of six month Euribor flat.

Barclays, Citigroup/SSSB and Deutsche Bank have closed syndication of the £600m five year revolver for BSkyB. The deal was well supported by the borrower's existing lenders. These institutions will be signed in on March 20.

The high yield market was revived this week by a Eu165m 2010 bond market debut by Swiss chocolate maker Barry Callebaut, the first European high yield offering this year to be priced through 10%. The deal, led by Credit Suisse First Boston, was increased and priced at the tighter end of guidance, and traded up in the secondary market. The issue highlights an increase in high yield market activity this week and a more positive tone in the market.

Double-A issuance continued its strong performance in 2003 this week, eclipsing other ratings with a 48% share of the market. Triple-A names dropped off sharply. The most active issuer in the double-A category was SGA Société Générale Acceptance. The French financial used its Eu32bn EuroMTN programme to issue 17 notes for $546m.

Despite criticism for featuring under-pricing and oversized tickets, the $6.1bn loan for Cadbury Schweppes will be closed fully subscribed. Around 10 banks have committed in general syndication and although the mandated banks and senior lenders may have reduced exposure to expected levels, they are likely to land at the upper end of expectations.

Rating: BBB Amount: Eu100m