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Guarantor: TotalFinaElf SA Rating: Aa2/AA

Rating: Aa1/AAA Amount: C$100m (fungible with two issues totalling C$200m first launched 24/02/03)

Guarantor: TotalFina SA Rating: Aa2/AA/AA

After a busy week for the high grade credit market as a result of an end in sight for the war in Iraq, the focus has shifted back to the economic climate and the likelihood of a recovery. Investors are likely to be disappointed and the Q1 results season is unlikely to improve sentiment. Triple-A issuers were out in force, raising the equivalent of $16.5bn, with notable transactions from Spain, Eksportfinans and NordLB in euros, and the IFC in dollars.

Because arrangers Royal Bank of Scotland and CIBC need to raise around £20m from the market in syndication of the debt facilities backing the buy-out of Travelodge/Little Chef, the debt will be launched into a limited retail selldown. HBOS, Danske, HVB, Crédit Agricole Indosuez and WestLB and others have already committed to the facilities.

Rating: Ba3/B+ Amount: $100m

Mandated arranger HSBC has signed banks into the $52.5m three year bullet facility for Oasis International Leasing Company. Deutsche Bank joined as a lead arranger and Emirates International Bank joined as a co-arranger. First Gulf Bank and Persia International Bank joined as senior lead managers.

Rating: Baa2/BBB- Amount: $2.5bn (increased from $2bn)

Uruguay suffered another round of downgrades yesterday (Thursday) after announcing a voluntary debt restructuring aimed at extending the maturity profile on $5.3bn of debt due in the next five years. Although the debt swap asks for maturity extensions rather than any haircut on principal or interest, Standard&Poor's lowered Uruguay's ratings to CC and C, claiming the deal was a distressed transaction with worse terms for bondholders than existing debt.

After a busy week for the high grade credit market as a result of an end in sight for the war in Iraq, the focus has shifted back to the economic climate and the likelihood of a recovery. Investors are likely to be disappointed and the Q1 results season is unlikely to improve sentiment. Triple-A issuers were out in force, raising the equivalent of $16.5bn, with notable transactions from Spain, Eksportfinans and NordLB in euros, and the IFC in dollars.

Why did fixed income virtuoso John Walsh decide to hang up his baton at Credit Suisse First Boston in New York? John was no shrinking violet when it came to making a point or drawing attention to the intellectual shortcomings of others, but together with his close friends, Jack DiMaio and Benny Goodman, he ran an investment grade and high yield debt business which, as even competitors had to admit, was one of the best in North America. For beleaguered CSFB, which has been under the cosh for more than two years, the DiMaio-Walsh revenues flowing at around $1bn a year, was not simply a blood transfusion, but a lifeline.