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German banks and Germany itself must adapt or face downgrades, analysts from Fitch Ratings told delegates at the 2003 Euromoney Bond Investors Congress this week. "Large German banks will not be able to survive in a global context unless there is fundamental change in the structure of the system and within the banks themselves," said Bridget Gandy, a managing director in the financial institutions group at Fitch.

Guarantor: Fortis SA, Fortis NV Rating: Aa3/A+/A+

Bank of America (documentation, agent and bookrunner), SG (information memorandum and bookrunner) and Royal Bank of Scotland have launched the Eu400m revolving credit for recruitment agency Adecco into syndication. Banks have been invited to take Eu45m for 22.5bp, Eu30m for 16.5bp and Eu20m for 12.5bp.

Rating: Aaa/AAA Amount: $2bn

Finance officials from the world's most powerful industrial nations will this weekend assess a radical UK plan to increase aid to developing countries using securitisation. The aim is to double the annual flow of aid to developing countries from $50bn to $100bn by persuading rich countries to make long term commitments to aid donations, which can then be securitised.

Gazprom, the world's largest natural gas producer, will take Russia's corporate Eurobond market to a new level when it prices an expected $1.5bn 10 year bond today (Friday). Both the size of the deal, which is likely to be three times larger than any previous Russian corporate issue, and the 10 year maturity, mark a watershed for a market that has been expanding steadily since November 2001, when oil company Rosneft marked the return of Russian corporates to the international bond markets following Russia's 1998 financial crisis.

CSFB and Merrill Lynch will launch the first phase of syndication of the debt for the purchase of casino group Gala on Monday. EuroWeek hears that a top sub-underwriting ticket will pay around 150bp.

Gazprom, the world's largest natural gas producer, will take Russia's corporate Eurobond market to a new level when it prices an expected $1.5bn 10 year bond today (Friday). Both the size of the deal, which is likely to be three times larger than any previous Russian corporate issue, and the 10 year maturity, mark a watershed for a market that has been expanding steadily since November 2001, when oil company Rosneft marked the return of Russian corporates to the international bond markets following Russia's 1998 financial crisis.

Rating: Aaa/AAA/AAA Amount: £500m

Rating: Aaa/AAA/AAA Amount: Nkr500m

Rating: Aaa/AAA Amount: Eu100m (increase to Eu900m issue launched February 12, 2003)

Rating: Aaa/AAA/AAA Amount: $500m