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Embattled media company Vivendi Universal is aiming to be the largest European fallen angel to refinance itself in the euro high yield bond market when it prices its Eu1bn equivalent bond next week. The company started a five day European and US roadshow yesterday (Thursday) for the euro and dollar denominated offering. Bank of America, Citigroup/SSB, Goldman Sachs, JP Morgan, and Royal Bank of Scotland aim to price a deal by the end of next week.

Embattled media company Vivendi Universal is aiming to be the largest European fallen angel to refinance itself in the euro high yield bond market when it prices its Eu1bn equivalent bond next week. The company started a five day European and US roadshow yesterday (Thursday) for the euro and dollar denominated offering. Bank of America, Citigroup/SSB, Goldman Sachs, JP Morgan, and Royal Bank of Scotland aim to price a deal by the end of next week.

Corporate bonds have remained remarkably resilient, tightening steadily over the week, but supply was restricted to Roche's Eu750m five year bond as borrowers continue to assess the feasibility of issuing in a market focused on war. Prime quality debt stayed on the top of investors' wish lists, enabling ERAP to increase the size of its five year debut bond from Eu3bn to Eu4bn, having built a book in excess of Eu6.2bn. The issue will be priced today (Friday) at 8bp over OATs or around 5.5bp-6bp through mid-swaps.

Corporate bonds have remained remarkably resilient, tightening steadily over the week, but supply was restricted to Roche's Eu750m five year bond as borrowers continue to assess the feasibility of issuing in a market focused on war. Prime quality debt stayed on the top of investors' wish lists, enabling ERAP to increase the size of its five year debut bond from Eu3bn to Eu4bn, having built a book in excess of Eu6.2bn. The issue will be priced today (Friday) at 8bp over OATs or around 5.5bp-6bp through mid-swaps.

Rating: Aaa/AAA/AAA Amount: A$70m

Rating: Aaa/AAA/AAA Amount: NZ$50m (fungible with NZ$100m issue launched 05/09/02)

Rating: Aaa/AAA Amount: Sfr200m

Despite the weakening sentiment towards Korean risk in the past few weeks Kookmin Bank has launched a $110m term loan and loan-style FRN fundraising through arrangers Barclays Capital, Development Bank of Singapore, HSBC, LB Kiel, Standard Chartered and Wachovia Bank. The deal will be split between a one year tranche priced at 28bp all-in, a two year portion paying 38bp and a three year segment at 48bp to top tier participants joining as co-arrangers with tickets of $10m or above.

Rating: Aa3/AAA (Moody's/Fitch) Amount: Eu350m Landesschatzanweisung series 153

Rating: Aa1/AA+/AAA Amount: Nkr500m