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Rating: Aa2/AA Amount: $250m (fungible with two issues totalling $750m launched 09/09/02 and 21/10/02)

Class 1F notes: A$185m Rating: AAA

A bank meeting was held on Tuesday for the debt facilities backing the Carlyle-led leveraged buy-out of Qineteq, the nuclear testing division of the UK's ministry of defence. Banks have been invited to join as co-arrangers taking £40m to be brought down to £25m for 60bp.

Amount: Eu150m (increased from Eu100m) Maturity: February 28, 2008

Rating: Baa1/BBB+/BBB+ Amount: Eu350m

Rating: Aaa/AAA/AAA Amount: Eu6.5bn

Rating: Ba1/BB+/BB+ Amount: Eu300m RegS/144a

Guarantor: Ambac Assurance Amount: Eu1.2bn

Rating: Aa1/AA-/AA Amount: £50m (fungible with £50m issue launched 05/03/02)

Mandated arrangers Citigroup /SSSB (co-ordinating bookrunner), ING (joint bookrunner) and SG (joint bookrunner) have signed banks into the $250m three year dual-tranche pre-export financing for Norilsk Nickel. The deal was oversubscribed to $300m but the increase was not accepted. BNP Paribas, HSBC/CCF, Crédit Lyonnais, Fortis Bank, KBC, Moscow Narodny Bank, Natexis Banque Populaires and WestLB have joined the deal. The transaction is divided into a $100m revolver which pays a margin of 300bp and a $150m term loan which pays a margin of 325bp over Libor.

Sovereign/supranational borrowers dominated the market this week as investors focused on safe haven product. Italy is reportedly keen to take advantage of investor enthusiasm for sovereign risk and is roadshowing in the US via Merrill Lynch. Bankers are expecting a new global bond for the republic which will have something out of the ordinary either in terms of maturity or structure.

Amount: Eu100m (fungible with Eu200m issue launched 05/02/03) Maturity: February 11, 2005