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Rating: A1/AAA/AA+ Amount: Eu500m (fungible with two issue totaling Eu1.5bn issue launched 17/10/02) Öffentlicher Pfandbrief series 338

Guaranteed: Alpha Credit Bank AE Rating: Baa1/BBB

The mandate to arrange the Eu1bn five year facility for Sociedade Nacional de Combustiveis (Sonangol) will be finally awarded next week. The mandated arrangers should be BNP Paribas, SG, Natexis Banques Populaires and Banque Belgolaise. The borrower is finalising terms and conditions and the mandate letter should be signed off on Monday. Banks are eagerly awaiting this deal but more than one banker has told EuroWeek that the borrower will need the help of every Sonangol supporter to get such a big facility away.

Private corporate issuance continues to gather strength, with 24 notes issued this week. Volkswagen Financial Services continued its busy start to the year. The largest of its three trades was a Eu30m note via Morgan Stanley. The issue has a one year tenor and pays a coupon of 4bp over three month Euribor.

This week volumes were again highest between one and three years, contributing over 32% of total volume. But 132 trades were also issued over 10 years for $2.6bn. Yen dominated with 76 trades over 10 years, but 12 long dated notes were closed in euros for over $500m. The largest individual euro trade was Banco Espírito Santo's Eu200m note that goes out to February 18, 2028. The trade has a zero coupon. Also active in euros was Dexia Municipal Agency which closed a Eu53m transaction through Goldman Sachs. The FX/inflation-linked bond pays annual interest of 5% until December 7, 2007. Thereafter interest is set at 2% over the French Insee consumer price index. The deal settles in December 2015.

Double-A issuance dominated this week after being eclipsed by triple-A issuance the previous week. Over $3.7bn was issued from the double-A sector with 153 issues. Swedish triple-A borrower Spintab closed the most volume in this rating sector. Its largest individual trade was a Eu200m note via Merrill Lynch. The trade settles on August 23, 2004 and has a coupon of three month Euribor flat. Spintab was also active in Hong Kong dollars with a HK$80m issue and a HK$78m note.

Rating: Baa1