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The $500m five year term loan for Bangko Sentral ng Pilipnas has been completed after an overwhelming response from a diverse 15-member bank group. Co-ordinating arrangers are International Commercial Bank of China lending $70m, HSBC ($40m), Citibank/SSB pledging ($35m), Sumitomo Mitsui Banking Corp and Tokyo-Mitsubishi International (HK) ($33m each), Crédit Lyonnais ($32m) and Mizuho Corporate Asia ($30m).

The Republic of Portugal rapidly executed a Eu2.5bn three year OT this week, taking advantage of the window of the market stability on Tuesday and Wednesday that opened up after the US ultimatum to Iraqi president Saddam Hussein. Having been awarded the mandate for the issue last Friday (March 14), lead managers Banco Espirito Santo, Crédit Agricole Indosuez, Citigroup/SSB and Goldman Sachs on Monday morning agreed with the Portuguese government debt agency, IGCP, to proceed with the deal rather than await further geopolitical developments.

Rating: Aaa/AAA/AAA Amount: C$50m (fungible with C$100m issue launched 13/11/01)

Merrill Lynch shook up the senior management of its Asian investment banking this week, promoting two bankers to head up the division, but losing co-head Aj Rahman. The US firm announced internally that it was promoting KL Wong, previously vice chairman for Asia and head of Hong Kong investment banking, and Erh Fei Lu, chairman of Merrill's Chinese operations, to be members of a newly created investment banking executive management committee along with existing co-head Samuel Poon.

Swap rates increased sharply this week as government bond markets sold off in the early part of the week due to the widely held belief that the war in Iraq will be a short one. This supposition wobbled a little yesterday (Thursday) as the conflict started, and rates decreased a little. Throughout the entire week, whether the market sold off or rallied, swap spreads edged wider. By the close yesterday, both five year and 10 year swap spreads were around 46.5bp mid-market. As medium term spreads have been bid wider, long end spreads have changed very little. Consequently, with 30 year spreads around 31.25bp, the 10s/30s switch has widened to around 15.25bp.

Reed Elsevier has verbally mandated eight banks, three of which will be bookrunners, for its $3bn refinancing. Banks thought to be in the group are Barclays, BNP Paribas, Citigroup/SSSB, Deutsche Bank, JP Morgan and Royal Bank of Scotland.

Swap rates increased sharply this week as government bond markets sold off in the early part of the week due to the widely held belief that the war in Iraq will be a short one. This supposition wobbled a little yesterday (Thursday) as the conflict started, and rates decreased a little. Throughout the entire week, whether the market sold off or rallied, swap spreads edged wider. By the close yesterday, both five year and 10 year swap spreads were around 46.5bp mid-market. As medium term spreads have been bid wider, long end spreads have changed very little. Consequently, with 30 year spreads around 31.25bp, the 10s/30s switch has widened to around 15.25bp.

Rating: Aa2/AA/AA Amount: Eu2.5bn

Amount:$287.5m,Eu248.25 and £100m Issue price: 100.00

Amount: ¥1tr Expected maturity: December 2005

Mandated arrangers Deutsche Bank and Standard Bank have won the mandate to arrange the $50m one year trade related loan for MDM Bank. The loan is fully guaranteed by MDM Financial Group's parent company, MDM Holding. The mandated arrangers will approach selected relationship banks next week, to join the deal before general syndication. The loan carries a margin of 295bp over Libor.

Guarantor: The Shell Petroleum Co Ltd and Shell Petroleum NV Rating: Aaa/AAA