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Rating: Aaa/AAA/AAA Amount: Eu125m (fungible with Eu750m issue launched 20/01/03) Landesschatzanweisung series 98

John Tiner, the managing director in charge of insurance regulation at the UK's Financial Services Authority (FSA) elaborated on his letter to life insurance companies in a speech to the insurance industry given yesterday (Thursday). Last Friday, the FSA sent a letter to the chief executives of life insurance companies by Tiner saying life companies could apply for a waiver of the rules if they were under pressure to maintain their solvency ratios. As long as firms meet the EC requirements, and there is no undue risk to customers, the FSA would be likely to grant a waiver.

European equity capital markets' bankers who have followed the progress of the pan-European satellite company Eutelsat, saw a 23% stake in the company pass into the hands of Eurazeo, the French private equity firm, this week. France Télécom, which until this week was the largest shareholder in Eutelsat, sold its 23% stake to Eurazeo for Eu447m. But it is not known what, if any, effect this will have on the company's IPO.

EuroWeek has learnt that Barclays and HSBC have quietly launched a £650m five year facility for tobacco company Gallaher Group plc into syndication. The deal partly refinances a Eu1.3bn dual tranche facility which was signed in 2001. Along with Barclays and HSBC, Dresdner Kleinwort Wasserstein and Goldman Sachs Credit Partners LP were mandated arrangers and bookrunners of the facility.

Rating: Aa3/AAA Amount: Eu2bn

Rating: Aaa/AAA/AAA Amount: Sfr400m (increased 31/01/03 from Sfr300m)

Rating: BBB+ (S&P) Amount: Eu500m

Rating: Aaa/AAA Amount: £200m

Rating: Aaa/AAA Amount: £28m (fungible with £150m issue launched 02/09/02)

The 'B' tranche of the $1.5bn refinancing for Fresenius looks set to close oversubscribed in syndication. Bank of America, CSFB and Dresdner Kleinwort Wasserstein are arranging the debt.

The Brazilian government's treasury department this week issued its financing wishlist for 2003, which includes hopes of returning to the international markets for $4bn this year. After almost a year of being shut out of the international markets, the new administration of president Luis Lula believes capital market reception might improve enough to issue global bonds as early as the first quarter.

Private corporate issuance continued its impressive start to the year as the new month opened. Over $1.2bn was issued from 22 trades. The auto industry sector was the busiest, issuing 10 trades for $470m. Volkswagen found opportunities in yen. The largest of its three transactions was for ¥4bn and was led by Deutsche Bank. The note pays a coupon of 28bp over three month Libor and has a five year tenor.