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Most of this week's action came in the corporate market, with the supra and sovereign sectors quiet because of the Chinese new year, and financial issuance placed mostly as short term FRNs. Credit markets were not open to all issuers - SES and Wendel found themselves forced to cancel deals. But more familiar or high quality corporate names were able to get deals done. The utility sector dominated with deals from Endesa, Gaz de France, Iberdrola and RWE.

Rating: A2/A/A Amount: Eu1.4bn

The Belgian low cost airline Virgin Express is planning a Eu35m capital increase to pay back loans. The deal will take the form of a placing and open offer of 35m new shares priced at Eu1, a 60% discount to Virgin Express's closing price before the announcement of the deal. The company's majority shareholder Virgin Sky Investments, which owns a 59% stake in the company through a trust, has agreed to take up all of the new shares, but existing shareholders will have the opportunity to participate in the offering.

Most of this week's action came in the corporate market, with the supra and sovereign sectors quiet because of the Chinese new year, and financial issuance placed mostly as short term FRNs. Credit markets were not open to all issuers - SES and Wendel found themselves forced to cancel deals. But more familiar or high quality corporate names were able to get deals done. The utility sector dominated with deals from Endesa, Gaz de France, Iberdrola and RWE.

Don't let it be said that we didn't keep you up to speed on the movements of Jerome Wood, once a very big cheese in the debt capital markets group of Morgan Stanley in New York. Our information suggested that Jerry, despite his advancing years, had been buttonholed by CSFB's supreme allied commander, John Mack, to co-head the firm's precocious, but hugely profitable, bond business.

Lehman Brothers, SG and WestLB hope to launch the £426.4m of debt backing the construction of the new Wembley Stadium into general syndication next week. The deal was scheduled to be launched this week. SCH and BBVA have already committed to the facility as sub-underwriters, while Bank of Ireland and Hamburgische Landesbank have committed take-and-hold tickets.

Barclays and HSBC are arranging a £250m revolver for pubs company Whitbread. Proceeds are for general corporate and refinancing purposes. Barclays and HSBC are traditional lenders to Whitbread and co-arranged both its £1.25bn revolver in 2000 and its £1.05bn revolver in 2001.

EuroWeek hears that three banks have committed to the £270m debt facilities for Wincanton. The loan offers a margin of 1% over Libor.

Wm Morrison has secured an extra £1bn of debt from ABN Amro to support its 75p a share offer for Safeway plc. ABN Amro has already supported Morrison with a £1bn loan.

Some banks and institutions invited into general syndication of the Eu825m recapitalisation for Xerium have complained that the deal is overly aggressive. "It is a good business, but there is too much cash being taken out," said a banker.

Rating: Aa2/AA Amount: $500m

The $700m 14 year loan for Oryx GTL Limited was signed in London last Friday. The project was previously known as Qatar Gas-to-Liquids. The signing followed the appointment of Technip-Coflexip of Italy as the project's engineering, procurement and construction contractor.