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Bonuses? Who needs them? Not us anyway. But it seems the rest of the world does. And they haven't been good. So it was a bad week to go galloping round the City visiting the syndicated loan market's bruised and battered bankers. Monday's main event was an in-house soirée at a French bank located in a distant northern suburb of London near picturesque Acton.

Toyota Motor Credit Corp (TMCC) this week added a highly successful seven year benchmark to its euro curve with the launch of a Eu1bn February 2010 bond via ABN Amro, BNP Paribas and Dresdner Kleinwort Wasserstein. The deal was increased from an envisaged Eu750m and priced at 16bp over mid-swaps, 2bp tighter than initial price guidance of plus 18bp. At this level, the deal was priced through TMCC's implied new issue curve. Even so, the book totalled over Eu2.3bn and the momentum was such that pricing was accelerated by 24 hours. In the aftermarket, the issue tightened by a further 2bp-3bp.

Guarantor: Total Fina Elf SA Rating: Aa2/AA

Guarantor: Tractebel SA/NV Amount: Eu50m

Rating: Ba3/B+/B+ Amount: $300m (fungible with $400m issue launched 29/10/02)

Rating: Aa1/AAA Amount: Eu1bn

Toyota Deutschland has added Toyota Kreditbank as an issuer to its Eu500m EuroCP programme. Toyota Kreditbank will run the programme. Thomas Frings, treasury manager at Kreditbank, said the borrower will increase its issuance over the next few weeks. "The move was basically a question of diversification," he told EuroWeek. "To fund the expansion of one of our groups we needed to look at new funding sources and a programme update had to be made. We aim to be a frequent issuer in the EuroCP market and will most likely have permanent outstandings of Eu400m. We will look to fund in a range of different currencies, but will primarily look at the euro."

Amount: Eu1.229bn Issue price: 100.00

Vodafone has launched a formal offer to buy back up to Eu6bn of its outstanding bonds issued by Vodafone Finance (formerly Mannesmann Finance) as the company believes it is more efficient to have only one issuer quoted in the market. The company is tendering for the 4.875% September 2004 (Eu2.5bn) at a spread of 25bp over the 6.75% July 2004 Bund, the 5.25% January 2005 (Eu460.162m) at 41bp over the 4.25% February 2005 Bund and the 4.75% May 2009 (Eu3bn) at 71bp over the 3.75% January 2009 Bund.

Mizuho has launched the debt facilities backing the HSBC-led £125m buy-out of Volution from Smiths Industries. A small group of mainly UK banks have been invited to commit £10m for 85bp or £7.5m for 75bp.