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The effect of recent new issuance was still pulling at spreads this week, but the seemingly inevitable war against Iraq, as well as the paying in the swaps market by mortgage accounts, kept levels well supported. By yesterday (Thursday) afternoon in New York, the five year mid-market was around 45bp and the 10 year was at 44.25bp. On Monday, swap spreads had suddenly pushed out by 2bp or more and Goldman Sachs was said to be a big payer once again. The investment bank was believed to have paid on up to $3bn at five years and 10 years, which drove out spreads to 47bp at five years and 46.25bp at 10 years at the close. These prices represented the highs of the week.

Rating: Aa2/AA Amount: £498.155m

From sunny Zurich we are sent a photograph of the co-chief executives of Credit Suisse, Oswald Grübel and John Mack, taken at the announcement of the bank's recent results. Ossie Grübel is looking at his watch and John Mack is looking nervous. The anonymous donor of the photograph has drawn balloons coming out of the mouths of the two great men. Ossie Grübel's reads: "What time does the bank blow up?" That of Mr Mack says: "Get me out of here!"

Despite another week of uncertainty in the equity markets, high grade issuers thrived in the bond market, launching several highly successful deals. At the fore was Freddie Mac with a Eu4bn five year bond, touted by many as its best euro deal ever despite being delayed by a week.

The effect of recent new issuance was still pulling at spreads this week, but the seemingly inevitable war against Iraq, as well as the paying in the swaps market by mortgage accounts, kept levels well supported. By yesterday (Thursday) afternoon in New York, the five year mid-market was around 45bp and the 10 year was at 44.25bp. On Monday, swap spreads had suddenly pushed out by 2bp or more and Goldman Sachs was said to be a big payer once again. The investment bank was believed to have paid on up to $3bn at five years and 10 years, which drove out spreads to 47bp at five years and 46.25bp at 10 years at the close. These prices represented the highs of the week.

Rating: A2/BBB/A- Amount: Eu750m

Germany is maintaining its reputation as a hotbed of leveraged buy-out activity. Three medium-to-large German companies are currently subject to buy-outs. European and US private equity sponsors are circling chemicals logistics company Brenntag which is owned by Stinnes, media company BertelsmannSpringer which is being sold off by Bertelsmann, and Viterra Energy Services (VES) is being divested from parent company Viterra, part of E.On.

Rating: A1/A/A Amount: Eu5bn

South Africa's Harmony Gold took advantage of a strong gold price on Tuesday to raise $124m through an accelerated bookbuild. JP Morgan led the offering which was launched after the close in Johannesburg and was priced before the markets opened on Wednesday.

Mandated arrangers Bank of Tokyo-Mitsubishi (bookrunner), Citigroup/SSSB (bookrunner) and National Bank of Greece have described syndication of the $200m three year dual tranche bullet term loan for Hellenic Petroleum as a roaring success. Syndication will be closed by today (Friday) and the deal has been oversubscribed by more than 30%.

Guarantor: Hamburgische Landesbank Girozentrale Rating: Aa1/AA/AAA

The Hellenic Republic's Eu5bn five year benchmark has been hailed as a runaway success, despite rapidly following a Eu5bn 10 year bond launched two weeks ago. The book was almost twice oversubscribed with Eu9.5bn of orders, the pricing was tightened from 20bp over Bunds to plus 18bp and launch was accelerated by one day, with the deal priced on Wednesday instead of yesterday (Thursday).