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Compiled by Holger Kron Deutsche Bank, Frankfurt

Compiled by Holger Kron Deutsche Bank, Frankfurt

The high level of issuance in the EuroMTN market so far this year dipped this week, but the 337 trades closed still mark a respectable level of trading. Yen issuance was up, with 111 notes closed for just over $900m. Dutch borrowers were active this week, with their volumes only topped by the usual big deals from supranationals. NIB Capital Bank from the Netherlands was especially active. Among its three yen transactions was a ¥7.58bn three year trade. The note has a coupon of 3.5%.

The mandate to arrange the £1.020bn secured credit facility which forms part of the £2.62bn financing for Metronet's takeover of Infraco BCV limited and Infraco SSL limited - two infrastructure service companies established by London Underground - was awarded this week. The lucky recipients of the mandated arranger titles are Abbey National Treasury Services, CIBC World Markets, Deutsche Bank and RBS.

Rating: Aaa Amount: Eu350m Öffentlicher Pfandbrief series 560 (fungible with two issues totalling Eu650m first launched 09/04/99)

A bond conference held by Moody's on Monday has prompted corporate credit analysts to take more seriously a new, aggressive stance at the rating agency. The conference was given extra spice by a worse than expected double notch downgrade of Dutch retailer Ahold last Friday, and recent double notch downgrades of both E.On and Deutsche Telekom indicating that, contrary to previous methodology, the agency is now factoring event risk into corporate credit ratings.

Ian Adams from the loan syndications group at Crédit Lyonnais in London has left the bank. Crédit Lyonnais declined to comment on the departure.

Haniel, the German drugs wholesaler, has begun trading off its recently signed Eu2bn EuroMTN programme. The inaugural Eu100m issue was launched by Haniel Finance and was rated A3/A-. The trade pays a coupon of 4.125% and matures on January 28, 2008. DZ Bank was the bookrunner on the deal and is a named dealer on the MTN programme. The facility was joint arranged in September last year by Deutsche Bank and Goldman Sachs. DZ Bank, Deutsche Bank and Goldman Sachs are joined on the dealer panel by ABN Amro, Barclays Capital, BNP Paribas, HSBC, ING Bank and Merrill Lynch.

Commentary

ABN Amro this week launched the debt facilities backing the buy-out of KPN's directory business, Telemedia, by 3i. Two tickets are on offer to sub-underwriters. There is a top ticket of Eu60m for an intended final take of Eu40m for 125bp and a co-arranger ticket of Eu45m to come down to Eu30m for 105bp.

HBOS and HSBC are arranging the debt facilities backing New Star Asset Management's acquisition of a portfolio of retail funds under management by Aberdeen Asset Management. The total deal size will be around £100m.

Mandated arrangers ABN Amro (joint bookrunner), Crédit Lyonnais (joint bookrunner), Fortis Bank, HVB Group, ING and WestLB are collecting commitments for the $460m term loan for Bonny Gas Transport Limited (BGT). The deadline for commitments is today (Friday), but it is likely to be extended until next week to accommodate stragglers. The deal will be launched into retail thereafter. For more details see EuroWeek 785.