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Guarantor: Banco Popular Español SA Rating: Aa1/AA/AA

Guarantor: Bank of Scotland Rating: Aa2/AA+ (Moody's/Fitch)

CSFB and JP Morgan are pushing on with the waiver request from senior lenders to allow upstream guarantees to bondholders in the capital structure of Brake Bros, which is being bought out by Clayton, Dubilier & Rice. The arrangers are offering a 12.5bp amendment fee.

Some 25 private corporate notes were issued this week for over $700m. Yen was the main currency of choice for this borrower type. Kajima Capital of America closed a ¥2bn two year trade via Daiwa Securities SMBC Europe which pays an annual coupon of 0.6%. Sharp International Finance (UK) topped this with a ¥3bn transaction. The five year note pays a semi-annual first coupon of 0.25% and a final coupon of 0.52%. Tokyo-Mitsubishi International was the bookrunner. And Sumitomo Corp Capital (Netherlands) issued a ¥500m 15 year note. The FX/FRN hybrid pays annual interest of 1.5% until February 13, 2004. Thereafter interest is linked to the constant maturity swap rate. Daiwa Securities SMBC Europe was the lead dealer.

Double-A issuance dominated this week, both in terms of volume and the number of trades. Over $3.86bn was traded from 120 deals. Belgian borrowers were the most active double-A borrowers, closing 20 trades. These included Dexia Crédit Local's $30m 10 year transaction. The note pays an annual coupon of 4.56% and was placed by Deutsche Bank.

Woori Bank battled against political concerns over a conflict with North Korea and widening credit spreads to launch a ¥43bn three and five year Euroyen transaction this week. Even as the Korean bank was coming to market, reports were surfacing that North Korea had pulled out of the nuclear non-proliferation treaty, and South Korean government officials said that it was prepared for war as a last resort.

Rating: Aaa/AAA Amount: $1bn

Rating: A2/A-/A Amount: Eu65m (increase to Eu135m launched 09/01/03 and fungible with Eu300m issue launched 02/10/02)

Dollar swap spreads inched higher again this week as the new issue market slowed down and Treasury yields moved further south yet again. By yesterday afternoon (Thursday), the five year mid-market was at around 45bp over Treasuries, and the 10 year 1.25bp inverted to that price at 43.75bp over Treasuries.

Mandated arrangers Danske Bank and SEB Merchant Banking launched the $200m five year revolver for BT Industries this week. A bank presentation will be held in Stockholm on Tuesday. For details of tickets and fee see EuroWeek 786.

Arrangers Chinatrust Commercial Bank and First Commercial Bank have launched a NT$3bn five year term loan for Chia Her Industrial. The borrower is involved with manufacturing, printing and dyeing of fabrics. Banks will earn a margin of 325bp over the average one year deposit rate of Chinatrust Commercial Bank and First Commercial Bank, and a commitment fee of 25bp.