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In a surprise move, Fiat sold its 6% stake in General Motors to Merrill Lynch at the end of December, despite having already sold the stake through an exchangeable bond. The troubled Italian corporate raised $1.16bn through the sale and equity swap, which allows it to retain potential upside in General Motors' share price.

Rating: Aaa/AAA/AAA Amount: $2bn (fungible with $3bn issue launched 10/12/02)

Rating: Aaa/AAA/AAA Amount: $500m

Guarantor: Federal Republic of Germany Rating: Aaa/AAA

Rating: AAA (Fitch) Amount: Eu250m Landesschatzanweisung

Rating: Aaa/AAA/AAA Amount: Sfr250m

Rating: Aaa/AAA/AAA Amount: Eu1bn

Rating: Aaa/AAA/AAA Amount: C$100m (fungible with two issues totaling C$150m first launched 17/09/02)

Compared to the start of 2002, the European leveraged buy-out market has had a buoyant start this year. There may not be a slew of jumbo deals in the pipeline, but most banks active in the market say there is a healthy level of early stage bidding for small and medium sized as well as large businesses.

Amount: Eu150m (fungible with Eu750m issue launched 09/03/99) Maturity: March 16, 2009

Lots of dealers have the New Year blues, complaining that cutbacks and the pressures of work gave them little time off over the holiday break. So spare a thought for Morgan Stanley's Richard Tynan who had a week's break in Rome with family and friends, and for JP Morgan's Alex Haidas who spent two weeks in Greece. Cutbacks indeed. But the beginning of 2003 will bring lots of cheer to those appearing in the end of year league tables. And Leak can now reveal the MTNer who made 2002's most coveted list - the best male lunch companion Prada Codpiece Award. It was UBS Warburg's Gavin Eddy who is the market's most fancied male (at least according to the odd taste of the girls in the EuroWeek office).

Compiled by Holger Kron Deutsche Bank, Frankfurt