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Compiled by Holger Kron Deutsche Bank, Frankfurt

Dollar trading was just short of $2bn this week, a big fall from the previous week when over $2.5bn was issued. UK borrowers were active, issuing over $460m. Abbey National launched the largest individual transaction by a UK name. Its $225m trade was led by Deutsche Bank and matures on August 14, 2004. The note pays a coupon of three month Libor flat. Abbey National also issued a $16m note that goes out to October 2006. French borrowers were also active with 19 deals. The largest note was Crédit Agricole Indosuez's $50m trade that settles on June 25, 2004.

The HK$2.25bn three year credit for Wharf Holdings has been completed after nine banks joined in general syndication. The deal was oversubscribed and allocations were scaled back after the borrower declined an increase.

Rating: A2/A-/A Amount: $300m

The mandated arrangers will close syndication of the Eu75m five year bullet facility for HVB Group Hungary next week. One more commitment is outstanding and the deal will be signed at the beginning of March. For details see EuroWeek 789.

Hutchison Whampoa this week made a lightning return to the dollar bond market with a $1.5bn 10 year issue executed in 15 hours. But while the speed of execution was breathtaking, rival bankers claimed the bond fell foul of market volatility and that the borrower had to pay up to get it away.

Guarantor: Hutchison Whampoa Ltd Rating: A3/A

Guarantor: Land Kaernten Rating: Aa2

Rating: Aa1/AAA (Moody's/Fitch) Amount: Eu1bn Öffentlicher Pfandbrief series

Rating: A1/A+ (Moody's/Fitch) Amount: Z100m

Arranger Crédit Lyonnais has been awarded the mandate for a $100m 364 day term loan for ICICI, India's second largest bank. The borrower was a regular visitor to the loan markets before its last fundraising in May 2001 - a $75m five year term loan arranged by BA Asia. Lenders received an all-in of 82bp.

Guarantor: Kingdom of Spain Rating: Aaa/AA+/AA+