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Rating: Aaa/AAA (Moody's/Fitch) Amount: Skr400m (fungible with Skr600m issue launched 15/01/03)

Amount: Eu100m Öffentlicher Pfandbrief series 1086 Maturity: September 19, 2005

Amount: Eu150m (increased from Eu100m) Öffentlicher Pfandbrief series 1085 Maturity: August 19, 2005

Rating: Aaa Amount: Eu50m inflation-linked obligations foncières

Rating: Aaa/AAA/AAA Amount: Eu1bn Obligations foncières

Once again, war talk dominated events in the financial markets this week. Treasury yields contracted to new lows as the uncertainty surrounding the outbreak of war increased rather than diminished. However, despite these influences, dollar swap spreads narrowed. By the close of trading yesterday (Thursday), the five year swap spread was around 38bp over the new 3% Treasury due February 2008 while the 10 year had contracted to 42.75bp over 10 year Treasuries.

Rating: Aa3/AA/AAA Amount: Eu850m

Amount: Sfr100m Maturity: March 5, 2008

Frustrated equity capital market bankers are getting used to preparing a company for flotation only to see terrible market conditions force a postponement of the deal. But knowing that the vendor has no intention of carrying out the IPO this year must be particularly frustrating. That is the position that bankers at Credit Suisse First Boston, Mediobanca, Merrill Lynch and Morgan Stanley face with Enel, which has to try to float mobile subsidiary Wind to avoid triggering a put option with its partner France Télécom.

Rating: BBB (S&P) Amount: £250m secured debt

Mandated lead arranger Deutsche Bank (facility agent) with joint lead arranger and joint bookrunner BBVA launched general syndication of the debt facilities backing Capital Partners and Red Eléctrica de España's Eu764.2m acquisition of Iberdrola's electricity transmission assets on Wednesday. The new company will be called Red de Alta Tensión.

Guarantor: Fortis SA/NV Rating: Aa3/A+/A+