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Private corporate issuance continues to gather strength, with 24 notes issued this week. Volkswagen Financial Services continued its busy start to the year. The largest of its three trades was a Eu30m note via Morgan Stanley. The issue has a one year tenor and pays a coupon of 4bp over three month Euribor.

This week volumes were again highest between one and three years, contributing over 32% of total volume. But 132 trades were also issued over 10 years for $2.6bn. Yen dominated with 76 trades over 10 years, but 12 long dated notes were closed in euros for over $500m. The largest individual euro trade was Banco Espírito Santo's Eu200m note that goes out to February 18, 2028. The trade has a zero coupon. Also active in euros was Dexia Municipal Agency which closed a Eu53m transaction through Goldman Sachs. The FX/inflation-linked bond pays annual interest of 5% until December 7, 2007. Thereafter interest is set at 2% over the French Insee consumer price index. The deal settles in December 2015.

Double-A issuance dominated this week after being eclipsed by triple-A issuance the previous week. Over $3.7bn was issued from the double-A sector with 153 issues. Swedish triple-A borrower Spintab closed the most volume in this rating sector. Its largest individual trade was a Eu200m note via Merrill Lynch. The trade settles on August 23, 2004 and has a coupon of three month Euribor flat. Spintab was also active in Hong Kong dollars with a HK$80m issue and a HK$78m note.

Rating: Baa1

Lead arrangers Bank of America, BNP Paribas, HSBC, Lloyds TSB and Royal Bank of Scotland launched the $6.1bn acquisition facility backing Cadbury Schweppes' takeover of US gum company Adams into general syndication yesterday (Thursday). Banks have been invited to commit $200m for 25bp or $100m for 20bp. This compares to a top ticket of $325m for 27.5bp.

Do we detect some jockeying for position at Barclays Bank, where chief executive, Matt Barrett, may be moving onwards and upwards? The genial Irishman - he has binned his Canadian roots - has had a good run and now has his eye on the office of chairman, Sir Peter Middleton who, at the age of 69, is due to hang up his all-night dancing shoes.

Syndication of PFG (Kunshan) Co's $60m dual tranche facility is progressing well, according to arranger Citigroup/SSB. The deal is scheduled to close next week.

Rating: A2/A/A+ Amount: $1bn (increased from $750m)

Rating: Aa2/A+ Amount: $1bn subordinated debt