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Toyota Deutschland has added Toyota Kreditbank as an issuer to its Eu500m EuroCP programme. Toyota Kreditbank will run the programme. Thomas Frings, treasury manager at Kreditbank, said the borrower will increase its issuance over the next few weeks. "The move was basically a question of diversification," he told EuroWeek. "To fund the expansion of one of our groups we needed to look at new funding sources and a programme update had to be made. We aim to be a frequent issuer in the EuroCP market and will most likely have permanent outstandings of Eu400m. We will look to fund in a range of different currencies, but will primarily look at the euro."

Amount: Eu1.229bn Issue price: 100.00

Vodafone has launched a formal offer to buy back up to Eu6bn of its outstanding bonds issued by Vodafone Finance (formerly Mannesmann Finance) as the company believes it is more efficient to have only one issuer quoted in the market. The company is tendering for the 4.875% September 2004 (Eu2.5bn) at a spread of 25bp over the 6.75% July 2004 Bund, the 5.25% January 2005 (Eu460.162m) at 41bp over the 4.25% February 2005 Bund and the 4.75% May 2009 (Eu3bn) at 71bp over the 3.75% January 2009 Bund.

Mizuho has launched the debt facilities backing the HSBC-led £125m buy-out of Volution from Smiths Industries. A small group of mainly UK banks have been invited to commit £10m for 85bp or £7.5m for 75bp.

The effect of recent new issuance was still pulling at spreads this week, but the seemingly inevitable war against Iraq, as well as the paying in the swaps market by mortgage accounts, kept levels well supported. By yesterday (Thursday) afternoon in New York, the five year mid-market was around 45bp and the 10 year was at 44.25bp. On Monday, swap spreads had suddenly pushed out by 2bp or more and Goldman Sachs was said to be a big payer once again. The investment bank was believed to have paid on up to $3bn at five years and 10 years, which drove out spreads to 47bp at five years and 46.25bp at 10 years at the close. These prices represented the highs of the week.

Rating: Aa2/AA Amount: £498.155m

From sunny Zurich we are sent a photograph of the co-chief executives of Credit Suisse, Oswald Grübel and John Mack, taken at the announcement of the bank's recent results. Ossie Grübel is looking at his watch and John Mack is looking nervous. The anonymous donor of the photograph has drawn balloons coming out of the mouths of the two great men. Ossie Grübel's reads: "What time does the bank blow up?" That of Mr Mack says: "Get me out of here!"

Despite another week of uncertainty in the equity markets, high grade issuers thrived in the bond market, launching several highly successful deals. At the fore was Freddie Mac with a Eu4bn five year bond, touted by many as its best euro deal ever despite being delayed by a week.

The effect of recent new issuance was still pulling at spreads this week, but the seemingly inevitable war against Iraq, as well as the paying in the swaps market by mortgage accounts, kept levels well supported. By yesterday (Thursday) afternoon in New York, the five year mid-market was around 45bp and the 10 year was at 44.25bp. On Monday, swap spreads had suddenly pushed out by 2bp or more and Goldman Sachs was said to be a big payer once again. The investment bank was believed to have paid on up to $3bn at five years and 10 years, which drove out spreads to 47bp at five years and 46.25bp at 10 years at the close. These prices represented the highs of the week.

Rating: A2/BBB/A- Amount: Eu750m

Germany is maintaining its reputation as a hotbed of leveraged buy-out activity. Three medium-to-large German companies are currently subject to buy-outs. European and US private equity sponsors are circling chemicals logistics company Brenntag which is owned by Stinnes, media company BertelsmannSpringer which is being sold off by Bertelsmann, and Viterra Energy Services (VES) is being divested from parent company Viterra, part of E.On.

Rating: A1/A/A Amount: Eu5bn