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Rating: Aaa/AAA/AAA Amount: Eu1.5bn obligations foncières

Amount: Eu149m Rating: A- (Fitch)

Mandated arrangers Erste Bank and Standard Bank have had to postpone signing of the Eu60m four year facility for Erste und Steirmarkische Bank until November 25. The deal was due to be signed in Zagreb last week, but EuroWeek hears that Privredna Banka Zagreb (PBZ) was forced to pull out at the last minute.

Guarantor: Republic of Croatia Rating: Baa3/BBB-

Guarantor: DaimlerChrysler AG Rating: A3/BBB+

Mandated arrangers Citigroup/ SSSB, JP Morgan, Danske Bank and HSBC signed banks into the $2bn five year facility for AP Moller Group this week. The deal was oversubscribed, but the borrower did not accept an increase and commitments were scaled back.

Rating: Aa1/AAA(Moody's/Fitch) Amount: Sfr80m Öffentlicher Pfandbrief

Guarantor: Deutsche Telekom Rating: Baa1/BBB+/BBB+

Rating: Aaa/AAA Amount: Eu100m obligations foncières

Rating: Aaa Amount: Eu250m inflation linked obligations foncières

The dollar denominated debt market exploded into life this week. Around $20bn of new debt was sold, and a substantial proportion of it was swapped into floating rate. However, dollar swap spreads found a rallying point in the mid-40s at five and 10 years. By yesterday afternoon (Thursday) in New York, the five year mid-market was around 46.5bp and the 10 year was at 48bp. These prices are lower than has been seen in the dollar swap market since 1997, but are off the recent lows. The 10 year began this week at around 48bp/49bp, tightened to 44bp/45bp in the first couple of days as issues came thick and fast, but found a supporting bid in the last session or two. Dealers mentioned that some asset swap business may have contributed to the resilience of spreads.

Guarantor: Kingdom of Denmark Rating: Aaa/AAA