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Rating: A2/A-/A Amount: Eu135m (fungible with Eu300m issue launched 02/10/02)

The year began with a blizzard of new debt. It was the busiest week in the dollar sector since March 2002, with over $25bn of debt priced. Much of this was swapped to floating rate, which exposed swap spreads to formidable downward pressure. However, swap spreads responded robustly. Both five and 10 year spreads traded down to below 43bp by mid-week, but launched a comeback and by the close of trading in New York yesterday (Thursday) they were back to 45bp middle. This puts the 10 year mid-market back to where it was before December 25.

The mandate to arrange the $1bn multi-currency revolver for industrial holding company Investor AB has been awarded to joint mandated arrangers Citigroup/ SSSB, HSBC, JP Morgan and SEB Merchant Banking. The deal will be launched into syndication next week. Proceeds will be used for general corporate purposes and will refinance an existing $1bn seven year multi-currency revolver secured in July 1996. That deal paid a margin of 11.5bp over Libor for years one to four and 12.5bp for years five to seven. Mandated arranger was SEB Merchant Banking.

Rating: Aa2/AA+ Amount: A$50m

BNP Paribas and UBS Warburg are underwriting a debt facility supporting the Sfr160m management buy-out of Zellweger Uster from Zellweger Luwa AG by CapVis and Quadriga and the management. The new company will be called Uster Technologies. The debt will be syndicated in late January.

Seaview Enterprises has awarded a mandate to Hua Nan Commercial Bank to arrange a NT$1.88bn 10 year term loan. The borrower operates the National Museum of Marine Biology in Taiwan. A number of banks have been invited into the facility including Shanghai Commercial & Savings Bank, Taiwan Co-operative Bank, Taipei Bank, Farmers Bank of Taiwan, and Taiwan Business Bank.

Leading South African telco Telkom is gearing up for a first quarter $700m IPO, with Deutsche Bank and JP Morgan as bookrunners. Given the scarcity of marketed offerings lined up for the coming months, the IPO could be the first major marketed issue of 2003. A precise date has not been set, but the South African government has said it will be completed by March 31, which is the end of Telkom's fiscal year. The company will be listed on the New York Stock Exchange and the JSE Securities Exchange.

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Rating: Aaa/AAA Amount: $750m