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Mandated arrangers ABC and Crédit Lyonnais will sign banks into the $50m amortising five year term loan for L'Enterprise Tunisienne d'Activitiés Petrolières (ETAP) today (Friday). The deal has been oversubscribed but no increase will be accepted. Eight banks have joined the deal including the mandated arrangers. For more details see EuroWeek 778.

The 17 mandated arrangers signed banks into the $250m 365 day term loan for Türkiye is Bankasi in London on Tuesday. The borrower's relationship lenders stepped up and the deal was well supported and increased to $300m. The credit paid a margin of 75bp over Libor. Mandated arrangers were ABN Amro, American Express Bank, Bank of New York, Bank of Tokyo-Mitsubishi, Citigroup/SSSB, Commercial Bank of Kuwait, Commerzbank, Dresdner Kleinwort Wasserstein, Gulf International Bank, HVB Group, Natexis Banques Populaires, Standard Chartered Bank, Simitomo, UFJ Bank, Wachovia Bank and WestLB. Al-Ahli Commercial Bank joined as an arranger.

The UK's Financial Services Authority (FSA) has hit Credit Suisse First Boston International, formerly Credit Suisse Financial Products (CSFP), with a £4m fine for its attempts to mislead the Japanese regulatory authorities. The fine is the highest ever imposed by a UK financial regulator. "The unprecedented size of the fine makes it clear that we consider any attempt to mislead the regulators and other authorities, whether in the UK or in other countries, to be an extremely serious issue," said Carol Sergeant, managing director responsible for enforcement at the FSA. "Ensuring that firms have organisational cultures that prevent this kind of behaviour is essential to maintaining the confidence we all expect to have in our financial markets."

Guarantor: Volkswagen Financial services AG Rating: A1/A+

The end of 2002 will see investors staring down the barrel of a third consecutive year of negative returns on equity. And with corporate earnings yet to improve bankers will greet the start of 2003 with trepidation. Questions over a possible war in Iraq combined with uncertainty surrounding global economic growth mean that fund managers are reticent about making predictions for 2003.

Guarantor: Volvo AB Rating: A3

Rating: Baa1/BBB+ Amount: $300m

Is veteran stock market strategist, Barton Biggs, trying to upstage Father Christmas? The craggy Morgan Stanley crystal ball gazer is saying that global stockmarkets could rise by 50% in 2003. One chief executive of a major investment bank said to us: "If old Farty Barty is right, the industry will recommend that he be canonised because he will have pulled us all out of a hole."

Financial repackaged entities closed $588m from 27 trades. Deutsche Bank was especially active through its Earls vehicles. The bank's largest transaction was a ¥2bn note through Earls Four. The deal pays a coupon of 1.85% and matures on June 21, 2011. Supranationals issued 30 trades over the week for nearly $730m. Yen was the prominent currency here, including the European Investment Bank's ¥3bn trade via Mizuho. The FX/currency-linked hybrid pays annual interest of 4% until December 15, 2005. Thereafter interest is linked to the yen/dollar exchange rate. The trade was placed at the same time as a £100m issue.

Issuance between five to seven years was strong this week. Over $1.17bn was issued from 76 trades in this maturity range. UK borrowers were the most active by nationality, issuing 18 notes. Royal Bank of Scotland issued four dollar deals, a euro trade and a HK$100m note. The Hong Kong dollar deal pays a quarterly coupon of 3.7% and has a five year tenor.

Double-A issuance edged out triple-A trading by just over $12m. While banks dominated double-A volume, some corporates were also active. TotalFinaElf Capital closed a £75m note that is fungible 40 days from the payment date with a £150m issue launched on August 20. The new deal was increased from £50m and matures on September 10, 2007. Royal Bank of Canada Europe was the lead dealer.

Amount: Eu1bn Rating: Fitch and Standard & Poor's