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Guarantor: Caixa d'Estalvis de Sabadell SA Rating: A- (Fitch)

Chile took advantage of more stable US bond markets this week to complete its 2002 funding requirements with a $100m re-opening of its outstanding 7.125% 2012 global bonds. The deal, lead by Citigroup/SSB, was done at tight levels of 215bp over Treasuries, right on top of secondaries.

Citigroup this week appointed Sallie Krawcheck to head up its newly reformed equity research department. As chairman and chief executive of the new unit encompassing equity research and private client brokerage, Krawcheck will attempt to restore some credibility to a department that has been badly damaged by Eliot Spitzer's IPO spinning investigation. Krawcheck, who comes from the buy-side, is a highly respected analyst in her own right and as a known advocate of research independence Citigroup hopes that the discussion on the topic will finally end. To further highlight the new group's independence it will operate under the Smith Barney name.

For most of this year German borrowers have dominated the investment grade loan market, but in the last quarter the focus has shifted to corporate France. A number of mandates have already been awarded, deals have been launched in quick succession and more French borrowers are due to tap the market, say bankers.

Sole mandated arranger Royal Bank of Scotland has signed banks into £135m of debt facilities backing ABN Amro's £150m buy-out of UK-based ferry company Commodore Group. Lloyds and Bank of Scotland have committed tickets of £20m as co-arrangers. GE Capital, Allied Irish Banks, Rabobank and KBC have come in with £12.5m apiece as lead managers. Rothschild and Duke Street Capital have also joined the deal.

Rating: A1/A Amount: Eu700m lower tier two capital

Japan's equity-linked new issue market has experienced a renaissance in the past year. More deals are being sold into the price-leading Euroyen market, while local investors are prepared to accept terms that have become almost as enticing as those available offshore. Mark B Johnson reports on a funding tool that is again moving back into the mainstream. Trillions of yen of long dated Japanese convertible bonds are due to mature in the next three years. Almost all will expire deeply out of the money and in most cases will need refinancing.

Mandated arrangers Erste Bank and Standard Bank have closed syndication of the Eu40m four year facility for Erste and Steiermarkische Bank. The deal has been well oversubscribed and is in documentation.

The mandate to arrange the Ck2.66bn four year term loan for Bivideon has been awarded to ING, Standard Bank and Bank Austria Creditanstalt. The facility has been launched into syndication and both local banks and international banks should join the deal. The credit will pay a margin of 150bp over Pribor.

CSFB this week clinched the role as sole debt provider in the secondary buy-out of Norwegian pharmaceutical company Nycomed. The bank is underwriting Eu400m of senior bank debt and is providing a Eu300m bridge to a high yield bond issue. CSFB has also won the mandate to underwrite Eu650m of senior debt facilities to support US private equity investor Bain Capital's acquisition of TotalFinaElf's paints division, SigmaKalon.

Rating: Aa3/A/A+ Amount: Eu500m upper tier two capital

The Development Bank of Japan sold a global Euroyen issue earlier this year in the aftermath of the credit rating downgrades for Japan. Kazuhiro Takahashi, director of the Office of Financing and Planning, explains why he was satisfied with the issue and why he thinks international investors are obtaining good value from Japanese government guaranteed issuers in the current environment. Can you explain the timing for your ¥75bn global bond issue in June?