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Patrick Käufer has moved to Franfurt to take over as Morgan Stanley's head of global capital markets (GCM) corporate origination in Germany. He will report to May Busch and John Hyman, co-heads of European GCM origination. Käufer joined Morgan Stanley in 1994. He spent a year in the investment banking division in London before moving to New York in 1995 to join the equipment finance group in debt capital markets. He became head of that group in February this year.

Commentary

The asset backed sector continues to drive the EuroCP market forward. Tannehill Capital is the latest ABCP name to come to the market after signing a $5bn facility on Wednesday. Lehman Brothers is the arranger of the facility and is joined on the dealer panel by Barclays Capital and Merrill Lynch. HSBC has been appointed as the new arranger on Crédit Commercial de France's (CCF) $5bn EuroMTN programme, replacing the original arranger Morgan Stanley, which has also been dropped as a dealer. Barclays Capital, Merrill Lynch and UBS Warburg were the three other unlucky dealers also dropped from the facility.

Citigroup/SSSB is arranging a debut Eu1bn 364 day revolver for Essent NV. The loan carries a margin of 32.5bp over Euribor and ratchets on a ratings grid between 30bp and 70bp. The commitment fee is 33.3% of the applicable margin. Utilisation fees are 5bp if between 33.3% and 66.6% is drawn, and 7.5bp if over 66.6% is used. This means a fully drawn facility offers 40bp out-of-the-box.

Bulgaria Rating agency Fitch has raised Bulgaria's rating to BB from BB- as a result of prudent fiscal policy. "Favourable debt dynamics associated with tight fiscal policy, privatisation receipts, real GDP growth and real exchange rate appreciation are likely to continue to lower the debt/GDP ratio and strengthen creditworthiness over the medium term," said Edward Parker, director of sovereign ratings at Fitch in London.

Croatia Privredna Banka Zagreb has been appointed to lead manage the $35m IPO of Belupo, the pharmaceutical subsidiary of Croatian food producer Podravka.

The once mighty German Pfandbrief market has had tough year. Not only damaged by the almost unremitting downgrades of issuers, there has been the ignominy of being eclipsed, in terms of performance, by issuers in the comparatively new French and Spanish covered bond markets.

Mandated arrangers Danske Bank, DnB Markets and Swedbank signed banks into the Eu75m five year term loan for Nordlandsbanken yesterday (Thursday). The deal has been increased to Eu150m, with the majority of the syndicate comprising German banks.

Rating: Aaa/AAA Amount: Nkr400m

Amount: Sfr275m Hypothekenpfandbrief series 348 Maturity: November 18, 2014

Amount: Eu373.3m; £265m Legal maturity: October 15, 2009

In the sovereign, supranational and agency market, 2002 has been the year of the benchmark dollar issuance programme. And for sovereign, supra and agency, read the Republic of Italy, the European Investment Bank and Kreditanstalt für Wiederaufbau. Neil Day reports. Between the Republic of Italy, the European Investment Bank (EIB) and Kreditanstalt für Wiederaufbau (KfW), the three issuers have raised $28bn through transactions of $2bn or larger, the majority of them for $3bn.