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Issuance from financials is set to pick up in the next couple of weeks after a desperately quiet summer for the sector. Several borrowers, including HBOS and Lloyds, are due to visit a market in which supply was down 44% year-on-year during July and August. Andy Jones, syndicate manager at Barclays Capital, believes the mood is changing. "After a quiet summer and a volatile post-summer period, a bit of stability has returned to the market," he said. "Windows of opportunity are open only momentarily and Lloyds's deal was on hold for a long time. But because of reduced volatility these windows are open long enough to print trades and, for financials, issuance will increase."

JP Morgan and new market-maker BNP Paribas this week launched the second series of JECI notes, JECI 2, and next week ABN Amro is to launch the first Swiss franc denominated credit-linked note, iBoxx 40. With volatility at its recent high levels, notes that allow investors to hedge easily and cheaply are even more valuable than before, bankers said.

Guarantor: BHP Billiton plc Rating: A3/A

BHP Billiton raised Eu750m of five year funding at the tight end of price talk this week, showing that despite the volatility that has drained the European corporate pipeline of supply, the right credits can raise funding at competitive levels.

BHP Billiton raised Eu750m of five year funding at the tight end of price talk this week, showing that despite the volatility that has drained the European corporate pipeline of supply, the right credits can raise funding at competitive levels.

Supranationals had another strong week of issuance. Eurofima closed a £40m trade that reaches out to June 7, 2032. The note is fungible from the payment date with a £110m issue launched in February 2001 issue that pays an annual coupon of 5.5%. UBS Warburg was the bookrunner. Nordic Investment Bank was active, tapping Australian dollars. The supra issued two A$20m notes and a A$45m trade. Mizuho was the bookrunner on at least two of these issues. International Finance Corp was active in yen, with a ¥2bn note being its biggest deal. The note has a 30 year tenor and pays an annual coupon of 4%.

Commercial mortgage backed deals will buttress the ABS market this month with regular issuers Canary Wharf and Morgan Stanley's EloC programme set to tap the market. The first deal out of the blocks, however, should be the Eu1.165bn Imser Securitisation Srl - a rare securitisation of property occupied by Telecom Italia.