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Essilor, the French optical equipment manufacturer, is in the market with a finely priced, relationship-driven transaction. Mandated to HSBC CCF and Natexis Banques Populaires, the Eu400m loan pays just 25bp over Euribor plus a utilisation fee. The company last tapped the markets for a similarly tight deal in December 2000, raising a $320m five year revolver via SG. The margin was linked to a debt-to-Ebitda grid - paying 25bp over Euribor if the debt-to-Ebitda ratio is less than 2.1 times, rising to 30bp over Euribor if the ratio exceeds this level.

LG Electronics is tapping the market for a dollar loan-style FRN facility and has mandated Citigroup/SSB, Shinhan Bank and Kookmin Bank as arrangers.

Guarantor: Federal Republic of Germany Rating: Aaa/AAA

Rating: Aaa/AAA/AAA Amount: A$100m

Guarantor: Federal Republic of Germany Rating: Aaa/AAA

Rating: Aaa/AAA/AAA Amount: Eu239m

Rating: Aaa/AAA/AAA Amount: Sfr100m (fungible with Sfr750m issue launched 04/01/02)

Rating: Aa1/AAA/AAA Amount: Eu1bn

Rating: AAA/AAA (S&P/Fitch) Amount: Sfr300m

Amount: $250m Legal maturity: December 1, 2012

Just when you thought it was safe to return to the MTN market yet more jollies emerge. The boys from Rabobank are whisking off the cream of the MTN crop to an unnamed destination in Holland. Apparently they have been told to wear a pair of trainers, a pair of shorts and a smile. Leak suspects Rabobank's guests are jogging their way to Amsterdam and we think it will give a whole new meaning to high spreads. Caisse Nationale des Caisses d'Epargne have chosen a decidedly more grown up affair. They are taking a few of the market's players on a balloon ride over the French countryside. UBS Warburg's Gavin Eddy has already accepted his invite. But Leak is concerned; the last time Gavin was up in the air he was trying his luck with Hollywood's Liz Hurley. Vanessa Paradis - you have been warned. Oh... and HSBC's IPA boys are having a casino evening at the bank later this month. Leak hopes to see you all there.

Legal & General jumped the queue of insurers looking to raise new capital when it revealed plans for a £786m rights issue on Tuesday, with Dresdner Kleinwort Wasserstein and UBS Warburg as joint underwriters. The 13-for-50 offering was announced on Tuesday at a 46% discount of 60p, and will help the UK's third largest quoted life assurer continue to write new policies as its rivals are forced to slow down due to capital constraints.