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Several new high yield transactions are in the pipeline despite a report released by Fitch this week revealing that 20.9% of European high yield bonds, totalling $12bn, defaulted in the first six months of 2002. However, after the euro tranche of a transaction for Greif Brothers and a Eu150m bond for Gerreisheimer Glas were pulled at the end of last week, and while volatility in the sector continues, no new issues are likely until September.

Rating: Aaa Amount: Sfr335m

Procter & Gamble (P&G) raised $500m of six year funding this week in a near empty global bond market, taking advantage of investors' search for safe credits by marketing itself on the basis of the slogan it uses to sell its consumer goods, "brands you know and trust." Demand for household names was first illustrated by a $250m 4.125% five year US domestic issue for Aa3/AA- Gillette on Tuesday. The company - which also owns the Duracell, Braun and Oral-B brands - priced its transaction at 54bp over Treasuries via lead manger Goldman Sachs.

Japan Bank for International Cooperation has granted Philippine Long Distance Telephone Co (PLDT) a ¥9.76bn loan under its Overseas Investment Loan programme. The funds will enable PLDT to repay debts that mature in the next 12 months.

Mandated arrangers Citigroup/SSB and ING are waiting for one last commitment before closing syndication of the Eu170m five year bullet facility for Polskie Sieci Elekroenergetyczne (PSE) today (Friday). The deal will be signed on August 18. The facility is split into two tranches. The first is a Eu113m tranche and the other is a Eu57m tranche. The credit pays an out-of-the-box margin of 60bp over Libor.

Procter & Gamble (P&G) raised $500m of six year funding this week in a near empty global bond market, taking advantage of investors' search for safe credits by marketing itself on the basis of the slogan it uses to sell its consumer goods, "brands you know and trust." Demand for household names was first illustrated by a $250m 4.125% five year US domestic issue for Aa3/AA- Gillette on Tuesday. The company - which also owns the Duracell, Braun and Oral-B brands - priced its transaction at 54bp over Treasuries via lead manger Goldman Sachs.

Amount: Eu1.8bn Legal maturity: January 28, 2053

Amount: $125m subordinated debt Maturity: August 2, 2012

There has been a good initial response from banks for the $300m refinancing for Qatar Fuel Additives Company (Qafac). The debt is priced at a margin of 75bp over Libor. In syndication three levels have been offered: co-arranger with $25m for 50bp fees; senior lead manager with $15m for 40bp; and lead managers with $7.5m for 30bp.

Guarantor: Rabobank Nederland Rating: Aaa/AAA/AAA

Viswas Raghavan, who has spearheaded JP Morgan's success in equity-linked debt over the last two years, has been promoted to co-head of European equity capital and derivative markets. The promotion is a further step in the restructuring of JP Morgan's equity capital markets and derivatives team, which has seen a number of key departures during 2002.

The National Association of Securities Dealers (NASD) and the Financial Services Authority (FSA) both made moves to tighten up IPO regulations this week, in a bid to restore investor confidence in new listings. The reputation of the capital markets has been damaged on both sides of the Atlantic, following the Enron and WorldCom scandals, and revelations that banks allocated shares to favoured clients in highly sought after IPOs during the tech boom.