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Rating: Aa3/AA- Amount: Eu600m (increased from Eu500m)

New issues remained the focus of the dollar swap market this week with another full roster of business. As the week wore on, eyes turned increasingly to the post-Labor Day period and the mountain of new product that is expected to be brought during the next four weeks. Much of this debt is likely to be swapped out of fixed rate, which means dollar swap spreads should be pressured lower. Five and 10 year swap spreads are 2bp-3bp lower at the end of this week than they were seven days ago and have come in perhaps 8bp over the last two weeks.

After such a terrible year at the hands of world stock markets, you would expect a global fund manager to be in fed up with life in the capital markets. But following a month which has seen most indices rise by 15%-20%, Axa Investment Managers' UK head of global equities Steve Tyson believes that the worst is over. "I am optimistic about the markets," he said. "In July, when the market bottomed out, over half the market in the US and Europe was selling on 13 to 15 times earnings. This compares to two years ago, when a lot of the market was on 25 to 40 times earnings. I think there is very much a market for very opportunistic stock pickers."

Mandated arrangers Danske Bank, HSBC and SEB Merchant Banking have closed syndication of the $500m five year facility for Swedish engineering group Sandvik. The facility has been oversubscribed but the borrower is unlikely to accept an increase. Between 15 and 20 banks have joined the deal, which will be signed on September 12. The facility includes a Skr1bn swingline facility and pays a margin of 30bp over Libor, with a commitment fee of 12.5bp. It offers two levels of participation: co-arranger for a take of $50m; and senior lead manager for a take of $30m. The utilisation fee is 5bp for more than 33% drawn and 10bp for 66% drawn.

Basket performance is calculated as:

Rating: Aaa/AAA Amount: Nkr400m

Guarantor: Kreditanstalt für Wiederaufbau Rating: Aaa/AAA/AAA

Rating: Aa1/AA/AAA Amount: Eu100m Hypotheken Pfandbrief series 186

Rating: Aaa/AAA/AAA Amount: Eu400m

The EuroMTN dealing community jetted off to sunny Reykjavik yesterday (Thursday) for Islandbanki and Landsvirkjun's Discover Iceland bash. But Leak has been informed that many had problems deciding what to wear. It seems no one wanted to make the mistake Deutsche Bank's MTN chief, Chris Jones, made last year, when he turned up to brave the Arctic in a pair of shorts.