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Arrangers of the debt facilities backing the Eu3.8bn of debt facilities backing the Eu3.7bn buy-out of Jefferson Smurfit Group by Madison Dearborn Partners -Deutsche Bank and Merrill Lynch - confirm that they have received seven full underwriting commitments. According to Deutsche Bank, of the 10 invited banks ABN Amro, Allied Irish Bank, Bank of America, Bank of Ireland, HypoVereinsbank, JP Morgan and Lehman Brothers have all committed Eu350m for fees of between 162.5bp and 175bp.

This week was the quietest in the bond markets for many years as issuance was curtailed by the FOMC meeting, continuing volatility, and a historic week for US Treasury yields. The 10 year note touched 3.96% on Wednesday, the lowest level since 1963, and the five year note fell to 3.03%, a 40 year low. Both yields rose yesterday (Thursday), the 10 year to 4.20% and the five year to 3.33%. The early part of the week was dominated by the FOMC meeting. Expectations that the Fed would cut rates by 25bp were confounded and there was disappointment when it held the Fed funds rate at 1.75%.

This week was the quietest in the bond markets for many years as issuance was curtailed by the FOMC meeting, continuing volatility, and a historic week for US Treasury yields. The 10 year note touched 3.96% on Wednesday, the lowest level since 1963, and the five year note fell to 3.03%, a 40 year low. Both yields rose yesterday (Thursday), the 10 year to 4.20% and the five year to 3.33%. The early part of the week was dominated by the FOMC meeting. Expectations that the Fed would cut rates by 25bp were confounded and there was disappointment when it held the Fed funds rate at 1.75%.

EuroWeek understands that CIBC is underwriting the debt supporting the CVC and PAI-led Eu203m buy-out of a 53.66% stake in Edison's animal food business Provimi. Some Eu500m of Provimi's existing debt will also be refinanced through bank debt arranged by CIBC.

Techtronics, a Japanese electronics company, is tapping the market for a ¥9bn acquisition fundraising through arranger Citibank NA (Tokyo). Syndication will be launched in September.

ABN Amro has appointed a global head of collateralised debt obligations (CDOs) in New York, a new role created to build the bank's presence in the sector. Fernando Guerrero joins from TD Securities, where he has been managing director of structured products for the last three years. Last week ABN announced the merger of the loan products group into its global financial markets business to create an integrated debt team. The loan products group comprises structured financial products, project finance and trading commodities finance.

Allgemeine Hypothekenbank Rheinboden (AHBR) will return to the market in early September with its first jumbo Hypotheken Pfandbrief since being downgraded two notches by all three major rating agencies in June. The bank, now the lowest rated Pfandbrief issuer in the German jumbo market at Baa1/BBB/BBB+, intends to launch a Eu500m-Eu1.5bn short dated transaction through Deutsche Bank, Dresdner Kleinwort Wasserstein and HypoVereinsbank, with ABN Amro, CDC IXIS, Commerzbank, DZ Bank, HSBC, Landesbank Baden-Württemberg and WestLB as co-leads.

Allgemeine Hypothekenbank Rheinboden (AHBR) will return to the market in early September with its first jumbo Hypotheken Pfandbrief since being downgraded two notches by all three major rating agencies in June. The bank, now the lowest rated Pfandbrief issuer in the German jumbo market at Baa1/BBB/BBB+, intends to launch a Eu500m-Eu1.5bn short dated transaction through Deutsche Bank, Dresdner Kleinwort Wasserstein and HypoVereinsbank, with ABN Amro, CDC IXIS, Commerzbank, DZ Bank, HSBC, Landesbank Baden-Württemberg and WestLB as co-leads.

September 11 nervousness is expected to keep the EMEA Eurobond pipeline closed until the second half of September at the earliest. And concern over the outcome of Brazilian presidential elections scheduled for October means that there will be a shortened window of opportunity for issuers in the third quarter. "I am very cautious about how much money is going to flow back into the market," said one banker in London.

Sun Metals Corp Pty, an Australian subsidiary of Korea Zinc Corp, is looking to tap the market for a dollar facility to refinance a $120m five year loan-style FRN that matures in September. That deal was arranged by Citicorp International, Dresdner, SIFC and KDB and paid a coupon of 65bp which stepped up to 80bp after two years. It paid a top tier fee of 65bp for commitments of $10m or above.

Rumours continue to swirl around Dresdner Kleinwort Wasserstein with the German press, in particular, breaking new records for loony reporting. Is Allianz truly behind DrKW, or is it trying to sell its investment banking subsidiary down the river without so much as a by-your-leave? Is the celebrated Paul Achleitner, once the hero of Allianz, wobbling on his perch? Who, in their right minds would want to buy DrKW's equities division in its present parlous state, but more importantly, would the clever folk at Allianz want to sell businesses at the bottom of the market cycle? DrKW's pure investment banking division has, in fact, been writing some modest tickets, but can the group make a net bottom line euro after costs and will its leader, Tim Shacklock, ever return from holiday in the south of France? If you see a hugely expensive classic Ferrari broken down on the Corniche, please stop and help the urbane Shacklock change a tyre.

Rating: Aaa/AAA/AAA Amount: £100m