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The Eu40m one year facility for Parex Bank was signed in Riga on June 14. An oversubscription was raised and the facility was increased to Eu55m.

The continuing slide in equity markets affected both the primary and secondary bond markets this week. Secondary spreads widened, particularly in the telecoms sector, and primary corporate deals were difficult to execute. Several issuers put their deals on ice, including Deutsche Post, which has delayed its benchmark bond awaiting an European Commission ruling on the repayment of Eu572m in state aid. The issue was to be led by Deutsche Bank, CSFB and Morgan Stanley. TXU Eastern Funding has also postponed its benchmark euro and sterling bond until the third quarter of 2002. The euro tranche was to be led by BofA, BNP Paribas and Deutsche Bank, the sterling tranche by Barclays and Deutsche.

Rating: Baa1/BBB- Amount: $750m (increased from $600m) lower tier two capital

Rating: A-/A Amount: £150m

Arranger Hua Nan Commercial Bank has invited over 10 banks into a NT$2.1bn facility for Global Testing Corp, guaranteed by the chairman of the borrower. The borrower specialises in engineering test development and mass production testing.

Rating: Aa2/AA+ Amount: Eu580m

The financial covenants in Ericsson's $600m five year multi-currency facility signed in July 2001 have been altered. This is to allow the company greater financial flexibility. Moody's this week downgraded Ericsson from Baa2 to Baa3 and to avoid triggering the ratings covenant certain conditions in the loan were eased.

Glencore International has increased its $2.5bn 364 day revolver to Eu3bn. Barclays Capital (joint bookrunner, documentation), BNP Paribas (joint bookrunner), Deutsche Bank, JP Morgan and SG (facility agent) will sign banks into the deal today (Friday).

Svenska Handelsbanken has dropped Lehman Brothers and ABN Amro as dealers off its $10 billion Euro-MTN programme. The two banks have been replaced by Goldman Sachs and UBS Warburg.

Guarantor: Tate & Lyle plc Rating: Baa2/BBB

Threadneedle Asset Management has added three people to its corporate bond team, completing a strategic expansion across the full range of fixed income asset classes. Trudie Pearce has joined as a portfolio manager from Axa Investment Managers, with expertise in investment grade industrials, while Paul Kirtley and Victoria Port have joined as credit analysts from Friends Ivory & Sime and Fidelity Investments, respectively.