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Private corporates were closing in large volume. They issued $935.11m of the £7.7bn done overall. Imperial Tobacco Finance closed a Eu100m trade that matures in two years. Caja Madrid made a rare appearance as a bookrunner by placing the trade on a reverse enquiry basis. Linde Finance also went for euro with a Eu150m trade that goes out to August 2008. The note carries an annual coupon of 4.375% and has a long first coupon. Deutsche Bank was the lead dealer. Toyota Motor did three trades, one of which was a $50m note via ABN Amro. The note has a short last coupon and pays a coupon of 5bp over three month Libor. Just one public corporate came to the market. France Télécom's Eu70m deal has a one year maturity. Twenty-three SPVs came to the market. JP Morgan's Paroo Company did a ¥2.45bn deal off its $10bn multiple issuer programme. The facility has 27 issuers in all. And DKB International did a ¥1bn trade and a ¥500m note through Voyager (Cayman).

The double-A sector saw the highest number of deals and the most volume. Royal Bank of Scotland was especially active closing six notes - four in yen and two in dollars. The borrower's largest yen deal was for ¥5bn and its smaller dollar note was for $7.7m via JP Morgan. UK borrowers tapped a wide mix of currencies. BOS International (Australia) issued a one year A$50m note and Barclays Bank issued a HK$100m one year transactions with a flat coupon. Trades from triple-Bs fell even lower than last week, to just 13. Mitsubishi Trust & Banking Corp was the busiest issuer in this band, closing four yen deals for ¥7.8bn in total. And France Télécom did a one year Eu70m note.

Rating: A1/A+/A+ Amount: Eu500m

Rating: Aaa/AAA/AAA Amount: Eu400m inflation linked bond (increased from Eu350m; fungible with Eu600m launched 06/06/02)

China Resources (Holdings) Co has mandated ABN Amro to arrange a $70m three year credit. Details are being finalised, but given the declining pricing for quality Asian credits, observers expect that the all-in will be substantially less than the 70bp paid for China Resources' HK$3.5bn facility completed in January last year.

Mandated lead arrangers BNP Paribas, SG and WestLB this week released details of the Eu1bn three year revolver for the AA/Aa2/AA rated Republic of Portugal, which was launched into syndication last Friday. The loan carries a margin of 2.25bp over Euribor, offers a 2.25bp facility fee for drawn or undrawn commitments and has a 1bp utilisation fee for drawings over 51%.

Cookson Group, the indebted materials technology group, was struggling with its £277.5m offer as its share price dipped below the rights issue price. The deal was launched last Friday at 25p, a 50% discount to the outstanding share price, but fell 25% on Wednesday to close at 21p. The stock recovered slightly yesterday (Thursday), but closed at 23p, still below the strike price. Cookson chose not to underwrite the issue.

Howard Davies, chairman of the Financial Services Authority, yesterday (Thursday) called for greater disclosure of short selling in equity markets. The announcement comes after several leading investors and corporates complained that hedge funds have contributed to the volatility in the stock markets in recent months. David Prosser, the chief executive of UK life assurer Legal & General, called on the FSA in early July to look into the matter.

The $150m (increased from $100m) four year facility for Industrije nafte (INA) has been signed by joint mandated arrangers Mizuho (bookrunner, documentation agent and facility agent) and Zagrebacka banka. The credit, offering a margin of 130bp over Libor, attracted very strong support in the market, raising $200m in commitments.

Amount: Eu50m Schiffspfandbrief series 390 Maturity: August 8, 2005

Rating: Aaa/AAA Amount: Eu500m (fungible with four issues totalling Eu3bn first launched 11/08/98) Öffentlicher Pfandbrief series 1258

Amount: Eu394m Legal maturity: August 1, 2013