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Orix Jreit, the real estate trust set up by Orix Corp, fell by as much as 4.6% on its first day of trading on Wednesday, but the units had recovered to ¥508,000 by early afternoon yesterday (Thursday). Lead managers Daiwa SMBC and UBS Warburg priced the units at ¥520,000 to yield 6%. That price was at the top end of the indicated price range during what was the first global offering of a Japanese real estate investment trust (J-REIT).

EuroWeek hears that SG has the sole lead arranging mandate for a $110m acquisition financing for Vallourec, a specialist tube company. The firm has made an acquisition in the US.

Friesland Bank has dropped the dealers DG Bank and SG off its euro2 billion ($1.89 billion) debt issuance programme. It has added four names to replace them on the panel. They are Credit Suisse First Boston, Deutsche Bank, DZ Bank and Fortis Bank.

Amount: Eu500m Rating: Moody's/Fitch

Amount: Eu600m Rating: Fitch

With the fall of Enron and the rise of investor awareness, General Electric Capital Corp has been forced to put transparency at the heart of its fundraising, a strategy made more urgent in March when Pimco's Bill Gross launched a damaging attack on the size of its CP programme. In an exclusive interview with EuroWeek, GECC's Kathy Cassidy and Kitty Yoh tell Danielle Robinson how they are adapting to the new corporate climate. Not so long ago, investors hardly gave a second thought to buying GECC bonds. Satisfied with the triple-A rating and impeccable track record of the US conglomerate's funding arm, investors would spend more time analysing the fundamentals of lower rated corporates.

GECC issued almost $10bn of bonds this week and debuted in two new markets, as it continues with its plan to raise a total of $75bn-$95bn by the end of this year. Its onslaught began early in the week, when it issued $6bn of resettable, puttable floating rate notes maturing in 2007 but with the option to extend every year after the first 13 months.

Rating: Aaa/AAA Amount: $6bn global bond

ating: Aaa/AAA Tranche 1: Eu2bn

The syndication of the Eu3.5bn revolver for A+ rated Bayer is set to close heavily oversubscribed within the next few days. Mandated lead arrangers and joint bookrunners Bank of America, Deutsche Bank and JP Morgan are keeping the books open for an extra day or two to accommodate a few slow moving banks before fully wrapping up the deal.

The Hellenic Republic finally launched its well flagged sale of a further 8% stake in Hellenic Telecommunications Organisation (OTE) yesterday (Thursday). The sale of about 40.3m shares would, at the current share price, raise Eu684.3m. OTE closed yesterday afternoon at Eu16.98, down 3.1% from Wednesday's close.

The syndication of the $200m three year revolver for Harley Davidson Financial Services Europe has been closed heavily oversubscribed by arrangers Citigroup/SSSB and BNP Paribas. Despite the oversubscription, the borrower has not opted to increase the deal.