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Carlsberg Breweries is expected to launch its medium term debut euro benchmark issue at the end of next week through Citigroup/SSSB, Deutsche Bank and Nordea. The roadshow kicked off yesterday (Thursday) in Helsinki and will move on to Norway and Sweden today (Friday), and then across Europe, and finally to London, where it will finish next Thursday.

GECC's various fundraising exercises dominated a market weakened by falling equities this week. Success in the dollar market with a $6bn resettable, puttable FRN and a $1bn 30 year non-call five retail targeted bond resulted in a reduction of the borrower's fixed rate euro transaction to Eu2bn and the addition of a Eu1bn two year FRN. Investors in Europe took comfort from the announcement by GE that the company may not tap the euro market again this year and, if it does, it will not be until the third quarter. SCA and Renault proved that there is strong demand for corporate paper in euros, both companies achieving oversubscribed books and strongly performing deals.

What should we be reading into the latest top management changes at Citigroup? Is chairman and CEO Sandy Weill serious or is he just playing the role of a puppet-master pulling the strings of his minions and laughing as they dance to his tune? If Sandy is simply bored, he should have a look at the Citigroup share price - it has been soggier than the current British summer. The winner in the latest game of musical chairs seems to be the brainy Brit, Deryck Maughan. We ourselves never particularly rated "Del Boy" Maughan, but he doesn't deserve to be shafted by the increasingly erratic Financial Times, whose Lex column read: "... who [Del-Boy], to the horror of some, is being promoted."

A well attended bank meeting took place on Wednesday for the syndication of the £450m acquisition facility for UK housebuilder Westbury, arranged by HSBC. Bankers were said to be comfortable with the asset cover involved in the deal and its covenants.

Amount: Sfr250m Öffentlicher Pfandbrief Maturity: May 30, 2005

Mandated lead arrangers Barclays, Deutsche Bank and Royal Bank of Scotland have launched the £660m senior debt facility for betting chain William Hill into the market. The debt is split into two tranches: a £450m five year bullet revolver and a £210m 4-1/2 year amortising term loan.

ating: Aaa/AAA Tranche 1: $40m

Rating: Aaa/AAA/AAA Amount: A$16m

Rating: Aaa/AAA/AAA Amount: A$135m

The Spanish utility Gas Natural this week launched its long awaited Eu1.1bn spin-off of gas distribution subsidiary Enagas. Goldman Sachs is global co-ordinator with BBVA, La Caixa and SCH handling the Spanish element of the deal. Books will be closed next Friday, with pricing to be announced on June 24.

Rating: Aaa/AAA Tranche 1: $20m

Rating: Aaa/AAA Amount: A$34m