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Dollar swaps enjoyed a rollercoaster week, trading out to new wides in the early part of the week, tightening in with a Treasury rally on Wednesday and then bouncing out again to the middle of the week's range yesterday (Thursday). At the close yesterday, the five year midmarket was at 49.5bp while the 10 year was at 52.25bp. The 10 year had been as wide as 55.5bp and as tight as 50.5bp during the week.

Amount: $600m, £83.75m Legal maturity: August 20, 2032

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

Citigroup/SSSB and Goldman Sachs yesterday (Thursday) launched the Eu500m flotation of C&C Group, the Irish drinks and snacks company, at a price range of Eu2.60-Eu3.60. The offering will value C&C Group at Eu1.1bn at the mid-point of the range, and will be Ireland's largest IPO since Eircom floated four years ago.

The £122m acquisition facility backing CD Bramall's acquisition of Quicks plc has been closed oversubscribed. Bank of Scotland (bookrunner) and Royal Bank of Scotland expect to sign three banks into the deal.

Polish zloty: Monday started quite dull on both the bond and FX sides, although the currency had a negative and bonds a positive undertone. One focus this week was on Tuesday's meeting between president Kwasniewski and members of the monetary policy council. While the MPC members stressed they will focus on fundamental rather than on political developments, the government again expressed expectations of a much more relaxed interest rate policy to suppress zloty strength.

Compiled by Holger Kron Deutsche Bank, Krankfurt

Compiled by Holger Kron Deutsche Bank, Krankfurt

Arrangers Bank of Commun-ications, DBS, Hang Seng Bank, HSBC and ICBC have launched a $150m five year term loan for Shenzhen Investments into general syndication. The borrower is a vehicle for the Shenzhen municipal government, providing transport, freight forwarding and shuttle bus services. It also recently expanded into infrastructure projects. Banks will receive a margin of 85bp over Libor. Fees are set at two levels. Arrangers pledging $8m-$10m will receive 60bp and lead managers committing $5m-$7m will earn 44bp.

Lehman Brothers has hired Neil McDonald, a senior equity derivatives trader at Morgan Stanley in London, to head European equity derivatives flow trading, according to a Lehman spokeswoman. McDonald referred calls to the spokeswoman.

Morgan Stanley has hired Suzanne Cain, head of fixed income derivatives marketing at Deutsche Bank in New York. At Deutsche Bank she was the head marketing honcho for both credit and interest-rate derivatives, but it could not be determined what her role at Morgan Stanley will be. One headhunter said she had joined Morgan Stanley on a USD3 million per year, three-year contract.

Five-year credit-default swap spreads on Singapore Telecommunications widened to 75-90 basis points from 60-75bps after a negative ratings outlook. "In terms of absolute spread for Asian names, it's a big move," said Bill Xie, credit derivatives trader at BNP Paribas in Hong Kong. Last Monday Moody's Investors Service put SingTel on negative outlook due to such factors as ongoing expenditures, including additional investments in Indonesia's Telkomsel that may hinder its ability to pay down its debt.