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Amount: Eu775.5m Legal maturity: July 15, 2011

Corporate issuance is set to pick up in Europe over the coming weeks, as borrowers seek to take advantage of the firmer tone in the credit markets to raise funding ahead of the summer holidays. Today (Friday), Renault and Ford Motor Credit Corp (FMCC) will price euro denominated offerings. Renault is expected to price a Eu500m seven year issue inside original guidance of 110bp over mid-swaps, via Deutsche Bank and SG. FMCC will price its Eu750m five year Ecosav transaction at 140bp over mid-swaps. Bayerische Landesbank, BBVA and Fortis Bank are joint bookrunners.

Rating: Baa1/A- Amount: Eu85m

Mandated arrangers ING and RZB will close syndication of the Eu50m five year facility for Croatian Bank for Reconstruction and Development (HBOR) shortly. The deal has received a considerable oversubscription and is due to be increased at signing on June 21 in Zagreb. Baden-Württembergische Bank, BayernLB, Dresdner Kleinwort Wasserstein, Hungarian Foreign Trade Bank, KBC, LB Kiel, OTP Bank and WGZ have joined in senior syndication.

Dollar swap spreads inched wider this week as the pace of new issuance slowed. However, most dealers in New York expect this to be only a temporary bounce and believe the prevailing pressures are still to be felt on the offer side of the market. The euro swap market was starved even more acutely of new issue flow, but next week looks as if it will be busier.

Noel Dunn is to run global syndicate at Bear Stearns as Jacques de Saint Phalle moves to Keefe, Bruyette & Woods (KBW). De Saint Phalle was Bear's head of US corporate syndicate.

Noel Dunn is to run global syndicate at Bear Stearns as Jacques de Saint Phalle moves to Keefe, Bruyette & Woods (KBW). De Saint Phalle was Bear's head of US corporate syndicate.

EFG Hellas has added Goldman Sachs as a dealer to its euro1.5 billion ($1.41 billion) debt instrument programme. And EFG Hellas (Cayman) has been added as an issuer. The programme has three trades outstanding, which amount to $379.96 million-worth.

Guarantor: EFG Eurobank SA Rating: BBB+/BBB

European Investment Bank has dropped all of the named dealers off its euro50 billion ($46.97 billion) debt issuance programme. Thirteen dealers were dropped in all - the highest number of banks dropped in one go. This is one of the most obvious indicators to date of the declining importance that is placed on dealer panels. So far this year 57 issuers have dropped dealers from their Euro-MTN programmes. This compares with just 26 issuers that dropped dealers from their panel in the same period in 2001. The investor-driven nature of the MTN business means that some issuers prefer to rely on reverse enquiry, particularly in the yen market, which accounts for 14.5% of the private placement market in 2002. KfW International Finance dropped its entire 11-strong dealer panel in June 2000. It has since gone on to issue over $14 billion and has used nine of the 11 dropped dealers on a reverse enquiry basis. The dealers dropped off European Investment Bank's programme are: Banca Commerciale Italiana, BNP Paribas, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Nomura, Salomon Smith Barney, Tokyo Mitsubishi and UBS Warburg.

Guarantor: Monte de Piedad y Caja Ahorros de Huelva y Sevilla Rating: A- (Fitch)

Rating: Aa3/AA-/AA- Amount: Eu250m (fungible with Eu600m issue launched 24/04/01)