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Dexia Municipal Agency (Dexia MA) and Landesbank Rheinland-Pfalz (LRP) benefited from the recent lack of confidence in the German Pfandbrief market when they launched their respective covered bonds this week. Dexia MA launched its Eu1bn 10 year obligations foncières issue via ABN Amro, Crédit Agricole Indosuez and JP Morgan on Tuesday at 23.4bp over the 5% April 2012 OAT, equivalent to 31.8bp over the 5% January 2012 Bund. LRP followed on Wednesday with a Eu1.5bn five year Öffentlicher Pfandbrief, via Citigroup/SSSB, Merrill Lynch and WestLB, which was priced at 23bp over the 4% February 2007 Bobl.

Rating: Aaa/AAA/AAA Amount: Eu1bn obligations foncières

A three week run of abysmal new issuance levels in the dollar markets was broken this week by issuers such as Kraft and Household Finance offering deals that satisfied investors' desire for either quality or rarity. More than $12bn of dollar deals had been priced or announced by yesterday (Thursday), a stunning turnaround from last week, when only $3bn came to a market reeling from the telecoms sector's meltdown.

Dresdner Bank has raised the limit off its Euro-MTN programme to euro20 billion ($18.25 billion) from euro15 billion. IBJ has been renamed as Mizuho following its merger in 1999.

DZ Bank International, formed through the merger of DG Bank and GZ Bank, has put its name to a euro3 billion ($2.74 billion) Euro-CP programme. Barclays Capital has won the arrangership. The dealers off the panel are the issuer, the arranger, Deutsche Bank, Goldman Sachs, JPMorgan and UBS Warburg. The issuer already has an existing euro5 billion multi-currency CP programme in operation, which was signed in December 2001 and has $848.01 million outstanding off 34 trades.

EasyJet, the UK budget airline, this week laid out the terms for its £276.7m rights issue, the funds from which will be used to part finance the £374m acquisition of Go, its UK rival. The four for 11 rights issue will be launched at a price of 265p per share, a 43% discount to easyJet's opening share price yesterday (Thursday), the day of the announcement. The market reacted positively to the news with the share price shooting up to close yesterday afternoon at 510p.

The $50m one year facility for African Export-Import Bank (Afrexim) has been closed oversubscribed and increased to $85m. Twenty two banks were signed into the deal last Friday in London.

The European Investment Bank (EIB) this week reaffirmed its position as a strategic benchmark issuer with a Eu5bn 10 year transaction, its second deal of that size off the EARNs programme. Credit Suisse First Boston, Merrill Lynch and UBS Warburg led the deal. According to Barbara Bargagli-Petrucci, the EIB's director of capital markets, the deal was 20% oversubscribed at 25bp over the January 2012 Bund.

Bankers invited to commit to the £1.28bn acquisition loan for Enterprise Inns met at the Chancery Court Hotel in London yesterday (Thursday) morning. The mood after the meeting was upbeat. "With so little in the UK and with continental Europe churning out boring investment grade plain vanilla loans, a deal like Enterprise generates a bit of excitement in what is essentially a very dull market," said a banker yesterday afternoon.

German utility E.On will today, (Friday) price its Eu7.5bn euro and sterling bond, bringing to a close a week of further volatility in the credit markets. Although the high grade dollar market recovered its poise, continued turbulence in the euro corporate market forced borrowers to revise their plans. Endesa and Rhodia have both put their new issue plans on ice. Endesa's deal had apparently been to tap the sterling market for £300m-£500m of 10 year funding opportunistically, but the pressure of E.On, and RWE's poor performance since launch, put paid to the utility's plans.

Rating: A3/A Amount: Eu200m

Rating: Aaa/AAA/AAA Amount: $500m