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Brazilian bond prices plunged to five month lows yesterday (Thursday) as cross-over invest-ors panicked and began liquidating their positions in the country's debt. The tremendous losses in the high grade corporate bond market, especially in telecoms, have forced some cross-over investors to reduce their exposure to riskier assets such as Brazil.

Brazilian bond prices plunged to five month lows yesterday (Thursday) as cross-over invest-ors panicked and began liquidating their positions in the country's debt. The tremendous losses in the high grade corporate bond market, especially in telecoms, have forced some cross-over investors to reduce their exposure to riskier assets such as Brazil.

Cadbury Schweppes has increased the debt limit off its £

Rating: Aaa/AAA Amount: Eu500m

Guarantors: Argenta Bank en Verzekeringsgroep, Argenta Banque d'Epargne, Argenta Société d'Investissements SA Amount: Eu50m

Arrangers Barclays Capital, Citigroup/SSB (Australia), Commonwealth Bank of Australia and JP Morgan have completed the extension of the 364 day standby loan for Qantas Airways. Members of the original syndicate were invited to recommit to the extension. They all agreed to extend, apart from UFJ Bank. Its allocation of A$16m was cancelled and the deal was reduced from A$300m to A$284m.

Who shot Tom Davis? One minute the genial and totally blameless vice chairman of Merrill Lynch was sitting in his corner office and looking as if he didn't have a care in the world. The next he suddenly disappeared from the radar screens before you could say, "whatever happened to Herbie Allison?". Unconfirmed sightings say that someone resembling "Long Tom" was seen riding into the sunset with his saddlebag full of swag. Merrill folk barely knew of his departure. The only announcement we saw was a terse note in the Journal on May 6 which suggested that he was leaving "to focus on other personal and professional goals". What's the real story? If you believe that hogwash about focusing on other goals, you probably lie awake hoping to see the tooth fairy, and leave a mince pie and a glass of sherry out for Santa Claus by the chimney on Christmas Eve.

The mandate to arrange the $300m five year facility for Arab Banking Corporation (ABC) has not yet been announced. EuroWeek understands that ING, Bank of Tokyo-Mitsubishi, BNP Paribas, HSBC, National Bank of Kuwait and National Bank of Abu Dhabi are joining the deal as mandated arrangers.

Rating: Aa3/A+/AA- Amount: $500m

Barclays Capital and JP Morgan are arranging and underwriting a new circa £400m debt facility backing Premier International Foods' acquisition of Nestlé's UK and Irish ambient-temperature food businesses. Premier International Foods, which is owned by US-based Hicks, Muse, Tate & Furst, has made a £135m offer for the assets. The businesses are said to be worth between £110m and £120m. Néstle had planned to auction the businesses off, but the offer by Premier, at a premium to other bids, may have stalled that process. UBS Warburg has been advising Néstle on auctioning the UK and Irish businesses.