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The overwhelming demand for top quality paper in the high grade dollar market, and at the long end in particular, was spectacularly demonstrated this week when triple-A rated General Electric Capital Corp launched an $11bn global bond, the biggest ever corporate dollar denominated deal, and one that incorporated the largest every 30 year bond.

* Hungarian Foreign Trade Bank Ltd (MKB) Rating: A3

Autoroutes du Sud de France (ASF), operator of Europe's largest toll-road network, kicked off its long-awaited Eu2.4-Eu2.8bn IPO yesterday (Thursday). The French government will sell 49% of its stake in the company, combined with an Eu800m capital increase from ASF, in the biggest European IPO of the year so far. The deal is being led by HSBC-CCF and Crédit Lyonnais.

HVB Group is preparing to sell to institutional and retail investors a Eu300m-Eu600m perpetual non-call 10 tier one transaction dubbed ERICS - European Retail and Institutional Capital Securities - via ABN Amro and HypoVereinsbank ABN Amro will market the paper in the Benelux, while HVB will sell to Germany, Austria, Spain and Portugal. The banks hope that by combining their complementary distribution and using an institutional structure, HVB Group will be able to build on its track record of retail targeted sub debt issues and attract an institutional bid.

Romania last week confirmed Citigroup/SSSB, Deutsche Bank, ING and JP Morgan as the lead managers of its planned Eu750m 10 year benchmark transaction, but bankers are still waiting to be told when the deal will come. The four lead managers are due to hold a conference call with the ministry of finance today (Friday) to find out how the work for the issue will be carved up between them, and who will get to host the roadshow. They will also decide on Friday whether to bring the issue to market before the Easter break or wait until April. With the spread on the EMBI+ emerging markets bond index spread breaking below 600bp - the lowest risk premium since August 1998 - the option to launch soon must be the more tempting.

The Republic of Italy will today (Friday) launch a dollar denominated June 2005 global, which is widely expected to be priced in the 10bp area over the Fannie Mae March 2005 Benchmark. JP Morgan and Merrill Lynch are leading the deal. The offering will complete Italy's curve - it already has five and 10 year issues outstanding - and represents attractive funding for the sovereign. Italy's July 2005 domestic BTPs were trading yesterday (Thursday) at 2bp through Euribor. The Fannie Mae March 2005 was trading at 28bp through mid-swaps.

The launch of GECC's record breaking $11bn multi-tranche corporate bond this week, soon after Qwest and Sprint successfully accessed the market last Friday (March 8), can be taken as a green light for issuers to price new issues. Already, the euro market can look forward to corporate supply that could enable it to make up some of the ground it has lost in recent weeks, as the recovery in the US high grade market has outpaced Europe.

JP Morgan has unveiled Jeci, a European credit index-linked instrument which offers a funded and unfunded tradable incarnation of big sister Maggie, the JP Morgan aggregate euro credit index. A Eu500m launch issue of Jeci-100 five year notes will be launched on March 18, and while the bonds are not officially rated, JP Morgan's algorithm suggests a rating of between A2 and A3. At the same time, the firm will also launch its trading of a Jeci-100 swap. The Jeci-100 is not an ETF-style tracker fund, as its composition of names and weightings remains static from launch, but it provides investors with a single security that follows, through a bundle of credit default swaps, the performance of 100 names in the European credit markets. The credits comprise 75 of the most liquid industrial and 25 of the most liquid financial issuers from the cash markets. In addition to the composite Jeci-100 note, there is a Jeci industrial note, ranging from BASF through to Vattenfall and including 33 triple-B rated issuers in its 75 names, as well as a Jeci senior financial note and a Jeci subordinated financial note, ranging from Abbey National through to UniCredito Italiano.

Johnston Press has launched a £220m rights issue to part finance its acquisition of fellow UK publisher Regional Independent Media. The deal comes just weeks after speculation that RIM was planning to float later this year.

JP Morgan has unveiled Jeci, a European credit index-linked instrument which offers a funded and unfunded tradable incarnation of big sister Maggie, the JP Morgan aggregate euro credit index. A Eu500m launch issue of Jeci-100 five year notes will be launched on March 18, and while the bonds are not officially rated, JP Morgan's algorithm suggests a rating of between A2 and A3. At the same time, the firm will also launch its trading of a Jeci-100 swap. The Jeci-100 is not an ETF-style tracker fund, as its composition of names and weightings remains static from launch, but it provides investors with a single security that follows, through a bundle of credit default swaps, the performance of 100 names in the European credit markets. The credits comprise 75 of the most liquid industrial and 25 of the most liquid financial issuers from the cash markets. In addition to the composite Jeci-100 note, there is a Jeci industrial note, ranging from BASF through to Vattenfall and including 33 triple-B rated issuers in its 75 names, as well as a Jeci senior financial note and a Jeci subordinated financial note, ranging from Abbey National through to UniCredito Italiano.

Leak has discovered this week that the market is not quite as sensible as you would all have us believe. Beneath the suits and diplomatic smiles lie an array of quirks and eccentricities that make the Islandsbanki boys look positively vanilla. Deutsche Bank's Chris Jones either has a sense of humour, or his partner forced him to use her pet name for him on his free e-mail account. MTNWeek received a message from none other than MagicMoonMonkey. It is not clear if the stress of awards time has caused it all, but a few MTNers are getting more excited than is considered healthy. Westland/Utrecht's entire MTN desk was heard to be screaming 'Awards! Awards!' when a call was made to determine their opinions on the market. It is not clear if this is part of their daily routine and we just happened to call at the right time, or whether they really think they have a magic moon monkey's chance of winning something, but their enthusiasm is commendable. But Leak has a sneaking suspicion that they must have been leaked the celebrity guest list for the awards dinner, held with the ECPA this year. Sporting heroes abound, with the likes of England rugby players, Victor Ubogu and Lawrence Dallaglio, and jockey Richard Dunwoody all playing second fiddle to the great footballing guru - Jimmy Hill.