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* DePfa Bank Europe plc Guarantor: keepwell agreement from DePfa Deutsche Pfandbriefbank AG

DePfa and HVB Real Estate won the respect of the Pfandbrief market when they successfully navigated a tricky market and each other's five year issues this week to price the first jumbos off their new strategic programmes to a welcoming international audience. HVB executed its Eu2bn deal, led by Barclays Capital, Deutsche and HypoVereinsbank, at 9bp over mid-swaps on Tuesday, after DePfa had priced its Eu3bn jumbo, led by Citigroup/SSSB, Dresdner Kleiwort Wasserstein and Goldman Sachs, last Friday (February 1) at 7bp over.

Dollar swap spreads moved slightly wider this week as the financial markets became pre-occupied with equity losses and the possibility of dubious accounting practices concealing another Enron. By the end of the week, the five year swap market was 67.75bp over Treasuries, and the 10 year midmarket was at 76bp over the new 4.875% February 2012 Treasury. The roll into the new note was 2.5bp-3bp, so spreads to the old note are only 73bp - no more than 1.5bp wider than at the end of last week.

German utility Energie Baden-Wurttemberg (EnBW) is due to issue its benchmark debut trade off its euro3 billion ($2.60 billion) Euro-MTN programme, which was signed last week. The Eurobond will be issued after the roadshow, which will finish on Wednesday, February 13. Ingo Voigt is EnBW's head of capital markets and is currently on the investor roadshow in Europe. He told MTNWeek when the programme was signed that the benchmark transaction will be joint-lead managed by Barclays Capital and Deutsche Bank. The deal will be denominated in euro and will be used to fund EnBW's acquisition of NWS, another German utility. Reuters, the international news agency, reported on February 6 that the deal will have a tenor between five and 10 years. The Euro-MTN programme is rated A+ by Standard & Poor's and A2 by Moody's.

Hungary The syndication of the $50m two year term loan for General Banking & Trust Company is winning a good early response from the market.

Brazil * Unibanco - Uniao de Bancos Brasileiros SA

EnBW, Germany's third largest utility, is set to launch its debut benchmark bond soon after the end of its roadshows next Wednesday, a Eu1bn-plus deal over seven to 10 years. Led by Barclays Capital and Deutsche Bank, the transaction will be a big test for both EnBW and the corporate market. One of the strongest credits in a thin corporate pipeline, the A2/A+ utility will offer investors a defensive play in the volatile market.

* Cofinoga SA Rating: A3

E.ON has raised the ceiling off its multi-currency CP programme to euro5 billion ($4.34 billion) from euro2 billion. Barclays Capital, Citibank International and Goldman Sachs have been added to the already nine-strong dealer panel. The facility was signed in September 2000 and was arranged by Dresdner Bank. It has $493.91 million outstanding off 12 trades.

* GIE Suez Alliance Rating: A2/A-

Greece, Italy and Portugal launched a combined Eu10.5bn of syndicated government bonds this week, taking advantage of the demand for high quality paper that accompanied the panic in credit markets to build oversubscribed books and price their benchmarks inside their curves. Spain will soon add further supply, next week announcing the leads for its planned 15 year Bono. The Hellenic Republic enhanced its reputation among the peripheral government bond issuers with a highly successful Eu4bn five year transaction, building on the success of its Eu5bn 10 year bond launched in early January.