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Deals in other currencies picked up after a disappointing day on Monday and 11 deals were closed yesterday. European Investment Bank (EIB) was largely responsible for this increase in activity: it closed six sterling trades that all go out more than 10 years. Its longest trade was a £

* Allgemeine Hypothekenbank AG Rating: Aa2/AA+

The Eu500m-Eu700m five year bond for Polish oil and gas company, PGNiG, is expected to be issued either today (Friday) or early next week, according to lead manager ABN Amro. One banker hoping to be in the syndicate for the deal told EuroWeek that the offering has already attracted a book of Eu600m. Price talk is in the area of 250bp over swaps.

* World Bank Rating: Aaa/AAA/AAA

Ford, struggling with dismal third quarter earnings and this week's two notch downgrade by Standard & Poor's (S&P), has announced a $3bn plus five and 30 year global bond at price guidance not far away from where Mexico trades. In a demonstration of just how wide Ford credit spreads have gone in recent months, price guidance on the Ford Motor Credit January 2007 tranche is 275bp-285bp, at a time when Mexico 2006s trade around 304bp bid, 286bp offered.

Portman Building Society has raised the limit off its Euro-MTN programme to £

Private Media Group, the Spanish pornography distributor, has decided to postpone its proposed secondary listing in Germany. Despite being voted by Forbes Global Magazine as one of the 20 best small companies in the world in which to invest, a spokesman for the company said it has decided to wait until there is more security in the market. "We are waiting until the world is a bit more stable," said Berth Milton, Private Media's chairman. But the spokesman added that there had been strong growth in Private Media's industry and it expected to proceed with the listing in the near future.

UK project financiers specialising in Private Finance Initiative and Public Private Partnership (PFI/PPP) business are assessing the impact on their market of the government's decision to place Railtrack plc into administration. Bankers emphasise that Railtrack was not itself a PFI/PPP scheme. But the mess has damaged the UK government's reputation and political risk has been pushed further up the spectrum of risks which bankers assess in structuring and financing PFI/PPP deals. Capital raising for public sector sponsored projects will be more expensive as enhanced political risk will require a premium. Indeed, the next big transport project, the £2.1bn London Underground PPP scheme is likely to carry a premium to take into account political risk at the devolved level. A banker noted the London mayor's opposition to the scheme: "There will be a definite Livingstone [the mayor] premium now."

HVB Real-Estate Bank is due to sign its euro25 billion ($22.55 billion) Euro-MTN programme soon. The arrangership mandate has been kept in-house being handled by HypoVereinsbank. The programme comes during a healthy period for the real-estate sector in the MTN market. Issuance increased by over 300% in September compared to August. Unibail, the commercial real-estate corporate, was particularly active, and closed five trades in September for $192.56 million. One MTN dealer comments: "The real-estate sector is strong at the moment. It has proven itself by holding in the market very well in an unsettled period." HVB Real-Estate Bank is part of the HVB Group and arose from the merger of N³rnberger Hypothekenbank, S³ddeutsche Bodencreditbank and Bayerische Handelsbank. The signing of the HVB Real-Estate Bank shelf signals HVB's growing involvement in the MTN market. HypoVereinsbank signed its euro50 billion debt issuance programme in January 1999 and HypoVereinsbank Singapore branch signed its $5 billion MTN programme at the end of September.

Rhodia has raised the ceiling off its Euro-MTN programme to euro1.8 billion ($1.63 billion) from euro1.5 billion.

Finland The Eu100m deal for engineering company KCI Konecranes is due to be closed oversubscribed next week.

SEB Hypothekenbank this week braved difficult market conditions to launch its first transaction since changing its name from BfG Hypothekenbank on October 10. Priced to yield 29bp over the Bobl 133, the triple-A rated Eu500m 3-1/4 year jumbo Öffentlicher Pfandbrief was lead managed by Barclays Capital, CDC IXIS, Commerzbank, Merrill Lynch, SachsenLB, SEB and WestLB.