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French steel group Usinor launched its debut euro issue on Wednesday, a Eu500m seven year offering via BNP Paribas, JP Morgan and Schroder Salomon Smith Barney. The lead managers reported good flows supported by a strong domestic bid, and demand from Spain and the Benelux. The deal was oversubscribed, offering investors diversification and a fair spread of 120bp over mid-swaps. "We were quite pleased with where we priced the offering," a Usinor spokesperson told EuroWeek. "The proceeds will be used to refinance existing debt that is maturing in the next two years."

UBS Warburg priced Vienna International Airport's Eu66m accelerated bookbuild at a slim discount on Tuesday night, after investors had been shaken by another dismal day for the US equity markets. The deal was nearly twice covered, although Tuesday's 4.8% fall on the Nasdaq composite index and 2.4% drop in the Dow Jones Industrial Average caused some investors in the US to set price sensitivity levels just below the final price. The stock was sold at Eu38.5, offering a discount of 1.2% to yesterday's (Thursday) closing price of Eu38.96.

Arrangers SEB Merchant Banking and Svenska Handelsbanken have underwritten a $1bn credit facility for Vin & Sprit. The facility will finance the company's investment in Jim Beam Brands, Future Brands and Maxxium in support of a new global distribution of Absolut Vodka. V&S and Jim Beam brands will each own 50% of the new company that will distribute Absolut and Jim Beam bourbon as well as other brands. The V&S becomes a fourth partner in Maxxium, a distribution business that will deliver Absolute outside the US. V&S will also take a 10% stake in Jim Beam, with an option to increase the share.

Japanese retail investors snapped up Brazil's Samurai offering last Friday (March 16), enabling the sovereign to increase its six year deal to ¥80bn from an originally expected ¥60bn. The deal, led by Nomura Securities and Kokusai Securities, offered a 4.75% coupon, at the wider end of its 4.6%-4.75% pricing range. "Japanese interest rates are falling dramatically again and retail investors therefore became strongly involved in this deal, even though they do not usually go out further than three years in maturity," said a Nomura official.

BRE Bank of Poland plans to issue bonds of up to Z4bn (Eu1.09bn) equivalent in zlotys, foreign currencies, or a combination of the two.

British Telecommunications said yesterday (Thursday) it is in talks with 11 banks over how to refinance its £16.5bn 364 day facility from August last year. However, the company added that it has no immediate plans to restructure the loan.

Deutsche Bank today (Tuesday) flew in the face of dreadful market conditions and managed to complete the Eu690m follow-on offering from Buhrmann at a price that already looks like a bargain.

Electricidade de Portugal has added Caixa-Banco de Investimento to its euro5 billion ($4.48 million) debt issuance programme. Banca-Totta & Acores were dropped from the dealer panel.