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Arrangers Credit Suisse First Boston and Deutsche Bank will launch syndication within the next couple of weeks of the debt facilities supporting the leveraged buy-out of Burton Biscuits. The total value of the buy-out is set at £197.5m, which involves some £152.5m of senior debt as well as a £45m mezzanine tranche. Hicks, Muse, Tate & Furst is the sponsor.

The flags are flying at half mast over 1, Canada Square, the forbidding home from home of Morgan Stanley in Europe down in the wastelands of the Dead Canary Wharf. Nervous looking Morgan Stanley types are seen furtively scuttling around dark corners with mobiles pressed to their ears. Some secretaries are seen to be weeping. We ring one of our moles in British Telecom Information and she asks us: "Why do all of these people in Canary Wharf want the number of Heidrich & Struggles?" What is going on? No, there has not been an outbreak of the plague in the Dead Canary. The mourning is for the departure of John Mack, the company's once ferocious president. Mack the Knife has been rolled up in a carpet by the country bumpkins and hillbillies of Dean Witter and posted to Siberia.

Globals * AIG SunAmerica Global Financing IV

* Bank of Scotland Treasury Services plc Guarantor: Bank of Scotland

A stunning $8.2bn equivalent Ford deal this week combined with the recent successful transactions by DaimlerChrysler and British Telecom to help bring about a sea change in investor appetite. From a strong focus on triple-A sovereign and supranational debt, investors are moving rapidly into credit. The fact that the once beleaguered auto and telecoms sectors are performing well has given the market confidence in corporate credits once more.

Belgium Building materials manufacturer Etex Group has mandated Deutsche Bank and Fortis Bank to arrange a Eu2bn facility to back its acquisition of UK company Glynwed's pipe division.

* AIG SunAmerica Institutional Funding II Rating: Aaa/AAA

WestlandUtrecht has done its 20th yen trade of the year: a 21-year ¥500 million ($4.2 million) note which pays a final coupon of 4%. The note is a power reverse dual that is a popular structure for Japanese investors at the moment. Rene Genet, senior dealer at WestlandUtrecht says: "As an estimate I would say that about 25% of our structured enquiry comes in the form of power reveres duals. I think we are seeing a lot of this type of structure because of our flexibility and credit name."

France Telecom sold a ¥20 billion ($170.93 million) non-syndicated trade. The one-year trade pays a final coupon of 0.56%. It is one of two one-year trades issued on Friday. The other deal was sold by Landesbank Rheinland-Pfalz and pays a final coupon of 3%.

The Neuer Markt IPO machine jumped into action again this week, as the high growth exchange's first listing in 2001 shot up 43% on its first day of trading. Shares in Dr Hönle, a UV irradiation and measuring equipment manufacturer, were priced at the top of the Eu9-Eu12 range in the company's Eu24m IPO. They then rose throughout Wednesday to close at Eu17.2. The deal, which was managed by MM Warburg and Bayerische Landesbank, was more than 10 times oversubscribed. As well as investors showing strong enthusiasm for the company, "the market was in a good mood", said a banker close to the deal.

France French satellite operator Gensat has cancelled its plan to tap the equity capital markets for Eu20m. No banks had been appointed.

Brazil Light Servicios, the Rio-based electricity concern, is due to come to market today (Friday) with a $100m two year deal via BNP Paribas.