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* GZ Bank AG Rating: A1/A+/AA-

Reports that Matav is back in the market with its Eu600m acquisition financing caused confusion this week. "Some are saying that the company is back again whilst Matav says it is not yet taking bids," said one banker previously involved in the bidding for a Matav deal that was postponed because of Deutsche Telekom invoking a clear market clause. "The company is expected be back in the market soon, but I think it needs more time for the air to clear after the Deutsche Telekom deal."

A Spanish cement company is in the process of signing a euro2 billion ($1.75 billion) Euro-MTN programme after weeks of delays because of a negative rating outlook by Moody's. Valenciana de Cementos (Valenciana) will be signing before the end of the month via Deutsche Bank, but had plans for announcing the facility earlier. Moody's hindered its progress when it placed the Ba1 senior unsecured debt ratings of Valenciana, and its parent company Cemex, on review for possible downgrade. The action comes as a result of Cemex's $2.8 billion tender for the outstanding shares of Southdown, the second biggest US cement producer. But Moody's has said that if the transaction goes ahead as planned it will probably confirm the ratings of both companies. Cemex has a $1.25 billion Euro-MTN programme that it signed in 1991, but this is the first step into the debt capital markets for Valenciana. It will become the sixth Spanish issuer to join the market this year.

Belgium Mandated arrangers Crédit Agricole Indosuez and HSBC Investment Bank have launched the syndication of a Eu1.5bn 364 day facility for Euroclear Bank.

The dollar swap market is often a leading indicator for the wider market. However, this week other areas of the credit market drove the direction of the swap market. After the FOMC decided to leave rates unchanged, agencies and corporates moved abruptly wider, after tightening greatly in the first two days of the week. This swift turnaround dragged swaps wider as well.

Standard & Poor's has raised WPP Group's long term corporate credit rating this week as the advertising group closed its merger with Young & Rubicam. The combined group is now rated A-, up from BBB+. Y&R's ratings have been withdrawn. WPP's BBB+ long term corporate and senior unsecured debt ratings had been placed on positive CreditWatch when news of the merger broke in early May. WPP Finance has an outstanding $200m seven year Yankee, guaranteed by WPP, due July 2005.

Xerox Corp issued its latest earnings warning on Monday and as well as further depressing the company's stock price, which has fallen about 70% in the past year, the news also hit the company's bonds. Its 7.15% August 2004 widened by more than 150bp to about 485bp over Treasuries. The warning could not have come at a worse time for Xerox. "This profit warnings came out at a difficult time for the whole industry, with other companies such as Lexmark also posting earnings warnings," said Peter Din, vice president, European high grade research Bank of America,

* Banque et Caisse d'Épargne de l'État Luxembourg Rating: Aa1/AA+

Xerox Corp issued its latest earnings warning on Monday and as well as further depressing the company's stock price, which has fallen about 70% in the past year, the news also hit the company's bonds. Its 7.15% August 2004 widened by more than 150bp to about 485bp over Treasuries. The warning could not have come at a worse time for Xerox. "This profit warnings came out at a difficult time for the whole industry, with other companies such as Lexmark also posting earnings warnings," said Peter Din, vice president, European high grade research Bank of America,

A full breakdown of non-syndicated debt issued in the first quarter of 2000: by ratings, by currencies, by issuer type and by issuer nationality.

Full breakdown of non-syndicated debt issued in first quarter of 1999: by currency, by issuer type, by issuer nationality, by ratings and by term.

Full breakdown of non-syndicated debt issued in second quarter of 1999: by currency, by issuer type, by issuer nationality, by ratings and by term.