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German luxury car maker Porsche became the latest European company to issue a hybrid capital this week, and the deal was hailed as a success after investors overcame their concerns about Porsche's unrated status.

The Asian fixed income market began 2005 in buoyant mood and many deals attracted large order books — especially high yield issues — until credit fears surrounding Ford and General Motors, among other factors, closed down the markets before the US carmakers' downgrades to junk status in May. Since then, Asian investors' risk appetite has ebbed and flowed along with that of their global counterparts.

Citigroup will next week launch syndication of telecommunications company Cellcom's debut syndicated loan, a five year deal of around $350m.

Noble Group's $700m 10 year deal in March signalled the high point in confidence for the Asian high yield market last year. The bonds were hit hard by the collapse in high yield prices in March and have not recovered since. Adam Harper talks to Noble's chief financial officer Stephen Marzo about the company's decision to enter the market and its view of subsequent developments.

Temasek Holdings, the Aaa/AAA rated direct investment company owned by the government of Singapore, was one of the most eagerly awaited new entrants to the Asian bond market in 2005. With a portfolio value of S$103bn ($62bn) and holdings in companies across Asia, Temasek was viewed as a key strategic client by many investment banks. Deutsche Bank and JP Morgan held the coveted mandate until, just before the deal, JP Morgan was either replaced or dropped out and Goldman Sachs and Morgan Stanley joined the bookrunner group.

Draft legislation circulated by the Bank of Italy could cripple Italy's embryonic covered bond market at birth, by imposing limits on how much of the new securities banks will be allowed to issue.

After lobbying from the banking industry, the Italian government has postponed implementing new market regulations drafted in response to Parmalat's

Draft legislation circulated by the Bank of Italy could cripple Italy's embryonic covered bond market at birth, by imposing limits on how much of the new securities banks will be allowed to issue.

Fortis Bank has launched its three year Eu150m facility for Banca Intermobiliare.

Bond issuance by frequent borrowers cooled from its exuberant pace of last week, with just three deals — from the Republic of Italy, the Kingdom of Belgium and Bank Nederlandse Gemeenten — being brought to market.

René Karsenti has resigned as director-general of finance at the European Investment Bank (EIB) to join the International Capital Market Association (ICMA) as executive president and member of the board of directors.