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Did we say that Huw Jenkins, the recently promoted head of UBS Investment Bank, should become the new national heritage symbol of Wales?

Rating: Aaa/AAA/AAA

EuroWeek hears that Kaupthing Bank is talking to banks about a refinancing facility. It was last in the market in March 2004 with a three year Eu250m loan.

The US bond market was fixated on capital securities this week, with four issuers preparing to tap the market with more than $2.5bn of deals.

The US bond market was fixated on capital securities this week, with four issuers preparing to tap the market with more than $2.5bn of deals.

Swap spreads widened in the dollar swap market yesterday (Thursday) after strong paying from many kinds of accounts. The five year gapped out to close at 53bp, and the 10 year was trading at 56.75bp. The 30 year also traded out to 57.5bp before settling back at 55.75bp.

SENIOR

Bankers in London reported solid flows in the plain vanilla and self-led structured note market this week. "We've done a number of structured notes in a wide range of products, but most have been self-led and so not exactly exciting," said one banker.

Rating: A1/A

Nationwide launched the first covered bond from a UK building society this week, a Eu2bn 10 year issue highly sought after for its quality and rarity. Although the trade did not blow out in the manner of some debut covered bonds — as a result of a slower market — it attracted a solid order book and was more than twice oversubscribed. Barclays Capital, Deutsche Bank and Dresdner Kleinwort Wasserstein opened the books on Monday morning with price guidance of 8bp-9bp over; orders came in steadily, according to the leads.