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Liquidity in CDS indices was good after the bomb attacks in London yesterday (Thursday), while single name trading was more seriously affected, said dealers. "There's always been two-way markets," said one trader of the index markets.

Jiangxi YaDong Cement Corp's $75m equivalent five year dual tranche facility will be signed on Friday next week. Mandated arranger DBS Bank held $17m.

Andy Clapham, one of the best known bankers in European securitisation and former head of European ABS at Bear Stearns, has joined Investec.

Rating: Aa3/AA-/AA-

Credit Suisse First Boston and Royal Bank of Scotland have won the mandate to arrange the £900m post-IPO facility for UK baker RHM, maker of Hovis bread and Mr Kipling cakes.

Credit Suisse First Boston has taken the unusual step of underwriting UK food company RHM's IPO for a minimum size of £561m. Private equity house Doughty Hanson, which bought the former Ranks Hovis McDougall in 2000, will sell 45.4m shares and RHM will issue 185.2m new shares. If the greenshoe of 23.1m shares is exercised, RHM will have a freefloat of around 70%.

CSN, the Brazilian cement maker, astonished emerging market bankers this week by issuing a blowout $500m perpetual non-call five year bond, after attracting a staggering $2.3bn of orders from Asia and Europe.

Mandated lead arrangers Calyon (bookrunner and documentation agent), Ceskoslovenska Obchodni banka/KBC, HVB, ING (bookrunner) and Komercni banka (bookrunner and facility agent) have launched a Ck12bn deal for Veolia Environnement that will be used to fund the company's Czech operations.

Danish insurer TrygVesta has completed syndication of its Dkr2bn debut loan. It was increased from Dkr1.75bn following oversubscription. Mandated lead arrangers and bookrunners are ABN Amro, Nordea Bank and SG CIB, with Nordea doubling as a facility agent. They will each be committing Dkr300m.

Rating: Aa3/A/AA-

The Royal Bank of Scotland has raised the ceiling on its structured medium term note programme from $2bn to $5bn. One of the most prominent and prolific borrowers in the EMTN market, RBS's structured MTN shelf has just under $300m in the market from 22 deals since it was established in 2002. Four of the structured trades that the UK bank issued this week came in constant maturity swap, equity and undisclosed interest rate-linked structures. The longest of the trades was a 30 year ¥5bn equity-linked ticket through Deutsche Bank. RBS also has a £35bn EuroMTN shelf, which has more than $35bn equivalent outstanding, and a $20bn programme, from which two bonds have been launched for $4bn.

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