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  • The dollar swap market has followed credit markets for much of this week. For the first two days, the downgrade of General Motors (GM) by Moody's, the weakness of the Treasury market and the sharp increase in LBO business all conspired to send swap spreads wider. Thereafter, an improvement in the tone of the credit markets and a flurry of swap-driven new issues took swap spreads down from their highs. At the close of yesterday, the five-year swap spread was at 46.50bp and the 10 year 47bp.
  • Despite a slow start to the year 2005 could be a bumper year for IPOs on the main segment of the London Stock Exchange, with over 20 companies each hoping to raise over £300m, according to a report published this week by KPMG's corporate finance division.
  • Who remembers when ABN Amro was considered to be a take-over target? If you listened to the scuttlebutt and the alcohol-fortified witterings in City bars, ABN Amro was about to be acquired by Barclays Bank.
  • A glut of Australian acquisition financings at the beginning of 2005 have given loans bankers in Asia hope that loans driven by mergers and acquisitions could offer the market a new source of supply and more remunerative business throughout the year. But there has been little business in the rest of Asia, premiums have been slim and leveraged buy-outs scarce. Adam Harper tests the mood in the Asian syndicated loan market.
  • Air France has signed its Eu1.2bn five plus one plus one year deal. The deal achieved a hefty over-subscription during syndication and was increased from Eu1bn.
  • Rating: Ba1/B+ (Moody's/Fitch)
  • Kazakhstan's ATF Bank reopened the markets for emerging market issuers this week, selling a $200m seven year bond that it had postponed a fortnight ago.
  • Aristocrat Leisure has mandated Westpac Banking Corp for a A$300m three year dual tranche multicurrency revolving credit.
  • Rating: Baa1/BBB+ (Moody's/Fitch)
  • Demand continued to grow for the stock of Finnish oil refiner Neste Oil as the company's IPO entered its second week of bookbuilding this week.
  • Rating: Aaa/AAA/AAA