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Europe's controversial seven year loan structure has made its way to North America, with Mexican oil concern Pemex's launch of a groundbreaking $4bn five and seven year facility.

Rating: Aaa

Bankers involved in the bidding process for TPSA's Eu750m refinancing loan expect competition to drive the margin on the deal down towards 35bp, EuroWeek hears.

Poland broke new ground on Tuesday by selling a blowout Eu3bn 15 year Eurobond, described by one banker as the ?first proper EU trade from central Europe?.

Project finance loans volumes may have dropped in 2004, but with the market awash with cash and banks eager to lend bigger tickets for the right deals, it was certainly not for lack of trying. Nick Briggs reports.

The dollar primary bond market was the fastest out of the blocks in 2005, but this week the euro denominated market moved into top gear as well. A hurricane of new debt scorched through the sector, and enough of it was hedged into floating to give the interbank swap market a well offered tone all week.

Poland broke new ground on Tuesday by selling a blowout Eu3bn 15 year Eurobond, described by one banker as the ?first proper EU trade from central Europe?.

Rating: Aaa/AAA/AA+

2004 was a watershed year for the syndicated loan market in Europe. Excess capital meant that nearly every investment grade term loan and revolver was keenly backed. Borrowers of triple-B ratings and above were able to command fantastic terms ? margins and fees edged lower all year, covenants fell away with increasing regularity and maturities were stretched to seven years. All this meant that making money from traditional loan market products was almost impossible. Instead, banks piled into the leveraged loan market like never before, enticed by the higher yields available. EuroWeek's loan team ? Nick Briggs, Charlie Corbett and Taron Wade ? report on a year when low grade credit became top priority.

Rating: Aaa/AAA

Amount: Sfr200m

The high yields available in the South African rand bond market last year fired investors' interest in the currency and culminated in record deal volume, reports Rosie Irving.