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Rating: Baa1/BBB+

If issuance volumes by German investment grade companies in 2004 has been disappointing, there has been plenty of compensation in the high yield arena. ?Germany has been the single most exciting market for high yield issuance and the fastest growing market in Europe in 2004,? says Matthew Cestar, of the European high yield capital markets team at Goldman Sachs in London. Specifically, Cestar says that by mid-October Germany had been the source of $6.8bn (equivalent) of new high yield issuance, or 34% of the European total.

Although bankers and investors have been disappointed by the supply of investment grade issuance from German corporate borrowers in 2004, the spectacular return of the primary market for high yield bonds has given the market something to cheer about.

China Resources Cement Holdings has raised HK$400m via a five year club facility. Bank of China (Hong Kong), BNP Paribas, Hang Seng Bank and Standard Chartered Bank (Hong Kong) are participating in the deal.

Syndication for the Eu750m project finance facility to fund the second phase of the M5 toll road in Hungary is underway and will close by the end of the month. The five mandated lead arrangers are CIB/Intesa, EBRD, Espírito Santo, MFB and WestLB.

Rating: Aa1/AAA/AAA

The Inter-American Development Bank has become the latest borrower to take advantage of the generous arbitrage conferred by the Canadian dollar to US dollar cross-currency swap market.

RETAIL CURRENCIES

The $150m five year facility for Indian Oil Corp was launched into general syndication on Wednesday. Calyon, Citigroup, HSBC and Standard Chartered Bank are the mandated arrangers. The amount will be capped at $200m in the event of an oversubscription.

Guarantor: ING Bank NV

Rating: Aaa/AAA/AAA