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Rating: Aa3/A+

ABN Amro and Deutsche Bank have launched senior syndication of the extension of ATF Bank's $62m trade related loan. Banks can take tickets of $7.5m of the loan, originally signed in October 2003.

Amount: W100bn

The European covered bond market may be 200 years old, but it is changing so rapidly that an update on the market is warranted, only six months after EuroWeek published its main covered bond report in March. The driving impetus is banks' desire to perfect the structure of their covered bonds, hoping to obtain the best possible ratings and trading spreads. Thus, Germany is introducing a new Pfandbrief law to accommodate the Landesbanks soon to be cut adrift from state support, and banks from Ireland and the UK to Portugal and Italy are eager to join the covered bond market, with structures that draw on best practice around Europe. As Neil Day reports, investors are delighted with the efforts issuers are making to appeal to them.

Rating: Aa3/AA/AA-

Rating: A3/BBB/BBB+

The German coal mining group RAG is selling Bakelite, its chemicals division, which has been valued at Eu300m. EuroWeek hears that the Carlyle Group and Advent International are both bidding for the company.

The Ghana Cocoa Board (GCB) has signed its $850m one year loan. The deal was 64% oversubscribed and increased from the original $700m, with lenders scaled back.

Guarantors: Glencore AG

Guarantor: General Motors Acceptance Corp

GMAC has this year demonstrated its competence in the capital markets with a series of intelligently timed and priced bonds, the extension of its retail note programme SmartNotes and valuable diversification into the securitisation market. Danielle Robinson talks to the borrower about its funding strategy in 2004.