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Belgian electricity grid operator Elia lifted the spirits of European corporate bond investors and bankers this week by achieving success with its Eu1bn debut bond.

Belgian electricity grid operator Elia lifted the spirits of European corporate bond investors and bankers this week by achieving success with its Eu1bn debut bond.

Rating: A-

Rating: AAA

Germany

The Swiss Federal Banking Commission (SFBC) does not plan to change banks? capital requirements when the second Basel Capital Accord is introduced.

The Eu350m in debt backing the buy-out of Pharmacia Diagnostics will be launched in mid May. Royal Bank of Scotland and SG CIB are arranging the debt for PPM Ventures and Triton Ventures, which are buying the company from Pfizer for Eu575m.

Adecco has received permission from its lenders to publish its 2003 results by May 3, the second time it has delayed publishing them since March. Moody?s Investors Service and Standard & Poor?s downgraded the borrower to junk last week because of the postponement.

Rating: B1/B

A NT$45bn seven year financing for AU Optronics is scheduled to be launched into general syndication today (Friday). The 18 bank group leading the deal is made up of ABN Amro, Bank of America, Bank of Taiwan, BNP Paribas, Cathay Life Insurance, Cathay United Bank, Citigroup, Chang Hwa Commercial Bank, Chiao Tung Bank, Chinatrust Commercial Bank, First Commercial Bank, HSBC, Hua Nan Commercial Bank, ING Bank, International Commercial Bank of China, Land Bank of Taiwan, Taipei Bank and Taiwan Co-operative Bank.

Tele Columbus priced its two-tranche Eu475m bond late yesterday (Thursday), placing the German cable sector back in the limelight.