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  • The loan market of western Europe was characterised by oversupply of bank debt and undersupply of big-ticket dealflow last year, bringing the issue of relationships between borrowers and lenders to the forefront. While Deutsche Bank made the headlines when it pulled out of Volkswagen’s Eu10bn facility in May, that was just one example of a fresh assessment among banks of how they could manage their lending relationships. Adam Harper reports.
  • With JGBs trading above swaps, triple-A international borrowers had no room to fund sub-Libor in yen. That left the field clear for Japanese government guaranteed issuers — until a window opened in September and the likes of BNG and Depfa charged through. As Jo Richards reports, the market expects rates to rise, so 2004 may be another tough year.
  • Last year saw one of the most incredible turnarounds ever seen in the capital markets. The corporate bond market didn’t just recover from its near-death experience in 2002, it hit top speed, driven by the twin engines of investors’ insatiable demand for yield and borrowers’ need to lock in rock bottom rates before it was too late. Toby Fildes reports.
  • Guarantor: Abbey National plc
  • The much awaited development of the long dated end of the euro corporate market finally materialised last year when Olivetti launched a Eu400m 30 year bond in early January. It was later increased by a further Eu400m due to investor demand, as part of a multi-tranche Eu3bn funding exercise.
  • The spectre of fraud loomed over the asset backed commercial paper market this week as news broke that Citigroup, the world’s most prominent bank conduit sponsor, was exposed to a potential fraud relating to trade receivables invoicing by Parmalat subsidiaries.
  • Guarantor: Abbey National plc
  • Rating: Aa3/AA-
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