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Guarantor: HBOS plc, Bank of Scotland

Twelve months ago, the chances of European corporates choosing high yield as a financing tool were slim, at best. Today, the asset class seems a much more viable option and the market has a sense of gravity about it, after posting the best yearly issuance volumes since its inception. Neil Day reports on a not-so-niche product.

Sun Hung Kai Properties is set to be the first Hong Kong blue chip corporate to hit the market this year as it prepares to launch a Hong Kong dollar fundraising early next week.

Rating: Aa1/AA-/AAA

The Eu500m facility for AKK, the Republic of Hungary’s debt agency, has been signed. Mandated lead arrangers are HSBC and SMBC. Arrangers are BayernLB, BNP Paribas, Caja Madrid, Crédit Agricole Indosuez, Deutsche Bank, Kereskedelmi es Hitel Bank, Sanpaolo IMI, SG and WestLB.

HVB conduit Arabella Funding this week issued its first EuroCP note with a term of one day and became the first borrower to issue a yen denominated trade in that tenor.

Rating: Aa1/AAA (Moody’s/Fitch)

After a lousy 2002 and a slow start to 2003, suddenly the year changed and became an annus moolah-is for most capital market bankers, writes Ian Kerr .

Once more the debauched collective at the Euro Hell-Fire Club has broken off from its exertions in the basement to reward the leading lights of the Euromarket and reprimand its deviants. The archaic customs of Sir Francis Dashwood’s original Hell-Fire Club are a world away from the modesty and asceticism of today’s banking community, so we reject his wanton motto of ‘Fay ce que voudres’ in favour of the rather more disciplinarian ‘Don’t spare the rod’. Callow Euromarket members wanting to win our approval in future would do well to take note.

Because fixed income has once more been the breadwinner for the investment banks, I am looking at the form for the 2004 runners and riders. Having picked the first four past the winning post in 2002, I expected to be hauled up before the Jockey Club, but I can only assume that the committee members backed my tips.

Rating: BBB+

UK supermarket chain Tesco re-entered the equity capital markets on Tuesday after a 10 year absence to issue 315m new shares.