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? Avoca Capital Holdings Ltd this week launched its first collateralised loan obligation. Deutsche Bank was arranger and lead manager on the Eu304m Avoca CLO I BV.

Volatile markets and agency underperformance has led many borrowers to take a more cautious approach to the market this year. In many cases this has meant more modest issue sizes. Nevertheless, liquidity remains important to investors and the changes of direction this year could prove to be only temporary, writes Neil Day.

? There will be no increase for the Eu3bn one and five year loan for Enel and banks’ commitments will be scaled back.

? The EuroMTN market was the place of choice for Italian municipal borrowers this week.

? The Sohar Oil Refinery project’s $907.8m 14 year term loan is slated to sign in the second week of December. The deal closed last week oversubscribed.

? Freddie Mac last Friday released its restated financial results for 2000, 2001 and 2002, having previously delayed the release at least twice.

Freddie Mac’s problems resulted in a familiar spasm of oversight activity on Capitol Hill.

In a week in which the great majority of credits have shunted only 3bp-4bp in either direction, the main focus of the week was once again Parmalat, the troubled Italian dairy products firm. It stood at 615bp yesterday (Thursday), giving a market of 580bp/630bp at the close of trading. However, the high trade of the week had been 700bp, at which point it was quoted as 680bp/730bp, noted dealers in London. Subsequent to this high trade, levels gradually narrowed. There have been reports of a bond buyback, which have aided the selling of protection.

?Rating: Aaa

? The eight strong arranger group for the $300m five year financing for San Miguel Corp are waiting to clear the final details with the borrower before launching the deal into general syndication.

? The Republic of the Philippines weathered a deluge of bad financial news this week, beginning with the resignations last Friday of Jose Camacho, its well respected finance secretary, and treasurer Sergio Edeza.

? Books should be closed by mid-December on the Eu380m project financing backing PKN’s plastics plant and should be signed in January. There was a bank meeting on Tuesday in London.