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Rating: Aa2/AA Amount: Eu750m global bond

Bank allocations were being finalised last night (Thursday) after the oversubscribed syndication of the $3bn multi-currency revolver for Reed Elsevier. Banks have been invited as arrangers committing $100m for 10bp flat on tranche 'A' and 17.5bp on tranche 'B'.

The blowout success of this week’s Eu750m seven year bond for Renault has underlined the depth of investor demand for higher yielding debt.

The blowout success of this week's Eu750m seven year bond for Renault has underlined the depth of investor demand for higher yielding debt.

Rating: Baa1/BBB+ Amount: £250m REPS

Technical conditions in the fixed income market are resoundingly positive after a pessimistic FOMC statement sparked a bull rally in dollar yields against a background of strong demand for euro, dollar and sterling paper. Spreads have continued to tighten. Deals launched this week were oversubscribed as demand outweighs supply - the Eu2.3bn five year bond by Denmark amassing a book of Eu8.5bn, Renault's Eu750m issue attracting Eu2.5bn of demand and VNU's £250m 14 year REPS an order book of £1.5bn.

The US Securities Industry Association (SIA) said this week that it thought that the US securities business had "either turned the corner or was about to turn the corner", and that the number of investment banking jobs should start to rise. "We are just about at the bottom of the cycle," said Jim Spellman, an SIA official. "The early signs are that job prospects are going to get better. We are starting to see some decent profit reports for the first quarter, trading on securities markets is up, as are stock market levels, and the war in Iraq is over."

Scottish Power plc has mandated Barclays Capital, Bank of Tokyo-Mitsubishi, Commerzbank, HSBC (joint bookrunner), JP Morgan (joint bookrunner) and Royal Bank of Scotland for an $800m loan facility. A bank meeting will be held today (Friday) for the launch of the syndication of the deal which is split between a $300m one year piece and a $500m five year tranche. Market talk suggests the margins are 55bp and 65bp respectively.

Barclays Capital has the mandate to arrange a $300m five year term loan for ST Treasury Service, Singapore Technologies' financial arm. The parent is a multinational conglomerate with annual revenues of over $5bn. Barclays plans to invite a handful of banks into the facility as equal status arrangers, with lenders earning a top level all-in pricing close to the mid-50s.

Rating: Aa3/AAA Amount: Sfr250m Öffentlicher Pfandbrief

Rating: Aa3/AAA Amount: Eu250m

Rating: Aa3/AAA Amount: Sfr100m Öffentlicher Pfandbrief