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Rating: Aaa Amount: Eu250m (fungible with three issues totalling Eu1bn first launched 09/04/99) Öffentlicher Pfandbrief series 560

Guarantor: Münchener Ruckversicherungsgesellschaft AG Rating: A2/A/AA-

Rating: Aa3/AA/AA Amount: $500m

ABN Amro and JP Morgan have signed in banks on the popular Eu400m loan for chemicals group DSM. Despite raising over Eu600m from the market, the borrower did not increase the facility. Co-arrangers are Citigroup, Rabobank and UBS. Tickets at this level were Eu40m for 25bp.

Telecom Corp of New Zealand (TCNZ) is tapping the market for a $325m three year multi-currency revolver through arranger JP Morgan. Lending banks will earn a margin according to the borrower's Standard&Poor's rating ranging between 85bp over Libor for a BBB rating to 35bp for an AA- rating. Lenders will initially receive a margin of 45bp as the borrowers rating stands at A.

Mexico Mexican retailer Controladora Comercial Mexicana (Comerci) is planning to come to the US private placement market with a $100m bond offering.

Germany Standard&Poor's cut the rating of Hannover Re from AA to AA- on Tuesday, one day after the company said that it was committed to keeping its AA rating but did not need a capital increase.

Danske Bank, Lloyds TSB, Royal Bank of Scotland and WestLB have closed oversubscribed the £500m five year revolver for Northern Rock. The borrower has yet to decide whether to take an increase.

Rating: Aaa/AAA Amount: $1bn

The Nordic Investment Bank has successfully positioned itself among the top tier of supranational borrowers with its second global dollar bond, a $1bn April 2008 transaction launched this week via BNP Paribas, HSBC and Morgan Stanley. Initial price guidance of Treasuries plus 25bp area was quickly revised to 24bp-25bp as the book gained momentum and final pricing was set at 24bp over. At the equivalent of Libor minus 18bp, the deal came flat to the EIB five year on a curve adjusted basis when six months ago with its January 2006 bond, triple-A rated NIB paid a premium of 1.5bp-1bp over the EIB.

Mandated arranger BayernLB has closed syndication of the Eu75m revolver for Sparebanken More. The deal has been 50% oversubscribed and will be increased to Eu100m when banks are signed in this month. The deal will pay a margin of 28.5bp over Libor, with a commitment fee of 50% of the margin. Three tickets were offered during syndication: senior lead manager for a take of Eu7.5m for a fee of 12.5bp flat; lead manager for a take of Eu5m for 10bp flat; and manager for a ticket of Eu2.5m for a fee of 7.5bp.