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As the infection rate of the severe acute respiratory syndrome (Sars) rises across Asia, regional economies and capital markets, as well as individuals, are feeling the effects. The Asian bond market has been no exception. Despite a strong and growing pipeline, concerns abound that it will be hard to translate interest into reality. With masked pedestrians staring out from newspaper front pages and television screens, and infection rates and death tolls still rising, global sentiment towards Asian issuers is deteriorating.

Guarantor: Abbey National plc Rating: Aa3/AA-/AA-

The UK regulator has fined ABN Amro Equities £900,000, one of its largest penalties ever, and also fined the bank's former joint head of UK equity trading Michael Ackers £70,000. The bank was penalised for attempting to manipulate the closing price of four different stocks on three separate occasions, between April 1998 and October 1998. The Financial Services Authority, which regulates the UK stock markets, found that ABN Amro's equities division did not have an adequately resourced compliance function.

The UK regulator has fined ABN Amro Equities £900,000, one of its largest penalties ever, and also fined the bank's former joint head of UK equity trading Michael Ackers £70,000. The bank was penalised for attempting to manipulate the closing price of four different stocks on three separate occasions, between April 1998 and October 1998. The Financial Services Authority, which regulates the UK stock markets, found that ABN Amro's equities division did not have an adequately resourced compliance function.

Rating: Aaa/AAA/AAA Amount: Sfr150m (fungible with Sfr200m issue launched 16/01/03

The seven banks that joined the $1.15bn pre-export financing for Sonangol during senior syndication will be signed in within the next few days. Mandated arrangers African Merchant Bank, BNP Paribas, Natexis Banques Populaires and SG will then launch general syndication in early May.

Banca Antonveneta has signed and issued its inaugural trade off a new Eu1bn EuroMTN programme. The Italian regional bank signed the facility through Merrill Lynch and ABN Amro. It is only the second time that Antonveneta has come to the international markets after issuing a Eu500m senior bond earlier this year.

Amount: ¥21bn Class A notes: ¥21bn

If you were lazing on a sun-kissed beach over the long Easter weekend, you may have missed the first quarter results from Citigroup. While you were dabbing a little extra Ambre Solaire around the most interesting bikini-line areas, Sandy Weill and his number-crunching line managers were burning rubber and leaving the opposition for dead. A former Morgan Stanley MD who came for lunch on Easter Sunday said: "Those numbers were truly awesome and it makes you wonder how the opposition can compete".

Guarantor: Volvo AB Rating: A3

Rating: Aa2/AA/AAA Amount: $1.5bn

Sovereign credits continue to dominate the debt markets with ERAP, guaranteed by the French Republic, raising Eu5.4bn of three and seven year securities and Italy raising $1.25bn of five year bonds. KfW issued a $750m four year transaction and Austria is expected today (Friday) with a $500m seven year issue priced in the low 70s over Treasuries. The ERAP deal, which completes the borrower's funding programme for 2003, was oversubscribed to the tune of Eu9bn and was finally allocated as Eu3bn of three year bonds and Eu2.4bn of seven year bonds.