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As the threat of war with Iraq looms ever closer, the bond markets become ever quieter. There was little new issuance this week and the pipeline of prospective issuance remains thin as borrowers choose to wait and see, rather than commit to coming to the market. The European Central Bank yesterday (Thursday) took a small step to shore up the faltering euro economy, cutting rates by 0.25% to 2.5%. Some analysts had forecast a more aggressive cut of 0.5%. The market as a whole seemed disappointed by the bank's lack of movement.

Lehman Brothers, SG and WestLB launched the £426.4m of debt backing the construction of the new Wembley Stadium into general syndication this week. Three take-and-hold-tickets are on offer to banks: arrangers are paid 100bp for a take of £30m, co-arrangers are offered 80bp for £20m and senior lead managers get 60bp for £10m.

Mike Weston has resigned from Morgan Stanley, where he was global head of debt syndicate, after 16 years. Weston ran European debt capital markets until last year. Morgan Stanley confirmed that he has left the firm to pursue new interests. The bank's employees were informed of his departure in an internal memo on Wednesday morning.

Rating: A1/A+ Amount: $350m lower tier two capital

Rating: BBB+ Amount: $150m

Rating: Aaa/AAA/AAA Amount: $250m (fungible with $500m issue launched 08/01/03)

Rating: Aaa/AAA/AAA Amount: Sfr275m

Rating: Aa1/AAA (Moody's/Fitch) Amount: Huf4bn Landesschatzanweisung (fungible with Huf6bn issue launched 20/01/03

Rating: Aa2/AA Amount: Z100m

Rating: Aaa/AAA/AAA

Landesbank Schleswig-Holstein (LB Kiel) last Friday (February 28) extended its bid to diversify its investor base away from its traditional German supporters by launching a successful Eu1.25bn 10 year benchmark via BNP Paribas, Deutsche Bank and UBS Warburg. The transaction maintains LB Kiel's position at the forefront of the German Landesbanks' drive to reposition themselves in the international bond markets following the loss of the support mechanisms of Anstaltslast and Gewährträgerhaftung from 2005.

Never let it be said that Leak won't go to great lengths to dig up scoops for our readers. Last week one of our more intrepid members jetted off to frozen central Asia to check out the issuance prospects. The good news for origination teams starved of mandates to chase is that Kazakhstan is likely to prove a goldmine for CP/MTN bankers, with a horde of banks and corporates looking to sign programmes.