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Rating: Aaa/AAA Amount: $3bn Reference Notes

Agency spreads continued to outperform the market this week, and Freddie Mac priced its $3bn five year Reference Note, the smallest since 1999. The deal, lead managed by Bear Stearns, Credit Suisse First Boston and Goldman Sachs yielded just 27bp more than the 1.5% two year Treasury Note.

Rating: Aaa/AAA/AAA Amount: Eu125m (fungible with two issues totalling Eu875m launched 20/01/03 and 05/02/03)

Amount: Eu1.08bn Issue price: 100.00

"Drop dead gorgeous," is how one market participant described the debt facilities for gaming and casino group Gala which were launched into syndication last week. "The cashflow of these businesses never suffers from troughs in an economic cycle," he said. "Gala's management also has an impeccable reputation." The strength of the business means that the multiple of 4.25 times to Ebitda for the £615m of senior debt which is considered slightly overleveraged is sustainable.

Citigroup/SSSB and Commerzbank have launched a Eu125m dual tranche loan for furniture company Steinhoff Europe. Co-arrangers taking Eu20m receive 70bp, senior lead managers committing Eu15m get 60bp and lead arrangers with a take of Eu10m, 50bp.

Stephen Green, head of HSBC Group's corporate, investment banking and markets division, is to replace Sir Keith Whitson as group chief executive at the endof March. Sir John Bond remains chairman. Whitson retires at the annual general meeting on March 30.

Estonia's leading bank Hansapank has priced the debut issue from its Eu750m EuroMTN programme, a Eu300m three year bond that is the largest private sector issue so far from the Baltics. Despite difficult market conditions this week, lead manager Barclays Capital was able to price the issue at the top end of the price talk range of 55bp to 60bp over mid-swaps, and increase the deal size from an original target of Eu200m to Eu300m. Swedbank, which owns a majority stake in Hansapank, was senior co-manager on the deal.

Guarantor: Bank of Scotland Rating: Aa2/AA/AA+

The HK$250m three year term loan for Gold Peak Industries arranged by Citic Ka Wah Bank and Development Bank of Singapore is progressing well. Around 12 banks have been invited into the facility. Responses are due March 10.

Rating: Aa3/A+/AA Tranche 1: Eu600m lower tier two capital

Mandated arrangers Bank Austria, DZ Bank, ING and LB Kiel will sign banks into the Eu150m five year bullet term loan for Central-European International Bank (CIB) by next Friday. Erste Bank and BayernLB are arrangers.