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Amount: ¥16bn Rating: Moody's/Standard & Poor's

Pemex, usually one of Latin America's more aggressive borrowers, this week took the path of least resistance in a volatile market by pricing and sizing its $750m 5.5 year bond to perform. Despite attracting more than $1.6bn in orders, Pemex neither increased the announced size of the deal, nor tightened its 320bp area price guidance.

Rating: Baa1/BBB- Amount: $750m

Mandated arranger BayernLB launched senior syndication of the Eu125m three year bullet term loan for Bank Millennium (formerly BIG Bank Gdanski) this week. The deal will be launched into general syndication in the second half of February. Proceeds will be used to partly refinance a $170m three year bullet facility secured in April 2000. Mandated arranger was BayernLB and the loan paid a margin of 47.5bp over Libor.

Peru seized upon a small window of opportunity for issuance this week to price a $500m 12 year global bond ahead of what could be more volatile times. Although it wrapped up its two-team US roadshow last week, the sovereign waited for what its lead managers Deutsche Bank and Merrill Lynch expected would be better trading days after the US president's State of the Union address.

Poland and Hungary put their emerging market status behind them this week, pricing blowout euro benchmarks that were the first sovereign convergence deals since the historic EU enlargement summit at Copenhagen last December.

Poland and Hungary put their emerging market status behind them this week, pricing blowout euro benchmarks that were the first sovereign convergence deals since the historic EU enlargement summit at Copenhagen last December.

Guarantor: Rabobank Nederland Rating: Aaa/AAA/AA+

Rating: A3/A- Amount: C$200m (increased from C$175m on 29/01/03)

The Portuguese government outlined its plan for the privatisation of the pulp and paper company Portucel this week, which will see the state relinquish its majority holding in the group. The government, which has a 56% stake in Portucel, has structured a deal to increase the share capital of the company by 25%, and then sell this stake to a strategic partner. Once the strategic partner has been approved the state will then sell 15% of the company's current share capital to investors. At the end of the process the government's holding in Portucel will to be reduced to a minimum of 33%.

Rating: Aaa/AAA/AA+ Amount: R200m

Rating: A2 Amount: Eu600m