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Rating: Aaa/AAA/AAA Amount: Eu1bn Obligations foncières

Once again, war talk dominated events in the financial markets this week. Treasury yields contracted to new lows as the uncertainty surrounding the outbreak of war increased rather than diminished. However, despite these influences, dollar swap spreads narrowed. By the close of trading yesterday (Thursday), the five year swap spread was around 38bp over the new 3% Treasury due February 2008 while the 10 year had contracted to 42.75bp over 10 year Treasuries.

Rating: Aa3/AA/AAA Amount: Eu850m

Amount: Sfr100m Maturity: March 5, 2008

Frustrated equity capital market bankers are getting used to preparing a company for flotation only to see terrible market conditions force a postponement of the deal. But knowing that the vendor has no intention of carrying out the IPO this year must be particularly frustrating. That is the position that bankers at Credit Suisse First Boston, Mediobanca, Merrill Lynch and Morgan Stanley face with Enel, which has to try to float mobile subsidiary Wind to avoid triggering a put option with its partner France Télécom.

Rating: BBB (S&P) Amount: £250m secured debt

Mandated lead arranger Deutsche Bank (facility agent) with joint lead arranger and joint bookrunner BBVA launched general syndication of the debt facilities backing Capital Partners and Red Eléctrica de España's Eu764.2m acquisition of Iberdrola's electricity transmission assets on Wednesday. The new company will be called Red de Alta Tensión.

Guarantor: Fortis SA/NV Rating: Aa3/A+/A+

Investors in central and eastern Europe have this week been witnessing a frantic bidding process to win the mandate to arrange the new facility for well respected Hungarian oil and gas company Magyar Olaj-es Gazipari Rt (Mol). This will be the first deal for a Hungarian corporate this year and many lenders are eager to see what the pricing on the loan will be.

Banks will be signed into the Eu6bn revolver for Electricité de France (EdF) next week. The deal was the first investment grade general corporate purpose facility to be launched in the Euromarket this year and its successful reception highlights the depth of the market for corporates with strong ratings, inherent government risk and potential future ancillary business to offer.

Amount: Eu285m Rating: Moody's/Fitch

The regulator that oversees the City of London has followed up Eliot Spitzer's crusade against investment banking conflicts of interest in the US with new proposals to regulate equity research and issuance in the UK. The guidelines follow a similar pattern to those announced last year by Spitzer but are less radical, primarily because the market abuses uncovered in London have been minimal compared to those in the US.