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The effect of recent new issuance was still pulling at spreads this week, but the seemingly inevitable war against Iraq, as well as the paying in the swaps market by mortgage accounts, kept levels well supported. By yesterday (Thursday) afternoon in New York, the five year mid-market was around 45bp and the 10 year was at 44.25bp. On Monday, swap spreads had suddenly pushed out by 2bp or more and Goldman Sachs was said to be a big payer once again. The investment bank was believed to have paid on up to $3bn at five years and 10 years, which drove out spreads to 47bp at five years and 46.25bp at 10 years at the close. These prices represented the highs of the week.

Rating: A2/BBB/A- Amount: Eu750m

Germany is maintaining its reputation as a hotbed of leveraged buy-out activity. Three medium-to-large German companies are currently subject to buy-outs. European and US private equity sponsors are circling chemicals logistics company Brenntag which is owned by Stinnes, media company BertelsmannSpringer which is being sold off by Bertelsmann, and Viterra Energy Services (VES) is being divested from parent company Viterra, part of E.On.

Rating: A1/A/A Amount: Eu5bn

South Africa's Harmony Gold took advantage of a strong gold price on Tuesday to raise $124m through an accelerated bookbuild. JP Morgan led the offering which was launched after the close in Johannesburg and was priced before the markets opened on Wednesday.

Mandated arrangers Bank of Tokyo-Mitsubishi (bookrunner), Citigroup/SSSB (bookrunner) and National Bank of Greece have described syndication of the $200m three year dual tranche bullet term loan for Hellenic Petroleum as a roaring success. Syndication will be closed by today (Friday) and the deal has been oversubscribed by more than 30%.

Guarantor: Hamburgische Landesbank Girozentrale Rating: Aa1/AA/AAA

The Hellenic Republic's Eu5bn five year benchmark has been hailed as a runaway success, despite rapidly following a Eu5bn 10 year bond launched two weeks ago. The book was almost twice oversubscribed with Eu9.5bn of orders, the pricing was tightened from 20bp over Bunds to plus 18bp and launch was accelerated by one day, with the deal priced on Wednesday instead of yesterday (Thursday).

Syndication of the Eu150m five year bullet term loan for the Central European Investment Bank (CIB) has been going well. Commitments are due by Tuesday. The deal will be launched into general syndication thereafter. For details of tickets and fees see EuroWeek 787.

BayernLB, Danske Bank (facility agent), HSBC, Lloyds and Royal Bank of Scotland have put together a £250m revolving credit for HFC Bank plc. Each bank committed £50m to the transaction for 7.5bp flat.

HVB Group has responded to criticisms that it has been too slow to repair its balance sheet and return to profitability by announcing a change of its structure and a commitment to reduce its risk weighted assets by Eu100bn. The group will dispose about a third of its assets through the sale of portfolios and participations, spinning off its retail business and through securitisation.

Rating: AAA Amount: Eu50m Öffentlicher Pfandbrief series 5266 (fungible with Eu100m issue launched 22/01/03)