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Rating: Aa1/AAA Amount: A$100m (increased to A$100m issue launched 08/01/03

Rating: A2/A+ Amount: C$100m

A group of around 35 to 40 institutions attended the bank meeting last Friday in London for the $1.81bn of senior debt facilities backing Blackstone's buy-out of TRW Automotives. As the deal features US-style pricing it will be attractive to European CDOs.

Rating: Aa2/AA Amount: to be fixed 27/01/03 according to exchange offer

Loans bankers were this week speculating whether Vodafone plc will tap the loan market for extra cash now that it has had to use Eu2bn to buy back its share in Spanish subsidiary Airtel Movil. The buyback involves Spanish company Acciona selling its entire stake to Vodafone, giving the UK group full ownership. Vodafone also had to pay $2.2bn for SBC's stake in Cegetel.

The continuing slide in equity markets this week, resulting in the FTSE 100 reaching lows not seen for five years, did not hit the credit market as hard as expected, with spreads widening only a limited amount. However, the large supply of three year dollar global product took its toll, with recent deals by the EIB and ADB losing some 6bp-7bp on the week.

Mandated lead arrangers of the £426.4m term loan supporting the construction of Wembley Stadium have signed in two sub-underwriters and two banks for large take-and-hold commitments in an initial stage of senior syndication. SCH and BBVA have joined as sub-underwriters and Bank of Ireland and Hamburgische Landsbank have committed take-and-hold tickets.

Rating: Aa3/AA-/AA- Amount: A$1.575bn

Rating: Baa2/BB+/BBB Amount: ¥43bn

Debut issuer Morgan Stanley Dean Witter re-opened the European market for credit card receivables this week, with the debut offering from its new master trust closing oversubscribed. The deal's close is the culmination of a process that began when Morgan Stanley issued its first credit cards in the UK in 1999 with a view to securitising them. The bank has followed a similar strategy with its Discover Card programme in the US, which is now a regular issuer.

UBS Warburg and Banco Espírito Santo this week brought a Eu500m wrapped transaction for Rede Ferroviária Nacional (Refer), the Portuguese railway infrastructure company. The deal is Refer's first term financing not to be explicitly guaranteed by the Portuguese sovereign. "We marketed it as a Eu350m deal," said a syndicate official at UBS Warburg in London. "The fact that we were able to increase it so much demonstrates the success of the process. It opens up an opportunity for the company to borrow in its own right, without a guarantee."