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Verizon this week stood out as the only major issuer to have launched a poorly performing global bond, after having aggressively priced its $1bn five year debut for 2003. The offering, branded by bank rivals as a "bought deal" by Citigroup/SSB, was priced at 110bp and traded as wide as 120bp on the break amid an otherwise strongly performing new issue market, dominated by transactions that have mostly traded at or inside re-offer levels.

Guarantor: Volvo AB Rating: A3

Rating: AAA (S&P) Amount: Z75m (fungible with Z150m issue launched 30/01/03)

The euro market came of age last week with the development of a 30 year corporate sector. Olivetti led the way with a Eu400m bond, closely followed by France Télécom, which issued a Eu1bn 30 year, and finally by Deutsche Telekom with a Eu500m transaction.

SG, WestLB and Lehman Brothers confirm that four sub-underwriters have committed to the £426.4m term loan, which is funding the construction of a new football stadium at Wembley, will be signed into the loan by the end of this week. A general syndication will be launched at the end of January.

Some pricing and structural details of Wincanton Group's £270m acquisition facility lead arranged by Lloyds, Royal Bank of Scotland and WestLB have emerged. The five year loan is split into a £155m amortising term loan 'A' and a £115m bullet revolving credit facility.

Rating: Aa1/AA+/AAA Amount: Eu1.25bn (increased from Eu1bn)

Rating: A (Fitch) Amount: Z65m

Guarantor: Abbey National plc Rating: Aa2/AA-/AA-

The mandated lead arrangers for the long awaited $500m 10 year commercial loan for Aluminium Bahrain BSC (Alba) phase II expansion project launched the deal into syndication this week. It should be well received by the syndicated loan market as it is a strong credit and the first from the Middle East in 2003. One banker told EuroWeek that due to the shortage of deals from good credits in the region international lenders as well as local banks are sure to lap this debt up. Project finance deals were the mainstays of the syndicated loan market in 2002 in the Middle East and this looks likely to continue this year as corporates and banks in the region have yet to rear their heads.

Rating: Aaa/AAA/AAA Amount: Sfr200m

Rating: A1/A+/AA- Amount: Eu300m