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Guarantor: Volkswagen Financial services AG Rating: A1/A+

The end of 2002 will see investors staring down the barrel of a third consecutive year of negative returns on equity. And with corporate earnings yet to improve bankers will greet the start of 2003 with trepidation. Questions over a possible war in Iraq combined with uncertainty surrounding global economic growth mean that fund managers are reticent about making predictions for 2003.

Guarantor: Volvo AB Rating: A3

Rating: Baa1/BBB+ Amount: $300m

Is veteran stock market strategist, Barton Biggs, trying to upstage Father Christmas? The craggy Morgan Stanley crystal ball gazer is saying that global stockmarkets could rise by 50% in 2003. One chief executive of a major investment bank said to us: "If old Farty Barty is right, the industry will recommend that he be canonised because he will have pulled us all out of a hole."

Financial repackaged entities closed $588m from 27 trades. Deutsche Bank was especially active through its Earls vehicles. The bank's largest transaction was a ¥2bn note through Earls Four. The deal pays a coupon of 1.85% and matures on June 21, 2011. Supranationals issued 30 trades over the week for nearly $730m. Yen was the prominent currency here, including the European Investment Bank's ¥3bn trade via Mizuho. The FX/currency-linked hybrid pays annual interest of 4% until December 15, 2005. Thereafter interest is linked to the yen/dollar exchange rate. The trade was placed at the same time as a £100m issue.

Issuance between five to seven years was strong this week. Over $1.17bn was issued from 76 trades in this maturity range. UK borrowers were the most active by nationality, issuing 18 notes. Royal Bank of Scotland issued four dollar deals, a euro trade and a HK$100m note. The Hong Kong dollar deal pays a quarterly coupon of 3.7% and has a five year tenor.

Double-A issuance edged out triple-A trading by just over $12m. While banks dominated double-A volume, some corporates were also active. TotalFinaElf Capital closed a £75m note that is fungible 40 days from the payment date with a £150m issue launched on August 20. The new deal was increased from £50m and matures on September 10, 2007. Royal Bank of Canada Europe was the lead dealer.

Amount: Eu1bn Rating: Fitch and Standard & Poor's

JP Morgan and Citigroup/SSSB have underwritten the debt facilities backing the $1.5bn Texas Pacific Group (TPG), Bain Capital and Goldman Sachs Capital Partners sponsored buy-out of Burger King from Diageo. The facilities are split into a $100m and a $750m five year term loan. As the deal is guaranteed by Diageo plc, it features corporate-style margins of 45bp over Libor. There is also a $100m revolver.

UK food and drink group Cadbury Schweppes this week announced its proposed $4.2bn cash acquisition of US confectioner Adams from Pfizer. The takeover will be financed by a $6.1bn syndicated loan.

UK food and drink group Cadbury Schweppes this week announced its proposed $4.2bn cash acquisition of US confectioner Adams from Pfizer. The takeover will be financed by a $6.1bn syndicated loan.