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CSFB and JP Morgan have approached the syndicate of senior lenders signed into the debt facilities which backed the Clayton, Dubilier & Rice buy-out of frozen food distributor Brake Bros earlier this year. The arrangers need agreements from the banks to slightly alter the position of the subordinated debt - a £175m bridge to a high yield bond - in the capital structure. Bondholders will be moved to just behind trade creditors. This will not alter the senior lenders' structural subordination - they will still get paid back.

Rating: Aaa/AAA Amount: Ck1bn (fungible with Ck2bn issue launched 20/11/02)

Rating: Aaa/AAA Amount: £250m

Rating: Aaa/AAA Amount: £100m (fungible with two issues totalling £300m first launched 02/10/02)

Rating: Aaa/AAA Amount: £100m (fungible with seven issues totalling £1.2bn first launched 06/01/98)

Rating: Aaa/AAA Amount: Nkr1bn

The primary markets were as quiet as a mouse in the week before Christmas. In between festive celebrations, investors and borrowers were focused on holidays or what will be happening in the first quarter of 2003. The usual rush of triple-A dollar issuance should arrive in the first couple of weeks of the year, with the EIB, Rentenbank and Rabobank likely to issue first. Bankers are also betting on heavy corporate issuance in the first month, with the potential of war with Iraq likely to make the market difficult at the end of February/early March.

ING (joint bookrunner), Goldman Sachs and Bank of Scotland (bookrunner) have launched the debt facilities backing the recapitalisation and secondary buy-out of DIY retailer, Focus Wickes. Banks have been invited to sub-underwrite £75m for total fees of 165bp or £50m for 140bp.

Banks and institutions will be signed into the debt facilities backing the buy-out of Demag today (Friday). Arrangers and underwriters expect there will be a further selldown in the secondary market in early 2003.

Guarantor: Amount: Eu1.7bn