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Guarantor: Deutsche Telekom AG Rating: Baa3/BBB+

Amount: Eu150m Öffentlicher Pfandbrief series 866 Maturity: February 15, 2005

Deutsche Telekom was in the market again this week, the second time in as many weeks. This time the debt-laden telco was looking for an untapped investor base that would absorb a Eu1bn five year deal via DZ Bank and WestLB. Described by the borrower as a "specially targeted issue", the deal was aimed at European savings banks (Sparkassen) and credit unions (Volksbanken), similar to Ford's EcoSav products. Bankers were suspicious of the motives behind the deal. One London-based syndicate manager said: "There is so much DT debt in the market already, to say they are looking for new investor bases is unbelievable."

Rating: B1/B+

The $850m of debt guaranteed by drinks company Diageo supporting the buy-out of Burger King will be closed shortly after being heavily oversubscribed in syndication. With an A1/A+ rating and a wide group of relationship banks eager to secure ancillary business, the deal has been a blow-out in syndication.

Amount: Eu150mÖffentlicher Pfandbrief series 1079 Maturity: August 6, 2004

Deutsche Telekom was in the market again this week, the second time in as many weeks. This time the debt-laden telco was looking for an untapped investor base that would absorb a Eu1bn five year deal via DZ Bank and WestLB. Described by the borrower as a "specially targeted issue", the deal was aimed at European savings banks (Sparkassen) and credit unions (Volksbanken), similar to Ford's EcoSav products. Bankers were suspicious of the motives behind the deal. One London-based syndicate manager said: "There is so much DT debt in the market already, to say they are looking for new investor bases is unbelievable."

The EuroCP success story from 2002 is continuing into the new year. Market volumes remain strong and outstandings now total over $330bn, up more than $15bn since December 31, 2002. And despite the heavy volumes, spreads have remained attractive. With new issues exceeding redemptions the market should continue to break new outstandings records this year, with one dealer predicting that in one to two years the EuroCP market will total $500bn, rather than around $300bn at present.

Rating: Aaa/AA+/AAA Amount: Nkr500m

Rating: Aaa/AAA Amount: £100m

Rating: Aaa/AAA Amount: Ck3.5bn

Rating: Aaa/AAA Amount: £250m