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Rating: A3//BBB+/A- Amount: $300m

Mandated arrangers Bank of China (Seoul), ICBC Asia, JP Morgan, Landesbank Baden-Württemberg, Oversea-Chinese Banking Corp and Tokyo-Mitsubishi International (HK) launched the $150m three year loan/FRN financing for Industrial Bank of Korea on Monday. The deal pays a margin of 27.5bp and banks have been invited to join on one of two levels. Arrangers pledging $10m or more gain 22.5bp and lead managers receive 19.5bp for tickets of $5m-$9.9m.

Guarantor: Federal Republic of Germany Rating: Aaa/AAA

Rating: Aa1/AAA Amount: Eu50 Kommunalobligation Reihe 1120

Rating: Aa1/AA+/AAA Amount: Eu500m Landesschatzanweisung series 419

It really is extraordinary the lengths some people will go to avoid a hangover. The majority had to make do with chilled plastic eye patches to relieve the pain from all those B52s after Dresdner Kleinwort Wasserstein's Christmas bash on Tuesday night. But the bank's own MTN supremo, Henry Nevstad, felt the best remedy would be to not attend at all. He fled to the sunny beaches of the Caribbean. Despite positive reports on DrKW's do, Leak was sure Henry had made the right choice until his colleague Sean Park mentioned something about him being eaten by a shark.

Rating: Aaa/AAA/AAA Amount: $500m

Rating: AAA/AAA Amount: Sfr150m (fungible with Sfr500m issue first launched 10/09/02)

This was the week the market had been waiting for - lots of new deals, many increased in size, priced at the tight end of expectations and tightening further in the aftermarket. And at last the ECB cut interest rates. The 50bp cut led to a rally in government bonds but put the euro under pressure. The telecoms sector was boosted yesterday (Thursday) by details of a rescue plan for France Télécom. Up to Eu2bn equivalent is expected imminently on the back of a positive change in sentiment. Another fillip for telecoms came with the upgrade of KPN's credit rating from BBB- to BBB by Standard & Poor's.

Rating: Aaa/AAA/AAA Amount: $3bn

Mandated arrangers Barclays (sole bookrunner), JP Morgan and Nordea have closed syndication of the Eu400m five year revolver for Fingrid Oyi. Banks will be signed in next week. Commerzbank, Danske Bank and Sampo Bank joined as arrangers during senior syndication.

ING (bookrunner), Goldman Sachs and Bank of Scotland (bookrunner) are arranging the £525m of senior debt facilities backing the recapitalisation of the UK's second biggest DIY retailer Focus Wickes. Some £435m of drawn term debt is split into a £235m six year term loan 'A' carrying a margin of 225bp over Libor, a £100m seven year term loan 'B' priced at 275bp and a £100m eight year term loan 'C' at 350bp. There is also a £90m revolver.