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Mandated arrangers Nordea and Citigroup/SSSB this week launched a surprise late deal into the Nordic syndicated loan market. The Eu400m five year facility for pharmaceuticals company Novo Nordisk was launched into general syndication and will undoubtedly provide a welcome treat for lenders at the end of a slow year.

Bankers and investors this week had a glimpse of the bond markets in 2003, as issuers from several of the past year's worst performing sectors entered the market for opportunistic financings. From the telecoms sector, Vodafone and Deutsche Telekom launched transactions that, although large, pale in comparison to the multi-billion dollar packages of recent years. GMAC and DaimlerChrysler overcame negative sentiment towards the auto sector to raise modest amounts. And Household, boosted by its acquisition by HSBC, was able to launch a dollar bond that would have been unthinkable two weeks ago.

Bankers and investors this week had a glimpse of the bond markets in 2003, as issuers from several of the past year's worst performing sectors entered the market for opportunistic financings. From the telecoms sector, Vodafone and Deutsche Telekom launched transactions that, although large, pale in comparison to the multi-billion dollar packages of recent years. GMAC and DaimlerChrysler overcame negative sentiment towards the auto sector to raise modest amounts. And Household, boosted by its acquisition by HSBC, was able to launch a dollar bond that would have been unthinkable two weeks ago.

After months of deliberation, Peru's finance team is being pushed out on a roadshow by its lead managers, in the hope that Peru's government will be forced to approve the country's long awaited bond issue. Not only has approval yet to be given, but the size and structure of the deal are still undecided.

The Republic of the Philippines struggled but closed its $500m February 2013 deal on Monday, after political farce at the end of last week nearly destroyed the issue. The sovereign had announced the swiftly arranged SEC registered bond issue last Thursday. But its plans almost collapsed when reports surfaced last Friday evening that four members of the cabinet, including secretary of finance Jose Camacho, had tendered their resignations to president Gloria Macapagal Arroyo.

Guarantor: Banco Popular Español SA Rating: Aa1/AA/AA

Rating: Aa3/AA-/AA- Amount: £200m

Rating: Aa3/AA- Amount: C$125m (increased 19/11/02 from C$100m)

Rating: Aa2/AA Amount: $750m

Rating: Aa3/A+ Amount: C$100m (fungible with C$150m issue launched 04/09/02)

Amount: £535m Guarantor: MBIA

Rating: Ba1/BB+/BB+ Amount: $500m global bond