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Turkey has taken advantage of buoyant markets for the second time in 10 days, tapping its $600m 2012 11.5% bond for $400m, via CSFB and Goldman Sachs. The sovereign is also considering a new euro denominated offering next week, as it has a Eu600m three year issue that matures on December 17. EuroWeek understands that it would like to do a five year transaction, although some bankers believe that a three year deal makes more sense as retail investors are unlikely to want to buy paper with a longer maturity.

The Nordic Investment Bank has launched its first ever large benchmark issue, a $1bn three year global bond via bookrunners Citigroup/S SSB and Goldman Sachs. The strategic deal, priced at 83bp over two year Treasuries, follows three weeks of roadshows in Europe and Asia, and was the result of changing needs for the triple-A rated supranational.

Mizuho is underwriting the debt facilities backing the £125m LBO of ventilation and cable management businesses of Smiths Group plc by HSBC Private Equity. The new company will be called Vent-Axia. The deal will consist of £80m of term senior debt, a £10m revolver and a £20m mezzanine loan.

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.

Wasn't it Willie Sutton who, when asked why he robbed banks, replied: "Because that's where the money is!" Of course Willie was right, although anyone holding up a branch of Credit Suisse or HVB this week might be told that there's nothing in the till. But time has moved on since the days of Willie Sutton and Bonnie and Clyde. The latest wheeze to get rich without having to work too hard is to be an executive assistant to a high-rolling investment banker or Euromarketeer.

Rating: A- Amount: Eu150m Hypotheken Pfandbrief series 164

Rating: Aaa/AAA Amount: Nkr300m (fungible with Nkr1.5bn issue launched 28/08/02)

Rating: Aa2 Amount: Eu50m (increase to Eu50m launched 25/11/02) Öffentlicher Pfandbrief series 515

The six banks which agreed to sub-underwrite the Eu825m of debt facilities backing the recapitalisation of paper company Xerium, owned by Apax Partners were upset this week to hear that Morgan Stanley had come up against internal issues regarding its position as co-underwriter and mandated lead arranger with CIBC. The problems disconcerted sub-underwriters which assumed that Morgan Stanley had received full approval to do the deal. It is unclear what the problem was, but some bankers suggest that Apax demanded terms and conditions on the debt from Morgan Stanley which the bank's head office in New York would not authorise. Other bankers say that problems arose because of the investment bank's guarded use of capital.

Amadeus Global Travel has secured a Eu300m five year revolver from relationship banks BBVA (bookrunner), Banco Español de Crédito, Banque Bruxelles Lambert, Crédit Agricole Indosuez, JP Morgan, Natexis Banques Populaires, Royal Bank of Scotland (co-ordinator and documentation agent) and SG. Proceeds are for general corporate purposes.

Rating: Aa2/AA+ Amount: NZ$100m