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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.

The Eu500m loan for Adecco mandated to Bank of America, Bank of Scotland and SG will be syndicated in the new year. Syndication of the Eu500m 364 day revolver for Cereol has been closed oversubscribed at around Eu697m. The borrower is mulling an increase.

France Télécom is planning to issue between Eu1.5bn and Eu2bn of seven to 10 year bonds imminently and banks have already been awarded a mandate for the deal, say investors. The troubled telco - Europe's most indebted company - announced plans yesterday (Thursday) to refinance Eu15bn of bonds between 2003 and 2005. The news of the restructuring was well received by the market.

France Télécom is planning to issue between Eu1.5bn and Eu2bn of seven to 10 year bonds imminently and banks have already been awarded a mandate for the deal, say investors. The troubled telco - Europe's most indebted company - announced plans yesterday (Thursday) to refinance Eu15bn of bonds between 2003 and 2005. The news of the restructuring was well received by the market.

Rating: Aaa/AAA Amount: $3bn (fungible with $4bn issue launched 11/09/02)