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A shock drop in US consumer confidence earlier this week darkened the mood in the markets. But firmness in equities and relative stability in credit spreads sparked a small flurry of issuance before continental Europe closed for All Saints' day, today (Friday). Highlights were KfW's blowout Eu5bn bond and Poland's debut in sterling The market is waiting to see what the Fed will do next week. It is expected to cut interest rates by 50bp, unless today's US employment figures are surprisingly upbeat.

Rating: Aa2/A+/AA Amount: $650m

Guarantor: Westpac Banking Corp Rating: Aa3/AA-/AA-

Arrangers of the Eu3.5bn three year term loan for Vodafone will not launch the acquisition facility into syndication until the cat and mouse game with Vivendi Universal (VU) for British Telecom and SBC's stakes in Cegetel clarifies. Vodafone's offer for VU's 44% stake in Cegetel lapsed yesterday (Thursday) after the French group turned down the cash offer as it stands, while at the same time getting the French courts to agree to VU's plea to extend its pre-emption rights over the BT and SBC stakes by another month.

A shock drop in US consumer confidence earlier this week darkened the mood in the markets. But firmness in equities and relative stability in credit spreads sparked a small flurry of issuance before continental Europe closed for All Saints' day, today (Friday). Highlights were KfW's blowout Eu5bn bond and Poland's debut in sterling The market is waiting to see what the Fed will do next week. It is expected to cut interest rates by 50bp, unless today's US employment figures are surprisingly upbeat.

What a rotten year it has been for Switzerland, once considered to be the cuddliest country in Europe, whose citizens heard no evil and spoke even less. Now several crown jewels of Swiss industry have bitten the dust, the country's second largest bank is teetering on the brink, and its most famous home-grown share dealing entrepreneur has been exposed as a man of straw.

Rating: Aaa/AAA/AAA Amount: A$150m

Rating: Aa3/AA- Amount: Eu150m

Euro volumes remained strong, but the number of trades continued to slide this week amid uncertain market conditions. Crédit Local's Eu215m transaction was the biggest euro trade of the week. The four year note was led by Nomura and carries a semi-annual coupon of 3.5%. General Electric Capital's Eu150m trade boosted market volumes and is fungible from its payment date with a Eu2bn issue launched on June 13. The note pays an annual coupon of 5.125% and was placed by Deutsche Bank.

The EuroMTN market continued to look healthy this week with over 300 trades issued, but the number of deals fell from last week's high mark. But after a rather subdued yen market last week, issuance picked up with 128 trades closed. The financial repackaged sector was busy in yen. Neon Capital, Merrill Lynch's entity, issued four of the 17 transactions from this issuer type for a combined total of ¥3.5bn. Deutsche Bank's Earls Four closed the largest SPV trade with a ¥4.78bn deal. The note settles in March 2013 and carries a coupon of 0.44%.

Compiled by Richard Favis RBC Capital Markets

Amount: Eu550m Rating: Moody's/Fitch