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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

Patrick Käufer has moved to Franfurt to take over as Morgan Stanley's head of global capital markets (GCM) corporate origination in Germany. He will report to May Busch and John Hyman, co-heads of European GCM origination. Käufer joined Morgan Stanley in 1994. He spent a year in the investment banking division in London before moving to New York in 1995 to join the equipment finance group in debt capital markets. He became head of that group in February this year.

Commentary

The asset backed sector continues to drive the EuroCP market forward. Tannehill Capital is the latest ABCP name to come to the market after signing a $5bn facility on Wednesday. Lehman Brothers is the arranger of the facility and is joined on the dealer panel by Barclays Capital and Merrill Lynch. HSBC has been appointed as the new arranger on Crédit Commercial de France's (CCF) $5bn EuroMTN programme, replacing the original arranger Morgan Stanley, which has also been dropped as a dealer. Barclays Capital, Merrill Lynch and UBS Warburg were the three other unlucky dealers also dropped from the facility.

Citigroup/SSSB is arranging a debut Eu1bn 364 day revolver for Essent NV. The loan carries a margin of 32.5bp over Euribor and ratchets on a ratings grid between 30bp and 70bp. The commitment fee is 33.3% of the applicable margin. Utilisation fees are 5bp if between 33.3% and 66.6% is drawn, and 7.5bp if over 66.6% is used. This means a fully drawn facility offers 40bp out-of-the-box.

Bulgaria Rating agency Fitch has raised Bulgaria's rating to BB from BB- as a result of prudent fiscal policy. "Favourable debt dynamics associated with tight fiscal policy, privatisation receipts, real GDP growth and real exchange rate appreciation are likely to continue to lower the debt/GDP ratio and strengthen creditworthiness over the medium term," said Edward Parker, director of sovereign ratings at Fitch in London.