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Deutsche Post this week sent the corporate market the strongest signal yet that investors are ready to put the liquidity they have built up over the turbulent summer months to work, by launching a blowout Eu1.5bn deal that was increased from Eu1bn. Split into five and 10 year tranches of Eu750m to accommodate the Eu6bn-plus of demand that the company and leads Credit Suisse First Boston, Deutsche Bank and Morgan Stanley had attracted during premarketing, the deal was priced inside early expectations and yet tightened in the aftermarket.

Guarantor: Deutsche Telekom AG Rating: Baa1/BBB+/BBB+

JP Morgan CEO Bill Harrison is under pressure after poor third quarter interim results caused the bank's share price to plummet and led to ratings downgrades from Fitch and Standard & Poor's (S&P) after close on Tuesday. JP Morgan's 2007 and 2012 bonds widened 12bp on Wednesday.

The European Investment Bank (EIB) this week pushed the primary market's patience to its limit with an aggressively priced Eu5bn three year Euro Area Reference Note (EARN) via Deutsche Bank, HSBC and JP Morgan. Marketed in the 10bp-12bp range over the Bobl 136, the transaction generated strong demand from Asia, central banks and other investors attracted to the defensive short end of the curve, which have also bid up the EIB's outstanding April 2005 and April 2006 benchmarks in recent months.

The European Investment Bank (EIB) this week pushed the primary market's patience to its limit with an aggressively priced Eu5bn three year Euro Area Reference Note (EARN) via Deutsche Bank, HSBC and JP Morgan. Marketed in the 10bp-12bp range over the Bobl 136, the transaction generated strong demand from Asia, central banks and other investors attracted to the defensive short end of the curve, which have also bid up the EIB's outstanding April 2005 and April 2006 benchmarks in recent months.

Two more Turkish borrowers have awarded mandates to arrange new facilities this week. The borrowers become the latest in a long line looking to tap the market while pricing remains favourable, and before the country's election next month.

Rating: AA/AAA Amount: Eu300m (fungible with Eu800m issue launched 04/10/01)

Amount: Eu100m Maturity: April 4, 2005

Rating: Aaa/AAA/AAA Amount: Eu50m (increase to Eu100m issue launched 04/09/02)

Compiled by Stephanie Weedon HSBC Bank plc, London Tel: +44 20 7336 3525

Rating: Aaa/AAA/AAA Amount: Eu5bn

Rating: Aaa/AAA/AAA Tranche 1: $1bn (increase to $5bn issue launched 15/07/02)