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CSFB and JP Morgan have released the list of banks that signed into the £295m of debt facilities backing the Clayton, Dubilier & Rice buy-out of frozen food distributor Brake Bros. Participants are Bank of Scotland, Barclays Capital, Lloyds, Royal Bank of Scotland, SG, Scotia Capital, Rabobank and ING. All of these banks were brought down to Eu23.5m from their initial underwriting positions of Eu50m for 130bp. The final intended take was projected to be Eu25m.

Volumes in the three to five year sector were up this week, with Australian dollars proving popular. Australia and New Zealand Banking Group closed the biggest Australian dollar deal with a A$270m trade that settles on April 10, 2007. The note carries a spread of 18.2bp and pays interest at 16bp over three month BBSW. Royal Bank of Canada Europe was the bookrunner. BayernLB issued a A$25m three year note with an annual coupon of 5.34%. RWE boosted sterling issuance with two £100m transactions. One of the trades was issued through RWE Finance and is fungible from the payment date with a £250m issue launched on April 6, 2001. JP Morgan placed both trades.

Supranationals closed more volume this week than any other issuer type outside of banks. The World Bank issued four yen notes and three dollar deals. The biggest dollar transaction was for $30m and goes out 10 years. The capped FRN was lead managed by Mizuho. Daiwa Securities SMBC Europe also placed a ¥1bn FX/currency linked hybrid for the World Bank. The note pays an annual interest of 4% for its first year and thereafter interest is linked to the yen/dollar exchange rate. Daiwa also placed a ¥500m 15 year FX/currency linked hybrid for Council of Europe Development Bank.

Triple-A and double-A issuance were almost identical this week in terms of volume, with just $2,000 separating them. But triple-A volume was up on last week's level. German triple-As were the most active with the Landesbanks closing much of the volume. Landesbank Baden-Württemberg Capital Markets issued a $30m note with a 10 year tenor through HSBC. The range issue pays interest of 6.75% x N/360, where N equals the number of calendar days in the coupon period on which three month Libor falls within range. BayernLB issued five trades, including a $12.8m six year note with Goldman Sachs as the lead dealer.

Sub-underwriting for the $250m five year fundraising for the Ministry of Finance of the Sultanate of Brunei arranged by ABN Amro Bank, BNP Paribas and HSBC has been closed oversubscribed. Over 20 banks committed to the deal and the arrangers are in discussions with the borrower regarding an increase.

Guarantor: Canada Mortgage & Housing Corp Rating: Aaa/AAA