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Banco Santander Central Hispano (BSCH) pushed the cédulas hipotecarias market too far last Friday by launching a Eu3bn five year transaction less than two weeks after rival BBVA raised the same amount in the same maturity. After BBVA had leapfrogged BSCH to access the market first, syndicate officials away from the BSCH deal had suggested that the bank opt for a different maturity or scale down its ambitions. However, BSCH persevered with its transaction to the detriment of both itself and BBVA.

Bulgaria yesterday (Thursday) successfully completed its second Brady bond swap of the year with a $759m transaction that was just short of the country's maximum permitted level of $800m. Ten days ago the Bulgarian parliament narrowly voted in favour of a swap of up to $800m of Brady debt into the country's 2015 dollar bond. The transaction was first launched in March this year, when Bulgaria executed a $1.32bn Brady swap and new cash offering which resulted in the issuance of a $510m 8.25% 2015 dollar global and a Eu385m 7.5% 2013 tranche.

Rating: A- (Fitch) Amount: Eu180m non-cumulative capital notes

Crédit Lyonnais chairman Jean Peyrelevade sent the French bank's share price plunging this week when he reiterated his view that the French state should sell its 9.5% stake in the bank. The share price sank 12% between Monday and Wednesday following a radio interview Peyrelevade gave over the weekend. In it he explained that the government should sell its entire stake so as to give the bank an opportunity to pursue possible alliances independently.

The National Association of Securities Dealers (NASD) has fined Citigroup/SSB $5m for publishing tainted and misleading research reports written by Jack Grubman, the disgraced former equity analyst, on Winstar Communications, the US telecoms company. The investigation by NASD shows that while publicly recommending Winstar's stock, Grubman and his assistant Christine Gochuico privately held very different views.

The tickets and fees on offer to banks invited to join syndication of the £135m of debt backing ABN Amro's buy-out of Commodore Ferries are £20m for 85bp and £12m for 65bp. The deal was launched last Friday and replies are due by October 17.

Rating: A+ Amount: Eu150m

Rating: Aaa/AAA/AAA Amount: $500m

The £495m of senior secured facilities backing Charterhouse's secondary buy-out of Coral Eurobet from MGPE has been enthusiastically received by a number of banks in the market and an over-subscription is expected across the senior debt, mezzanine and PIK tranches. This was despite earlier concerns about the limited number of banks willing to buy gaming risk. The reply date of today (Friday) will be moved out to Tuesday next week.

New issues from Electricité de France (EdF), Lafarge and Parmalat were pulled this week, as investor sentiment turned against the corporate market. Last week was the sterling market's most buoyant for two months, with £1.35bn of new corporate bonds. But weak equity markets and renewed credit market volatility made conditions too expensive for corporates planning new issues this week.

The Development Bank of Kazakhstan should price its debut international bond today (Friday) with strong demand from lead investors. Sole lead manager UBS Warburg closed books on the $100m five year issue yesterday (Thursday) with the transaction several times oversubscribed. Price talk is centred on a yield of 7.25%-7.5%.

The Development Bank of Kazakhstan (DBK) is believed to be putting the final touches to the Central Asian republic's first EuroMTN programme. The $500m facility has not yet been finalised, but it is likely that UBS Warburg will be the arranger. The bank is expected to make its first issue off the programme within the next week: a $100m three to five year deal that will be denominated in either dollars or euros and will be lead managed by UBS Warburg.