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Guarantor: BP plc Rating: Aa1/AA+

Just 14 notes were issued by private corporates, but volumes were large with just under $300m traded. Tesco closed a ¥2.5bn three year note with an annual coupon of 0.36%. Kajima Capital of America issued a ¥2.5bn trade. The borrower's note pays a coupon of 0.625% and settles on April 13, 2004. Elisa Communications' Eu100m trade was the biggest private corporate deal of the week, but other issuers also tapped euros. Beta Finance issued a Eu25m note via Goldman Sachs. The trade pays a monthly coupon of Euribor flat and is secured by the assets of the issuer. Goldman Sachs also placed a Eu34m trade for Centauri Corp.

The under one year sector was busy this week as 86 trades were issued for $745.6m. Both Crédit Lyonnais and KBC Financial Products International closed 16 notes for less than one year in tenor. Much of Crédit Lyonnais' business came in Hong Kong dollars. The biggest was for HK$15m and settles on November 14. All but one of KBC's trades came in Hong Kong dollars. The other was a $6m trade that matures on December 23 and 6% coupon. A greater amount of volume was closed in the one to three year sector. Bremer Landesbank Capital Markets' trade stood out as the borrower issued in the rarely tapped currency of Slovak crown. The Sk500m trade was placed by HypoVereinsbank and has an annual coupon of 7.625%.

Volumes from single-A issuers topped that of triple-As by over $68m. Of the 46 trades that went through from single-A rated borrowers, SNS bank was active in four different currencies. Along with a Eu10m one year trade, the Dutch bank issued a C$50m note, a NZ$50m trade and a Z20m issue via Citigroup/SSSB. The zloty deal goes out five years. Caisse Centrale du Crédit Immobilier de France closed notes in three currencies. Along with its Eu50m and £7m one year notes, the borrower issued a HK$200m trade through JP Morgan. The note has a coupon of 2.2% and matures on December 30, 2003.

Guarantor: Bremer Landesbank Kreditanstalt Oldenburg Girozentrale Amount: Sk500m

HSBC has released the list of banks which committed to the £200m loan for Brindley Place. Allgemeine HypothekenBank Rheinboden, Deutsche Hypothekenbank, Eurohypo, Helaba, Lloyds Bank and Westdeutsche Immobilien Bank all committed £9.5m to tranche 'A', £5.7m to tranche 'B' and £12.8m to tranche 'C'. Banks were scaled back from initial tickets of £50m for 30bp.

Rating: Aaa Amount: Eu400m

There was an upsurge of new issuance in the dollar and euro markets this week, but swap spreads closed the week wider. Not all the issuance was swapped, and weak economic data released yesterday (Thursday) in the US pushed swap spreads out in the same flight to quality that has dominated the last few months. The same occurred in euros. At the close of the futures in New York yesterday, the five year was at 57.5bp and the 10 year was at 55.5bp. "Spreads are leaking wider again," said a New York trader. These prices are up to 2bp wider than a week ago.

Rating: A1/A+ Amount: £500m

Cazenove may wish it had maintained its right to secrecy as in its first year operating under the new corporate structure the UK investment bank unveiled a disappointing set of year end results this week which saw the company suffer a £20.1m loss before tax. Cazenove's chairman David Mayhew described the year as a defining one in the bank's history, but the full effects of how damaging these results might prove to be may only be fully realised if investors get the chance to subscribe to Cazenove's anticipated flotation next year.

Royal Bank of Scotland is arranging a $147.8m senior secured facility for the El Tesoro mine. The facility along with a $36.9m loan extended by Kreditanstalt für Wiederaufbau will refinance the original $205m project financing facility, also arranged by the Royal Bank of Scotland.