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Mandated arranger RZB has launched syndication of the Eu20m five year facility for Roskilde Bank into syndication this week. Two commitments have already been received and the rest are due by September 9. Three levels of participation have been offered: co-arranger for a take of Eu5m; lead manager for a take of $3m; and manager for a take of $2m. Proceeds will be used for working capital purposes and the deal will be signed in early October.

Guarantor: Deutsche Telekom AG Rating: Baa1/BBB+

Rating: Aaa/AAA/AAA Amount: Eu1bn obligations foncières

The dollar denominated new issue market unexpectedly exploded into life this week, and swap spreads were driven tighter. Around $14bn of new debt was priced, making it the busiest week in the bond market since that of June 21. While issuance has yet to resurface in the Euromarket, euro swap spreads were dragged tighter by the expectation that it is only a matter of time before the market is swamped by swappable debt. Throughout the capital markets there are signs that appetite for credit is returning, with obvious consequences for swap spreads.

Rating: Aaa/AAA Amount: £100m (fungible with five issues totalling £950m first launched 14/01/00)

The shift towards non- cyclical sectors in the stock

Rating: Aaa/AAA/AAA Amount: $2bn (increase to deal first launched 21/09/01, now totalling $7bn)

Joint mandated arrangers Commerzbank and Nordea will next week close syndication of the debut Eu125m facility for chemicals and plastics supplier Uponor next week, once all commitments have been collected. The deal is due to be signed on September 15.

Mandated lead arranger Royal Bank of Scotland and joint arranger BNP Paribas have signed five banks into the Eu75.9m debt facility backing the Barclays Private Equity-led buy-out of Actaris Allocation Services. Bank of Ireland, IKB, Via Banque, Cadif and Crédit de Bretagne have joined the deal.

Rating: Aaa/AAA/AAA Amount: $100m

Gazprom is pushing ahead with plans for a Rb5bn bond before the end of the year, which will be the largest corporate issue in the Russian domestic market if placed in a single tranche. Gazprom's directors discussed plans for both rouble and dollar issuance at the company's board meeting in Moscow on Tuesday.

Guarantor: General Motors Corp Rating: A2/BBB+