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The market tone continued to improve this week. The Republic of Italy led the way with a $3bn five year bond, completing its dollar benchmark issuance for the year. But, after speculation that triple-A borrowers might rush to the dollar market to take advantage of the build-up of cash during the recent turbulence, some bankers are sceptical about the size of the pipeline.

Cookson Group confounded its critics yesterday (Thursday) when it successfully completed its £277m rights issue and saw its share price shoot up 11.2%. The heavily indebted UK materials technology group launched its rights issue in late July, but the share price crashed to below the strike price as investors doubted whether the issue would succeed.

Rating: AA/AA+ Amount: Nkr500m

Mandated arrangers Dresdner Kleinwort Wasserstein, DZ Bank, Deutsche Bank, LB Kiel and Mizuho (agent) have signed banks into the Eu100m three year term loan for RZB Croatia. The deal was oversubscribed and increased on signing to Eu145m. Alpha Bank, American Express Bank, Bawag, BayernLB, Commerzbank, KBC Bank, Wachovia Bank and WGZ Bank have joined as arrangers. Banca Nazionale del Lavoro International, National Bank of Kuwait, Vseobecna Uverova banka (VUB), Magyar Külkereskedelmi Bank (MKB) and Raiffeisen-Landesbank Tirol have joined as co-arrangers. eBanka, BRE Bank, Salzburger Landes-Hypothekenbank Aktienhesellschaft, HVB Group, Israel Discount Bank of New York and Zivnostenska banka joined as lead managers.

Mandated arranger RZB will close syndication of the Eu20m five year facility for Roskilde Bank over the next few days. The facility has been oversubscribed by 10%-20% and the borrower will accept the increase. The credit pays a margin of 28bp over Libor. Three levels of participation were 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.

Rating: Aa3/AA- Amount: Nkr500m

Rating: Aaa/AAA/AAA Amount: Eu250m obligations foncières (fungible with two issues totalling Eu1.25bn first launched 04/05/02)

Rating: Aaa/AAA/AAA Amount: Eu65m obligations foncières CMS-linked

Steven Spielberg's DreamWorks studio is set to take the niche market of film securitisation to new heights with a $1bn deal backed by future revenues from the company's existing and future library of films. Co-arranged by FleetBoston Financial and JP Morgan and wrapped by triple-A insurer Ambac Assurance, the deal will be funded through the asset backed commercial paper markets. It is part of a $1.5bn package - including a $500m revolving credit facility arranged by JP Morgan - designed to replace DreamWorks' existing financing with debt maturing in October 2007.

Co-ordinating arranger Barclays Capital has completed the A$175m fundraising for Broadcast Australia Finance. Market participants responded positively to the deal, which was 30% oversubscribed. The borrower, however, decided not to take an increase. The facility is divided between a A$150m term loan and a A$25m working capital portion.

After such a terrible year at the hands of world stock markets, you would expect a global fund manager to be in fed up with life in the capital markets. But following a month which has seen most indices rise by 15%-20%, Axa Investment Managers' UK head of global equities Steve Tyson believes that the worst is over. "I am optimistic about the markets," he said. "In July, when the market bottomed out, over half the market in the US and Europe was selling on 13 to 15 times earnings. This compares to two years ago, when a lot of the market was on 25 to 40 times earnings. I think there is very much a market for very opportunistic stock pickers."

Rating: Aa3/A+/AA- Amount: £250m