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The Financial Supervisory Service, South Korea's securities regulator, has given UBS Warburg a "severe disciplinary warning" and Merrill Lynch a "disciplinary warning" following an investigation into the early disclosure of research. A disciplinary warning is one step below a severe disciplinary warning. The measures will become official following Financial Supervisory Commission approval today (Friday).

Vivendi Environnement is battling with its convertible bond holders to change the terms for a convertible deal issued in 1999, in an attempt to avoid triggering a cross-default on Eu4.75bn of banking facilities. When the bonds, convertible into Vivendi Environnement shares, were issued three years ago, the water company was still part of the overall Vivendi group which acted as guarantor for the bond. And when Vivendi Environnement floated in 2000 Vivendi Universal remained as guarantor. At the time of the flotation some investors chose to convert the bonds, but Eu1.4bn of them remain unconverted.

Credit Suisse First Boston and JP Morgan are awaiting responses from sub-underwriters invited to join the £295m of senior debt backing the Clayton, Dubilier & Rice buy-out of Brake Bros. Since launch last week, the arrangers have received no declines.

Volkswagen will begin its first ever roadshow for a capital market issue on Monday, with plans to re-open the corporate credit market with a Eu1bn-plus intermediate maturity offering via Barclays Capital, Commerzbank and SG. The four day roadshow begins in Frankfurt and will pass through Munich, the Netherlands, Paris and London, with launch soon after through Volkswagen Financial Services AG, rated A1/A+.

This week was the quietest in the bond markets for many years as issuance was curtailed by the FOMC meeting, continuing volatility, and a historic week for US Treasury yields. The 10 year note touched 3.96% on Wednesday, the lowest level since 1963, and the five year note fell to 3.03%, a 40 year low. Both yields rose yesterday (Thursday), the 10 year to 4.20% and the five year to 3.33%. The early part of the week was dominated by the FOMC meeting. Expectations that the Fed would cut rates by 25bp were confounded and there was disappointment when it held the Fed funds rate at 1.75%.

Rating: Aaa/AAA/AAA Amount: $150m (increased 13/08/02 from $100m)

ating: Aa2 Amount: Eu100m Hypotheken Pfandbrief series 508

Rating: Aa3/AA/AA Amount: $100m

Rating: Aa3/AA/AA Amount: £150m

Rating: Aa3/AA/AA Amount: A$100m

Sold bookrunner ING has signed banks into a $550m revolver for oil company Petroplus. Barclays has committed $150m as a co-arranger and Credit Suisse First Boston, BNP Paribas and Fortis have come in as managers for tickets of between $50m and $75m.

Czech Republic As farmers across central Europe assess the damage caused by the worst floods for 100 years, the Czech government is expected to increase its issuing targets to pay for repairs.