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Just one public utility came to the market this week. Deutsche Flugsicherung issued a ¥2.5bn two year trade which pays an annual coupon of 0.05%. The same borrower also closed a five year Eu50m note, paying interest quarterly, via bookrunner Goldman Sachs. In the private utility sector, Essent traded a one year ¥5bn note paying an annual coupon of 0.09%. Deutsche Bank placed the trade. And RWE closed two deals: a HK$50m trade via Lehman Brothers; and five year ¥5bn trade via JP Morgan. The Hong Kong dollar deal matures on February 13, 2004, carries a first short coupon of 5.608% and then pays 25bp over non-Libor. The yen note has an annual coupon of 0.78%.

Trading below A-rated borrowers continued to fall this week. Just six trades were done in the triple-B sector. As with last week, Daiwa Securities SMBC was the most active issuer in this rating band. Its three yen deals made up a combined ¥1.8bn. The largest of these trades was for ¥1bn and pays a semi-annual coupon of 0.3%. The note matures on August 21, 2007. Chinatrust Commercial Bank came to the market with two trades off its EuroMTN and EuroCP programme. The bank did two $10m trades - one maturing in 2003, the other in 2005.

Mark Bucknall is ending an eight year stint at HSBC in Hong Kong and moving to New York to head up HSBC's capital markets Americas operations to become CEO of HSBC Securities (USA). He will start his new job on September 3. Bucknall is one of the Asian capital markets' best known faces. Since starting at the Hong Kong office in 1994, Bucknall has helped build HSBC's DCM operations, seeing the bank's ranking as underwriter for Asian (ex-Japan) bonds rise from 15th in 1994 to number one in the first half of this year. His move to the US after such a successful stint in Asia will come as a surprise to many.

Lehman Brothers has closed syndication of the £175m senior secured facilities backing the Royal Bank Private Equity-led buy-out of Britax. Bank of Scotland has joined as a lead arranger, with ING, Barclays, BayernLB and Duke Street committing as arrangers.

Mark Bucknall is ending an eight year stint at HSBC in Hong Kong and moving to New York to head up HSBC's capital markets Americas operations to become CEO of HSBC Securities (USA). He will start his new job on September 3. Bucknall is one of the Asian capital markets' best known faces. Since starting at the Hong Kong office in 1994, Bucknall has helped build HSBC's DCM operations, seeing the bank's ranking as underwriter for Asian (ex-Japan) bonds rise from 15th in 1994 to number one in the first half of this year. His move to the US after such a successful stint in Asia will come as a surprise to many.

Compiled by Holger Kron Deutsche Bank, Frankfurt

Cazenove's deputy chairman David Verey walked out on the independent UK bank this week in an unusually public disagreement with its chairman, David Mayhew. Verey has left the firm by mutual consent less than a year after he took up his position because of irreconcilable differences with Mayhew.

The $50m three year term loan for Wingate Overseas Holdings, an SPV incorporated in the British Virgin Islands for Want Want Holdings, has been completed. Arrangers include Bank of Communications committing $10m, Development Bank of Singapore and Crédit Agricole Indosuez, Hang Seng Bank and Rabobank providing $7.5m each.

Mandated arrangers Dresdner Kleinwort Wasserstein, DZ Bank, LB Kiel and Mizuho will sign banks into the Eu100m three year facility for RZB Croatia next week. The deal has received a hefty oversubscription but only a partial increase will be accepted. Alpha Bank, American Express Bank, Bawag, BayernLB, Commerzbank, KBC, WGZ Bank and Wachovia Bank joined as arrangers (for details of tickets and fees see EuroWeek 764).

Rating: Aaa/AAA Amount: £50m obligations foncie-res (fungible with two issues totalling £200m first launched 26/10/01)

JP Morgan has hired Nigel Cobby as director of European research marketing, as it seeks to improve its research sales efforts. The position is a newly created one, and comes after JP Morgan has spent much of 2002 beefing up its research and sales efforts.

Royal Bank of Scotland has been chosen to sole arrange the debt facilities backing the £150m ABN Amro Private Equity buy-out of UK-based ferry company, Commodore Group. Some £100m of senior debt is divided into a £64m seven year term loan 'A' paying 225bp over Libor, an £18m term loan 'B' at between 225bp and 325bp over Libor, an £18m term loan 'C' offering 325bp over Libor and a £15m revolver which pays 225bp.