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Freddie Mac's $2.5bn five year non-call two deal this week was the largest new issue callable yet and reflects investors' search for yield as well as high levels of market volatility. Treasury yields are as low as 2.5% in two years and 3.75% in five years, and investors are fleeing the corporate market in favour of quality names. July is already the second largest month ever for global callable agency issuance and is well on course to break the $6.02bn record set in May.

Amount: Eu741.5m Rating: Standard & Poor's/Fitch

Guarantor: Elf Antargaz Rating: B2/B

Anglian Water this week successfully launched a £1.76bn debt offering for Anglian Water Services, highlighting the demand for traditionally stable credits in difficult market conditions.

Anglian Water this week successfully launched a £1.76bn debt offering for Anglian Water Services, highlighting the demand for traditionally stable credits in difficult market conditions.

Amount: £1.461bn, $400m, Eu115m Guarantor: MBIA

Anglian Water (Anglian), the UK utility, has put its name to a Eu10bn global secured MTN programme. Barclays Capital and Citigroup/SSB have scooped the arranger mandate. The programme replaces Anglian's existing Eu1.5bn facility, which will be cancelled. The signing comes during Anglian's move to become purely a debt financing entity (see front page story). David Hipple, finance director at Anglian, said that now the company had completed its debt restructuring, it would be a regular visitor to the bond markets.

Guarantor: Anglo Irish Bank plc Rating: Baa2/BBB+

Syndication of the $350m credit for Sociedade Nacional de Combustiveis de Angola (Sonangol) has been closed. Mandated arranger Standard Chartered will sign banks into the deal in the next two weeks. Citigroup/SSB, BayernLB, HVB Group and Standard Bank have joined in senior syndication. The deal carries a margin of between 287.5bp and 340bp over Libor.

The market for non-innovative tier one capital came of age this week with the success of Merrill Lynch's new structure for Anglo Irish Bank and Northern Rock's announcement that it would become the second UK bank to use the product. Anglo Irish issued a £160m perpetual non-call 25 year bond through Merrill Lynch using a new structure called tier one non-innovative capital securities, or Tonics.

Rating: A2/BBB+ Amount: Eu1bn

Guarantor: Islamic Republic of Iran Rating: B+ (Fitch)