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Rating: AAA/AAA Amount: Eu800m

As equity markets continued their inexorable slide this week and yet more accounting irregularities came to light, investors sought the safe haven of government bonds and top quality instruments in the credit markets. This trend was reflected in the blowout reception for the Province of Ontario's $750m 10 year transaction, which was three times oversubscribed and, despite being priced a fraction through Libor, tightened to 3bp-4bp through. The Province of Quebec also made an impressive entry into the dollar market with a $750m seven year bond, which was 2-1/2 times oversubscribed. Both transactions sold well internationally, far exceeding their typical 10% placement outside the US.

Rating: Aa2/AA/AA Amount: $1bn

Rating: A- Amount: Sfr100m (fungible with Sfr250m issue launched 07/06/02)

Rating: AAA/AAA Amount: Eu250m Öffentlicher Pfandbrief series 172

The 25% fall in Zurich Financial Services' share price in the last week is partly due to an index-linked convertible the company issued via UBS Warburg in January, it emerged last night (Thursday). The Swiss company launched a Sfr600m market index-linked security (Miles) in an attempt to send a bullish signal to shareholders about the prospects for share price growth.

Kingfisher launched its £2bn rights issue this week, after finally clinching victory in its bid for French group Castorama. The one for one rights issue, which is the second largest ever in the UK and the largest to back an acquisition, was priced at 155p, a 50% discount to Kingfisher's share price last Friday.

Rating: Aa3/AA- Amount: $200m

Rating: Aa3/AA-/AA- Amount: $50m

Mandated arrangers Crédit Lyonnais and WestLB are finalising Orascom Telecom's $475m debt financing. Most of the documentation issues on the project finance have been resolved, and the company is finalising details with export credit agencies Coface and Hermes in support of the financing for the company's acquisition of a GSM mobile telephony licence.

Guarantor: Financial Security Assurance Amount: Eu460.5m

Amount: Eu50m Maturity: August 13, 2007