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The $50m facility for Union International de Banque (UIB) is due to be closed over the next week and will be signed through mandated arrangers ABC (facility agent) and Citigroup/SSB (bookrunner) in early July. Arab Investment Company has joined for a title of lead arranger and for a take of $10m.

Rating: A- Amount: Eu400m

Tryg I Danmark, the Danish benevolent institution, sold a Skr4.57bn (Eu503m) block in Nordea, the Nordic financial services group, this week to finance the acquisition of Nordea's non-life insurance group. The sale of 93m shares was completed at Skr49.1 on Wednesday by Credit Suisse First Boston and Carnegie. This price represented a 0.8% discount to Nordea's close on Wednesday of Skr49.5, but a 6% discount to Tuesday's close. The offering, which was 1.4 times covered, was sold mostly to Scandinavian investors which made up 58% of the final book.

Morley Fund Management has won a £90m socially responsible investment (SRI) mandate from insurer UIA, which the fund manager believes could encourage more companies to consider ethical investments. UIA, whose customers include members of trade unions and not-for-profit organisations, sought legal and actuarial opinion to ensure that managing its money on an SRI basis would not reduce the returns it makes.

Rating: A/A+ Amount: Eu200m subordinated debt

Guarantor: Union Electrica-Fenosa SA Rating: Baa1/BBB+

Vasakronan has announced the dealers off its euro1 billion ($957.52 million) Euro-MTN programme. They are Dresdner Kleinwort Wasserstein (also the arranger), BNP Paribas and Goldman Sachs.

Rating: A1/A+/A+ Amount: $2bn

Verizon Global Funding was able to price a $2bn global bond this week, demonstrating that there is still investor interest in select telecos - as long as they are willing to pay up. The deal, led by Bank America Securities, Deutsche Bank and Citigroup/SSB, was offered at a concession of as much as 10bp over outstanding bonds and comprised a $1bn five year tranche, a $600m 10 year piece and a $400m 30 year tranche.

Verizon Global Funding brought a $2bn five year, 10 year and 30 year issue as part of its plan to reduce its reliance on short term commercial paper funding. The funding entity sold $1bn of 6.125% five year notes at 210bp over Treasuries, $600m of 6.875% 10 year notes at 215bp over Treasuries and $400m of 7.75% long bonds at 240bp over the 30 year bellwether. The joint lead managers were Bank of America, Deutsche Bank and Citigroup/SSB.

The continuing slide in equity markets affected both the primary and secondary bond markets this week. Secondary spreads widened, particularly in the telecoms sector, and primary corporate deals were difficult to execute. Several issuers put their deals on ice, including Deutsche Post, which has delayed its benchmark bond awaiting an European Commission ruling on the repayment of Eu572m in state aid. The issue was to be led by Deutsche Bank, CSFB and Morgan Stanley. TXU Eastern Funding has also postponed its benchmark euro and sterling bond until the third quarter of 2002. The euro tranche was to be led by BofA, BNP Paribas and Deutsche Bank, the sterling tranche by Barclays and Deutsche.

What's the latest buzz from the sun-drenched shores of Lake Geneva? There has been a game of musical chairs among the swanky local private banks, and we are told that the DJ is still playing. First, Benedict Hentsch flew too close to the sun in his involvement with Swissair and was bought out by his co-partners at Darier Hentsch & Cie. Second, the Darier Hentsch partners realised that they had their backs to the wall, and that with unlimited liability in an increasingly dangerous investment world they might lose not only their shirts, but be found on the Rue du Mont-Blanc wearing nothing but their Ralph Lauren boxer shorts.