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The $500m five year term loan for Bangko Sentral Ng Pilipinas has been heavily oversubscribed.

Arrangers ABN Amro and Türkiye is Bankasi (Isbank) last Friday (June 21) signed a $40m five year facility for the Republic of Turkey. Turkey will use the funds to finance the civil works for the construction of the Toprakkale-Iskenderun motorway.

The dollar swap market enjoyed considerable volatility this week, especially when it was revealed that WorldCom had cooked its books to the tune of $3.9bn. As equities crashed and the Treasury market scorched to much lower yields, dollar swap spreads tightened sharply. However, by the end of trading yesterday (Thursday), the swap market appeared to have shrugged off the WorldCom effect.

The devastating blow dealt by WorldCom this week shattered already fragile investor confidence and caused massive dislocation in spreads across all debt markets, bringing to a close one of the most volatile quarters in recent history. Telco spreads were worst affected, but bank and insurance company debt was also severely hit. Earlier in the week France Télécom's two notch downgrade to the brink of junk status had sent telecoms spreads spiralling downwards, with FT's bonds widening by around 100bp.

European banks' loan exposure to WorldCom is fairly low, according to analysts, who say that bondholders are far worse off. Bear Stearns released statistics this week showing that WorldCom had outstanding bond debt totalling $30.2bn, compared with total loans of $8bn - of which only $2.65bn has been drawn down.

Rating: A- Amount: Eu100m (increase to Eu400bn issue launched 14/06/02)

WorldCom’s $3.8bn accounting scandal caused widespread chaos in the US this week as spooked investors ran for cover.

The devastating blow dealt by WorldCom this week shattered already fragile investor confidence and caused massive dislocation in spreads across all debt markets, bringing to a close one of the most volatile quarters in recent history. Telco spreads were worst affected, but bank and insurance company debt was also severely hit. Earlier in the week France Télécom's two notch downgrade to the brink of junk status had sent telecoms spreads spiralling downwards, with FT's bonds widening by around 100bp.

WorldCom’s $3.8bn accounting scandal caused widespread chaos in the US this week as spooked investors ran for cover.

Amount: Eu75m subordinated debt Maturity: August 6, 2012

Enagas fell victim to the WorldCom fraud revelations when its Eu917m IPO crashed 7.5% in the first three minutes of trading on Wednesday. Shares in the Spanish gas distributor started trading at 11am London time, as markets were digesting the implications of the $3.8bn hole in WorldCom's accounts.

In another disastrous week for Vivendi Universal, the ailing media group suffered at the hands of a confused investor base as it attempted to sell a Eu1.5bn stake in its utilities subsidiary, Vivendi Environnement, on Monday. The market had been expecting the deal for some time. The French media group has been toiling under a huge debt burden, which has weighed down its stock price. And it had made clear that it needed to reduce its position in Vivendi Environnement to below 50% to avoid having its water subsidiary's debt consolidated on its own balance sheet.