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This was another week of wild rumours. One fund manager rang us to say that he couldn't get a bid or an offer of any size in ING shares. Another called to say that he was having problems finding a bid in a two year old British Telecom bond. Another gibbering portfolio manager telephoned to say that there was no bid for Lehman's euro commercial paper. That wasn't surprising, as Lehman doesn't have any outstanding ECP. When it turned out to be a reference to some Lehman floating rate notes these were not only alive and well, but trading through Goldman Sachs paper.

Rating: AA/AAA Amount: $100m

Rating: Aa1/AA+/AAA Amount: Eu100m (fungible with Eu100m issue launched 12/07/02) Landesschatzanweisung series 408

Mandated lead arrangers Credit Suisse First Boston, Lehman Brothers and Royal Bank of Scotland are set to launch the circa Eu2.2bn debt facilities backing Europe's biggest ever leveraged buy-out into the Euroloan market. The facilities will support the Eu5bn LBO of French electrical fittings and accessories company Legrand by the Wendel Consortium from Schneider Electric.

Rating: AAA (Fitch) Amount: Eu400m (increased from Eu200m)

Mandated lead arrangers Credit Suisse First Boston, Lehman Brothers and Royal Bank of Scotland are set to launch the circa Eu2.2bn debt facilities backing Europe's biggest ever leveraged buy-out into the Euroloan market. The facilities will support the Eu5bn LBO of French electrical fittings and accessories company Legrand by the Wendel Consortium from Schneider Electric.

Compiled by Holger Kron Deutsche Bank, Frankfurt

A EuroWeek straw poll conducted among leading debt houses this week has revealed the pessimism and confusion that is clouding the European capital markets. We asked heads of debt capital markets (DCM) and syndicate, syndicate officials and analysts for their predictions of issuance in the third quarter and beyond.

Arrangers United Overseas Bank and Maybank have finalised details for the M$875m eight year term loan for Malaysia Mining Corp. The facility is divided between a M$300m portion and two bilateral tranches of M$475m and M$100m.

Yen business flourished this week. Just under 150 trades went through and supranationals were some of the most active issuers. International Finance Corp closed eight trades including a ¥1bn deal that goes out to March 2028 and was led by Deutsche Bank.

Compiled by Holger Kron Deutsche Bank, Frankfurt

Land Sachsen-Anhalt failed in its efforts to follow Land Baden-Württemberg's example and become only the second German state to issue a non-euro denominated public bond this week when a planned Swiss franc deal proved unachievable. The state had hoped to follow on from Baden-Württemberg's successful Sfr300m five year transaction with a Sfr200m deal at around Euribor plus 2bp via UBS Warburg, but demand failed to materialise.