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Lloyds TSB Capital Markets, acting as agent and arranger, signed last Friday a new $150m 364 day facility for Misys plc, the computer software group. Bank supporting the deal include JP Morgan, Dresdner Kleinwort Wasserstein, BayernLB, BNP Paribas, RBS, HSBC, ING, Commerzbank and Wachovia.

Moody's announced new measures this week to improve its corporate credit analysis, including the recruitment of specialists to publish research and train its corporate analysts. The move is a response to the increasing pressure from investors for better analysis of accountancy and corporate governance issues, particularly in the US.

Morley Fund Management launched its Morley Sterling Liquidity Fund at the start of this week, with seed capital of £1bn. The new liquidity fund gives investors a competitive alternative to holding cash in the bank. Those targeted include UK local authorities, which following regulatory changes in April can now invest in liquidity funds, as well as major corporates with cash balances, and institutional funds.

Morocco's plans for its debut non-guaranteed Eurobond have been boosted by news that domestic Moroccan banks will be able to buy foreign securities. The bond is expected to be between $300m and $400m, with either a five or 10 year tenor.

Russian investment bank Aton Capital has hired Dima Starenko to head up its equity and fixed income trading group. Before joining Aton, Starenko was general director of Nettrader, which he helped to set up. Previously he was head of securities at Fleming UCB, chief equity trader at Troika Dialog and a general director of Regent European Securities (Moscow). "Having such an experienced professional on our trading team who is well known in the domestic market raises our ability to service institutional investors,'' said Yevgeni Yuriev, Aton Capital's president.

Rating: Aaa Amount: £100m Öffentlicher Pfandbrief

Municipality Finance has increased the debt size of its euro1 billion ($939.65 million) debt issuance programme. The programme's ceiling is now euro1.5 billion. It has six live trades outstanding off the programme worth $180.39 million.

Amount: £400m index-linked bonds Tranche 1: £50m

Guarantor: National Bank of Greece SA Rating: Baa1/BBB

The syndication of the $3.5bn five year revolver for A-/A3- rated Royal Philips Electronics is progressing well with the majority of commitments expected next week. The deal is being sold as a strong relationship play, with the prospect of plentiful ancillary business a key to drawing in sufficient support.

The £9bn loan facility for Network Rail is expected to be signed imminently, possibly as early as today (Friday). Nine banks - UBS Warburg, Barclays, Dresdner Kleinwort Wasserstein, Citigroup/SSSB, HSBC, Merrill Lynch, Royal Bank of Canada, Royal Bank of Scotland and WestLB - have each committed £1bn to the deal.

Finland The Finnish government yesterday afternoon (Thursday) completed its Eu420m marketed secondary offering in Fortum at a share price of Eu5.50, a 2% discount to the closing price of Eu5.61. Merrill Lynch lead managed the offering which was 2.2 times covered. The government sold 77m shares, comprising 9% of the company, to reduce its stake in the stock to 61%.