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Rating: Aa1/AAA Amount: Sfr200m Öffentlicher Pfandbrief

Rating: A1/A Amount: Eu1bn Inhaberschuldverschreibung series 1253

Rating: Aaa/AAA/AAA Amount: Eu5bn EARN

Rating: Aaa/AAA Amount: Dkr400m

Rating: Aaa/AAA Amount: Dkr400m

Compiled by Stephanie Weedon, HSBC Bank plc, London Tel: +44 20 7336 3525

The Federal Home Loan Banks staked out new ground in the agency market this week, issuing a $3bn 10 year global bond. Bankers hope that the deal will be the first of more regular liquid strategic issuance from the borrower. The deal, via ABN Amro and Citigroup/SSB, was priced 3.5bp back from Fannie Mae's March 2012 Benchmark Note, which brought it 6.5bp-7bp through FHLB's 10 year TAP issues.

Italian conglomerate Fiat said on Tuesday it planned to float part of Ferrari by the end of this year. The decision came as Fiat announced an operating loss of Eu299m for the first quarter. Pressure has been growing for the company to tackle its Eu6.6bn debt pile. Ferrari has been valued by analysts at Eu1bn-Eu1.3bn.

Finconsumo Banca signed a euro1.5 billion ($1.37 billion) Euro-MTN programme on Wednesday, May 15. Deutsche Bank won the arrangership and Banca IMI and Santander Central Hispano were mandated as co-arrangers. The dealer panel will be announced in the near future as will the programme's rating as assigned by Moody's. Moody's already rates the issuer P-1 short-term. It is the second Italian issuer to sign a facility this year, after Region of Tuscany, which signed earlier this month. Deutsche Bank tops the dealer league table for Italian programmes signed since January 2001 with 10 mandates, but is closely followed by Merrill Lynch.

Rating: A- Amount: Eu350m

The mandate to arrange a Eu150m five year facility for the Finnish steel group Rautaruukki has been awarded to Nordea (bookrunner), Bank of Tokyo-Mitsubishi (facility agent) and Danske Bank (documentation). Invitations have gone out to key relationship banks.

Scotia Capital has won the mandate to arrange a £95m multi-tranche facility for First Leisure Holdings. The facility refinances senior and mezzanine loans.