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The EIB is due to launch a Huf10bn 10 year bond today (Friday) via Dresdner Kleinwort Wasserstein which will be fungible into euros from mid-2006 in the event that Hungary joins the Euro zone. "This euro-tributary issue has a step-down coupon and is very similar to the deals in the late 1990s in Italian lira and Greek drachma," said Sean Park, global head of debt syndicate at DrKW in London. He expects the deal to have a 9.75% coupon for the first four years and a 5.375% coupon for the remaining six years of its life.

The Eu150m five year club deal for BBB+ rated Enterprise-Rent-a-Car has been closed oversubscribed in syndication and banks will be signed into the deal early next week. Despite an increase to Eu200m, banks will still be scaled back.

Ernst & Young is strengthening its structured finance advisory services in Europe and the US, as it looks to expand its expertise in the field. The firm is bringing together a consolidated structured finance group in London to offer a one-stop shop to its clients. The group will consist of a project finance group, a transaction tax team and a capital markets tax team headed by partner Stephen Barrett.

Rating: Aaa/AAA Amount: C$100m

London & Continental Railways has successfully issued the last tranche of its government guaranteed funding for the Channel Tunnel Rail Link (CTRL) - a £1.1bn March 2051 transaction that has provided the sterling market with the largest deal at the ultra-long end of the curve. Proceeds of the issue, led jointly by Barclays and UBS Warburg, will be used to provide financing for the second section of the CTRL project and, subject to EU approval, to purchase Railtrack's interest in section one of the CTRL for a net figure of £350m.

Guarantor: Linde AG Rating: A3/A-

Rating: Baa2/BBB Amount: $600m 144A/Reg S (increased from $500m)

Compiled by Holger Kron Deutsche Bank, Frankfurt

Compiled by Holger Kron Deutsche Bank, Frankfurt

Rating: AA- Amount: Eu500m

Moody's pushed France Télécom (FT) to the brink of junk status this week, downgrading the telco on Monday from Baa1 to Baa3 and leaving the rating on negative outlook - an action that one analyst described as "the worst case scenario". Standard & Poor's (S&P) also cut FT's rating, from BBB+ to BBB on Tuesday, and Fitch is set to lower its BBB+ rating when it reveals its latest opinion of the telco early next week.

Compiled by Holger Kron Deutsche Bank, Frankfurt