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Pfandbrief Bank International (PBI) launched a Eu1bn letters de gages publiques transaction this week, reopening the market after 18 months of inaction in the Luxembourg covered bond market just as the German market was reeling from the downgrade to A1 of Allgemeine HypothekenBank Rheinboden's (AHBR) Hypothekenpfandbriefe by Moody's. PBI's issue, led by Deutsche Bank and HypoVereinsbank, was priced at 4bp over mid-swaps, equivalent to 29bp over the 4.125% August 2004 Bobl 132, which was considered "spot on" by all involved.

Rating: AAA Amount: Eu1bn lettres de gages publiques

Bangko Sentral ng Pilipinas is understood to be considering a tap to satisfy its $500m funding requirement. No details have been released and the borrower is yet to decide whether it should pursue a loan or a bond. Bankers believe that the funds will be used to refinance outstanding debt facilities that will mature this year.

Guarantor: Bonaparte SA Amount: Eu75m