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Rating: Aa2/AA- Amount: C$750m global bond

Rating: Aa3/AA- Amount: C$100m

Punch Taverns was forced to pull its £270m IPO on Tuesday night after investors showed little interest in the UK pubs operator. The failed flotation was a further blow to the struggling IPO market, after the poor performance of HMV Group and the reduction in share price of Alfa Laval (see separate story). Merrill Lynch was leading the Punch offer.

Punch Taverns was forced to pull its £270m IPO on Tuesday night after investors showed little interest in the UK pubs operator. The failed flotation was a further blow to the struggling IPO market, after the poor performance of HMV Group and the reduction in share price of Alfa Laval (see separate story). Merrill Lynch was leading the Punch offer.

Syndication of the $450m five year facility for the State of Qatar has been closed this week. The deal was signed on Monday after receiving a healthy oversubscription.

Rating: Aaa/AAA/AAA Amount: $250m (fungible with $250m issue launched 14/02/02)

Oil conglomerate Repsol took the Spanish market by storm yesterday when it launched the largest ever accelerated offering in the region, a Eu2bn issue in gas distributor Gas Natural. Goldman Sachs was bookrunner with BBVA and La Caixa, the Spanish banks on the offering, which bankers expect to price this morning (Friday) at a wide discount to Gas Natural's share price.

Grupo Caja Rural, the central body for Spain's savings banks, this week launched a Eu325m securitisation of prime residential mortgages originated by seven unrated banks. Lead managed by Banco Cooperativo Español, DZ Bank and SG, the deal came at the tight end of price guidance, matching previous issues such as Banco Santander Central Hispano's Hipotebansa Eu917m deal in March via Morgan Stanley.

Rabobank this week brought a Eu1bn synthetic managed collateralised debt obligation for Robeco Institutional Asset Management with an unusual amount of flexibility afforded to the asset manager. According to one structurer involved in the transaction, Robeco CDO IV BV is one of the first arbitrage CDOs rated by Standard & Poor's where the manager has a discretionary trading limit of up to 30% each year - normally this is set at around 20%.

ProLogis, the US-based property company that specialises in distribution warehouses, this week brought its second pan-European securitisation backed by a pool of purpose built distribution facilities. Pan-European Industrial Properties Series II SA carried three tranches of notes rated triple-A, double-A and single-A by Moody's and Standard & Poor's via ABN Amro and JP Morgan. All are seven year soft bullets with a legal maturity of July 2012. The triple-A notes were priced at 32bp over three month Euribor, three basis points tighter than the single tranche of the first deal last April.

As the market this week grappled with how best to pronounce the name of Morgan Stanley's new transaction, details emerged on HOTELoC plc, the long awaited sale and leaseback securitisation for Thistle Hotels. Securitisations backed by hotels come to the market infrequently. "It is surprising there haven't been more hotel deals," said one market participant this week. "There was a lot of corporate activity in the sector a couple of years ago, but no securitisations came out - it is good that Morgan Stanley are bringing this and it should make investors more comfortable with the asset class."