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Compiled by Holger Kron, Deutsche Bank, Frankfurt

Compiled by Holger Kron, Deutsche Bank, Frankfurt

Compiled by Richard Favis, RBC Capital Markets, Johannesburg Tel: +27 11 784 5065

MBNA America Bank has increased the debt ceiling off its $10 billion global bank note programme to $15 billion. The programme has $1.53 billion outstanding off five notes.

* Cazenove, in a further step towards becoming a public listed company, announced this week that it had appointed Robert Pickering to become the bank's first chief executive. Pickering had been the company's joint group managing director with Nigel Rowe since April 2001, but he takes up his new position following the early retirement of Rowe. Rowe has been forced to retire for health reasons.

The National Air Traffic Services (Nats) Public Private Partnership (PPP) is understood to be in talks with a number of potential equity investors to raise £50m or more which will then be matched by the government. Nats expects to have brought in at least one investor by the end of May. Companies reported to be interested include the Irish Aviation Authority. This latest development comes soon after EasyJet, a member of the sponsoring Airline Group, announced it has written off its £7m investment in company.

The arranging mandate for the 800MW Rinjmond combined cycle gas-fired power project, sponsored by Intergen, is due to be awarded imminently. Banks understood to be close to the deal include ABN Amro, BNP Paribas, Crédit Lyonnais, ING Barings and SG.

Telecoms woes, expected supply and impending European holidays weighed heavily on the markets this week, forcing issuers to delay launches and widen spreads substantially to attract investor demand in conditions that have worsened dramatically. Spreads on Deutsche Telekom, which is due to launch a Eu5bn-Eu8bn bond during the week of May 13, widened by 40bp over the week, causing some bankers to question whether the deal can go ahead. Lead managers Citigroup/SSSB, Deutsche Bank and JP Morgan confirmed that roadshows are going ahead for the multi-currency, multi-tranche bond, but a question mark hangs over the viability of dollar tranches given US investors' aversion to telco stocks.

France Crédit Agricole Indosuez Lazard and ABN Amro Rothschild have launched a Eu185m secondary offering in Bacou Dalloz, which makes personal protective equipment such as harnesses. Books opened for the deal on Monday and are expected to close on May 13. The offering will raise the freefloat of the company from 18.9% to 43%.

Rating: Aaa/AAA Amount: R150m

Gulf International Bank continues to work on the structuring of the refinancing of the $165m 10 year shipping facility for the Greenfield Shipping liquefied natural gas (LNG) vessel, Lakshmi. There are a number of issues including changed shareholding agreements which need to be concluded before the deal is launched to the market.

Petrobras shelved plans for a $300m-$500m 15 year political risk insurance (PRI) deal this week and Eletropaulo pulled a $150m Eurobond, after Brazilian sovereign bond prices plunged and a meltdown in US high grade telecoms debt spilled over into the emerging markets. BNDES has also reined in plans to issue a $300m five to seven year PRI deal, led by Morgan Stanley and Credit Suisse First Boston, to re-examine the market in light of Petrobras's decision.