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Guarantor: General Electric Capital Corp Rating: Aaa/AAA

The latest annual report on global fixed interest funds from Standard & Poor's (S&P) has highlighted the growing value, and the new dangers, of credit. According to the report, which covers the performance of 63 funds over the year to February 1, 2002, the return of median global bond funds in different base currencies and maturities ranged from a fall of 0.9% to a gain of 4.5%. This range compared favourably with the performance of median global equities funds over the same period, which declined by 21% in the sterling group and 24% in dollars.

LM Glasfiber, the Danish wind power company, pulled its Eu250m flotation yesterday (Thursday) afternoon as ECM bankers fumed over claims that investors were not yet ready to buy IPOs. Books for the offer of the manufacturer of wind turbine blades closed yesterday, but leads Dresdner Kleinwort Wasserstein and Nordea Securities cancelled the issue after it became clear that investors were unwilling to buy into what they believed was an unconvincing and risky business model.

The $1bn refinancing for A3/A rated Coca-Cola Hellenic Bottling Company that was launched to banks on April 8 is due to close next week. One banker said that the deal lacked momentum at first, but that it had picked up in the last week.

Guarantor: Hamburgische Landesbank Girozentrale Rating: Aa1/AA/AAA

Guarantor: Hamburgische Landesbank Girozentrale Rating: Aa1/AA/AAA

EuroWeek understands that ABN Amro, HSBC and Lloyds TSB are arranging a £170m three year facility for HFC Bank. More details on the loan will be released next week.

Rating: B2/B- Amount: Eu145m

Tranche 1: $300m Rating: B3/B

Rating: B2/B Amount: Eu260m

Dresdner Kleinwort Wasserstein and the Royal Bank of Scotland are set to launch the £425m debt facility for music and media company HMV Group into syndication. The fully underwritten loan is split into a £275m five year term loan 'A' and a £150m five year revolver. Both tranches offer an initial margin of 150bp over Libor and the commitment fee on both facilities is 45% of the margin.

Holcim, the Swiss cement manufacturer, received a muted response to its sale of $674m of convertible bonds this week. The dual tranche offering launched by CSFB and SG on Tuesday struggled to generate demand in an equity-linked market that has been dogged in recent weeks by issues offering no discount to the secondary market. A banker close to the deal said that the bonds were priced in line with the secondary market volatility.