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Rating: Aaa/AAA Amount: Z100m (fungible with Z150m issue launched 03/01/02)

Rating: A1/A Amount: Eu150m (fungible with Eu600m issue launched 21/03/02)

Amount: Eu100m (fungible with Eu100m issue launched 10/04/02) Landesschatzanweisung series 1 Maturity: April 30, 2009

Rating: Aa3/AA/AA- Amount: $1bn (fungible with $2bn issue launched 21/02/02)

Rating: A3/A- Amount: $100m (fungible with $300m issue launched 13/03/02)

The $50m five year facility for Union Internationale de Banques (UIB) is back on track after a delay last month due to Tunisia's sovereign bond offering. Arrangers Citigroup/SSSB (bookrunner) and ABC (facility agent) will launch the deal in the next two weeks now that the market is clear of the sovereign's $650m 10 year bond that was led by Merrill Lynch in early April.

The $200m one year facility for Koçbank was signed on April 26. After an impressive oversubscription, the loan was increased from $100m.

Guarantor: Vestel Elektronik Sanayi ve Ticaret AS Rating: Ba3/B-/B

US fund managers are becoming increasingly concerned about biased research, according to a survey by Greenwich Associates. Just under 50% of fund managers are considering directing more business to brokers with little or no conflict of interest with their research, the survey of 300 fund managers showed.

According to officially disclosed figures, ABN Amro has earned a phenomenal $4m for the $200m five year deal it priced yesterday for Turkish electronic goods exporter Vestel. Assuming the deal is not cancelled by the May 14 payment date, it would be the highest earnings made by any bank on a single deal in the EMEA region this year, and a sharp reversal of the widespread fee cutting in European emerging markets.

Merrill Lynch and ABN Amro Rothschild completed a tightly priced Eu265m accelerated sale on behalf of VNU, the Dutch publisher, yesterday (Thursday). But the issue was not without its problems. VNU's share price has collapsed 9.09% since news of the deal leaked to the market on Monday.

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.