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Bookrunners on France Télécom’s jumbo Eu15bn refinancing spoke of their anger this week at the behaviour of some of the deal’s mandated lead arrangers, who are believed to have advised junior syndicate banks not to join the loan in primary syndication but instead buy the asset in the secondary market.

European credit spreads stand at historically wide levels, and to fund managers the situation represents an excellent investment opportunity. But just when an accurate reading of the picture is ever more critical, no one bond index provider has yet established itself as a clear leader in the European field. Gareth Quantrill, investment manager for corporate bonds at Scottish Widows Investment Partnership, described the reliability of pricing data as a major challenge, adding: "As corporate bonds have become more mainstream, investment consultants are not so comfortable with the use of sole index providers."

Annington Homes Ltd, the company through which Nomura acquired the UK Ministry of Defence (MoD) housing estate in 1996, this week began roadshows in London for the tap of one of its securitisations of MoD housing. Lead managers Barclays Capital and UBS Warburg are keen to emphasise to investors the quality and performance of the underlying assets.