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Petrol Ofisi (Poas), the Turkish oil company, successfully braved the volatile Turkish equity markets when it completed its $183m equity issue last Friday. After an extremely successful pre-subscription period, which ended one week before the books were closed, domestic investors put orders in indicative orders for $350m. But in the final week of bookbuilding the Turkish market crashed 10% on fears of a US invasion of Iraq.

The US equity capital markets looked to have fully recovered from the economic downturn as $6.2bn of IPOs were priced in two days this week. European bankers are now waiting for this positive reaction to new issues to cross the Atlantic. Bankers across Europe this week were expressing their relief at what seems to be a tangible turnaround in sentiment. "The US side is really cranking out the business and we expect to see this spill over into Europe in the next couple of months," said one European syndicate head.

Deutsche Bank stretched demand in the equity-linked market this week with a £424m convertible issue for British Airports Authority (BAA). Analysts thought the bond was expensive, but such is the demand for new issues that Deutsche was able to place the bond within an hour on Monday morning before the market had opened.

* Alliance & Leicester plc Rating: A1/A+

Brazil * Banco Bilbao Vizcaya Argentaria Brasil SA

Euro trading is currently very strong. Twenty-nine deals were closed for just under $2 billion. MBNA Europe Funding closed the biggest trade - a euro500 million ($440.95 million) note with a five-year tenor. The note has a spread of 178.1 basis points over the OBL 139, equivalent to 159 basis points over mid-swaps. It carried a coupon of 6.5% and was joint-led by JPMorgan and West LB. Dutch issuers were the most active, with four trades closed. JPMorgan's asset-backed issuer, Globaldrive, did two trades - a euro768 million senior note and a euro32 million junior note. The notes are secured, among other things, by a loan backed by underlying auto-loan receivables originated by Ford Bank, the German branch of FCE Bank. The Globaldrive transaction is FCE Bank's second securitization of German auto loans under the Globaldrive programme. The notes mature on March 26 2011. SNS Bank closed a five-year euro25 million deal via Deutsche Bank. The plain vanilla FRN has a coupon of 3m Euribor+25 basis points. ABN Amro Bank did a euro5 million note that settles on May 10 of this year. Elsewhere, KBC Bank led a seven-year euro20 million range-accrual note for Hamburgische LB Finance (Guernsey). The trade is non-call one and pays a semi-annual coupon. And Banco Totta & Acores SA (London) closed a two-year euro150 million trade via Merrill Lynch. The note pays a coupon of 3m Euribor +0.17500% and has a spread of 22.4 basis points.

* BP Capital Markets plc Guarantor: BP plc

Just thirteen trades were closed in euro yesterday for $607.30 million. Almost half of this volume came through NIB Capital Bank's euro340 million ($300.12 million) trade. The plain vanilla note was self-led and pays a coupon of 5.250%. The note matures on April 22 2010. Instituto de Credito Oficial was the only other issuer doing big volume. It closed a euro200 million trade that settles on January 27 2005. Morgan Stanley led a one-year euro25 million note for Linde. The plain vanilla floater pays a quarterly coupon. Pfandbrief Bank International went for a five-year euro49.03 million trade. Salomon Smith Barney's repackaged entity, Jupiter Capital, issued a euro5 million note that matures on December 30 2006. And BCP Finance Bank did a one-year euro24 million trade. The note pays interest annually.

The true costs of asset management will be disclosed to pension fund trustees from next year, according to draft proposals for a Best Practice Disclosure Code on transaction costs published by the Investment Management Association. IMA has picked up the gauntlet thrown down by the Myners Review, which challenged fund managers to find better ways of enabling trustees to understand and manage costs incurred on their behalf. "The intention is that the disclosure code should be an easily assimilated standard framework for information," said Lindsay Tomlinson, chief executive of Barclays Global Investors, and deputy chairman of IMA, speaking last week at the investment conference of the National Association of Pension Funds (NAPF), which assisted in drafting the code.

Ford Motor Credit Co (FMCC) this week signalled a major shift in its global bond strategy by issuing a mere $2bn of five and 10 year paper in a bid to improve its spread performance. The GlobLS transaction, led by Bank of America, HSBC and Lehman Brothers, tapped its outstanding 6.5% January 2007s for $1bn at 240bp over Treasuries and its 7.25% October 2011s for $1bn at 237.5bp.

The true costs of asset management will be disclosed to pension fund trustees from next year, according to draft proposals for a Best Practice Disclosure Code on transaction costs published by the Investment Management Association. IMA has picked up the gauntlet thrown down by the Myners Review, which challenged fund managers to find better ways of enabling trustees to understand and manage costs incurred on their behalf. "The intention is that the disclosure code should be an easily assimilated standard framework for information," said Lindsay Tomlinson, chief executive of Barclays Global Investors, and deputy chairman of IMA, speaking last week at the investment conference of the National Association of Pension Funds (NAPF), which assisted in drafting the code.

Last week's much-lauded $11bn global bond from General Electric Capital Corp (GECC) was this week hit by a wave of bad press, including a public condemnation of GE's management and financing strategies by Pimco's influential fund manager, Bill Gross. Gross, who manages one of the world's largest bond funds, launched a vicious attack on GECC in an article posted on Pimco's website. In the same week, GECC also suffered from rumours, which it denied, that it was about to spend $8bn to acquire CIT Group.