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Ford Motor Credit Corp this week launched a Eu5bn three year bond issue, the largest single tranche corporate deal in the euro sector and the second largest fixed rate corporate bond in any currency, highlighting the liquidity the euro market can now offer issuers. The auto company overcame negative market sentiment towards credit in the US, which drove Ford spreads wider over the week by 20bp-25bp against swaps in euros and by 15bp in dollars.

A glut of Russian oil-related financings are set to come to the market over the coming four weeks, meaning that February will likely be the busiest month for Russian deals since the 1998 crisis. In total, some $1.125bn of Russian oil-related credit facilities will be launched this month - a substantial chunk of the $5bn of facilities that the Russian oil sector needs over the year. The result of the February rush for funds will undoubtedly set the tone for the prospects of the oil firms realising their year's funding needs.

News this week of US fibre-optic communications operator Global Crossing's filing for protection from its creditors under Chapter 11 illustrates that the cloud of corporate bankruptcy that crept over the financial markets on either side of the Atlantic after September 11 shows no sign of clearing. Global Crossing is one of a string of corporates that has left its lenders pale.

Ford Motor Credit Corp this week launched a Eu5bn three year bond issue, the largest single tranche corporate deal in the euro sector and the second largest fixed rate corporate bond in any currency, highlighting the liquidity the euro market can now offer issuers. The auto company overcame negative market sentiment towards credit in the US, which drove Ford spreads wider over the week by 20bp-25bp against swaps in euros and by 15bp in dollars.

A quick glance at the portfolios of UK and continental European investors makes it clear that corporates looking to raise funds in euros and sterling are spoilt for choice. But although the numbers suggest that dual currency issuance may be the ideal solution for corporates looking for funding in size and at competitive levels, a closer examination of the two investor bases reveals that success does not come easy. Philip Moore reports.

Naturgas Midt-Nord has been added as an issuer to Hovedstadsregionens Naturgas' (HNG) $750 million Euro-MTN programme and the whole German dealer group have been dropped. The issuer has used its programme 39 times since it was set up in 1992. Most of HNG's trades have come in Deutschmark but its last trade was a ¥2 billion ($16.25 million) note that reaches out to 2016.

Algeria SG has arranged a $51.3m US Ex-Im Bank guaranteed loan to support an oil development project for Sonatrach.

Banks are anxiously waiting to see Liberty Media's response to the impasse developing with the German Cartel Office over the company's proposed acquisition of six of the regional cable television units being sold by Deutsche Telekom. The regulator has made clear that it will block the deal unless Liberty makes key concessions to reflect the regulator's concerns.

It is rumoured that MDM, the Russian Bank, is to put its name to a debt programme. The size of the facility is expected to reach $300 million and the bank's first issue is believed to be $100 million. The note may be issued in the third quarter of 2002. The signing comes after Gazprombank, the Russian commercial bank to the gas industry, recently entered the MTN market with its euro300 million ($258.52 million) facility in December 2001 (See MTNWeek, issue 264).

Hong Kong Cheung Kong Infrastructure has awarded the mandate for its HK$3.8bn five year fundraising to BNP Paribas, Citigroup/SSB, HSBC and Sumitomo Mitsui Banking Corp.

Hong Kong * Hysan (MTN) Ltd

Do you feel just slightly sorry for the UBS Warburg salesmen and credit researchers who were binned by the bank just because they tapped into Morgan Stanley's research website? There may be some sympathy in the City, but out in the shires where men are men and the sheep walk nervously, the locals are probably saying,: "These Euro fat cats made their own bed and now they can lie in it." We don't take sides on these occasions and we don't know the senior members of the "Gang of Four", Nick Tudball and Derek Braun - is he any relation to Alex Braun, who used to do clever things at Abbey National and was very popular with the ladies, or is he a brawn-like indigestible meat?