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Dollar swap spreads moved slightly wider this week as the financial markets became pre-occupied with equity losses and the possibility of dubious accounting practices concealing another Enron. By the end of the week, the five year swap market was 67.75bp over Treasuries, and the 10 year midmarket was at 76bp over the new 4.875% February 2012 Treasury. The roll into the new note was 2.5bp-3bp, so spreads to the old note are only 73bp - no more than 1.5bp wider than at the end of last week.

German utility Energie Baden-Wurttemberg (EnBW) is due to issue its benchmark debut trade off its euro3 billion ($2.60 billion) Euro-MTN programme, which was signed last week. The Eurobond will be issued after the roadshow, which will finish on Wednesday, February 13. Ingo Voigt is EnBW's head of capital markets and is currently on the investor roadshow in Europe. He told MTNWeek when the programme was signed that the benchmark transaction will be joint-lead managed by Barclays Capital and Deutsche Bank. The deal will be denominated in euro and will be used to fund EnBW's acquisition of NWS, another German utility. Reuters, the international news agency, reported on February 6 that the deal will have a tenor between five and 10 years. The Euro-MTN programme is rated A+ by Standard & Poor's and A2 by Moody's.

Hungary The syndication of the $50m two year term loan for General Banking & Trust Company is winning a good early response from the market.

Brazil * Unibanco - Uniao de Bancos Brasileiros SA

EnBW, Germany's third largest utility, is set to launch its debut benchmark bond soon after the end of its roadshows next Wednesday, a Eu1bn-plus deal over seven to 10 years. Led by Barclays Capital and Deutsche Bank, the transaction will be a big test for both EnBW and the corporate market. One of the strongest credits in a thin corporate pipeline, the A2/A+ utility will offer investors a defensive play in the volatile market.

* Cofinoga SA Rating: A3

E.ON has raised the ceiling off its multi-currency CP programme to euro5 billion ($4.34 billion) from euro2 billion. Barclays Capital, Citibank International and Goldman Sachs have been added to the already nine-strong dealer panel. The facility was signed in September 2000 and was arranged by Dresdner Bank. It has $493.91 million outstanding off 12 trades.

* GIE Suez Alliance Rating: A2/A-

Greece, Italy and Portugal launched a combined Eu10.5bn of syndicated government bonds this week, taking advantage of the demand for high quality paper that accompanied the panic in credit markets to build oversubscribed books and price their benchmarks inside their curves. Spain will soon add further supply, next week announcing the leads for its planned 15 year Bono. The Hellenic Republic enhanced its reputation among the peripheral government bond issuers with a highly successful Eu4bn five year transaction, building on the success of its Eu5bn 10 year bond launched in early January.

French issuers were dominant - closing 11 of the 24 trades done. And there were three euro300 million ($261.81 million) trades closed which served to boost volume. Caymadrid International's euro300 million trade was led by Nomura. It has a tenor of three years and pays a coupon of 6m Euribor +5 basis points. Cofinoga closed a five-year euro300 million trade. New York Life Funding went out for seven years with its euro300 million issue. The note pays interest annually. Several French issuers did more than one deal. BNP Paribas closed four notes for euro23 million in total. Credit Lyonnais Finance (Guernsey) did three notes for euro111 million. And Societe Generale Acceptance closed two deals - a euro20 million note that matures in August 2005 and a five-year euro5 million note. Erste Bank der Oesterreichischen Sparkassen did a 15-year euro10 million public placement. The note pays interest semi-annually.

Just fifteen trades were closed in euro and there was only one issuer going out for large volume. Portuguese corporate, BCP Finance, closed a euro500 million ($438 million) trade that has a five-year tenor. The note pays a coupon of 3m Euribor +20 basis points. The trade was led by BCP Investimento, Caboto IntesaBci and SG Investment Banking. French issuers were once again the most active. Societe Generale Acceptance did two trades, both for euro30 million. Both notes are not issued until May 29 of this year. The trades carry five-year maturities and have annual coupons of 8.000%. BNP Paribas closed a 10-month euro5 million note, which carries a single interest payment frequency. And Credit Agricole Indosuez did a six-month trade for euro1.17 million. Italian bank, Cassa di Risparmio di Genova, came to the market with a six-year euro40 million trade. And fellow Italian borrower, Crediop Overseas Bank, did a six-year euro18 million note. It pays a quarterly coupon of 5.500%. Prudential Banking closed a one-year euro27.50 million note. The trade pays interest singularly. German corporate, Heidelberger Zement Finance, closed a euro17 million note that settles on August 15 this year. The note pays a single coupon of 3.521%. Banque Internationale a Luxembourg did a euro15 million note that matures on December 4 2003. The note carries a coupon 11.750%.