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* Province of Ontario Rating: Aa3/AA

Coles Myer Finance (CMF) has self-arranged an unlimited multi-currency Euro-CP facility. Obligations under the programme are guaranteed by CMF's parent, Coles Myer. The dealers are Citibank, Deutsche Bank and UBS Warburg.

Sony has signed a $5 billion Euro-MTN facility. Deutsche Bank scooped the arrangership. The dealers are the arranger, Daiwa Securities SMBC, Goldman Sachs, Merrill Lynch, NikkoSalomonSmithBarney Europe, Tokyo-Mitsubishi International and UBS Warburg.

Kudelski capped a successful 2001 for the convertible bond market when it raised $325m from the sale of convertible bonds on December 20 via Credit Suisse First Boston. The Swiss company, which specialises in access control systems for digital television, saw strong investor demand for the bonds. The weight of demand not only enabled CSFB to increase the transaction, but it meant the bond traded strongly in the aftermarket - it closed yesterday (Thursday) at 101.5.

Deutsche Borse has signed a euro2.5 billion ($2.26 billion) multi-currency CP shelf via Goldman Sachs. It is joined on the dealer panel by Commerzbank, Deutsche Bank, Landesbank Baden-Wurttemberg and Lehman Brothers.

Czech Republic The $70m five year loan for Cez has been closed. The deal was well supported in the market raising over $100m but is unlikely to be increased.

Investment bankers were this week universally upbeat about the prospects for international debt issuance by emerging market credits in 2002, despite Argentina’s record breaking $155bn debt default over the Christmas break.

Investment bankers were this week universally upbeat about the prospects for international debt issuance by emerging market credits in 2002, despite Argentina’s record breaking $155bn debt default over the Christmas break.

Dollar swap spreads contracted sharply this week as the traditional upsurge of new issuance was celebrated with even more gusto than usual. Moreover, an overwhelming portion of the new debt was swapped to floating rate, exerting irresistible downward pressure on swap spreads. By the close of trading in New York yesterday (Thursday), the two year swap spread was at 43.25bp, the five year at 73bp and the 10 year at 74bp. At the beginning of the week, the two year swap spread had touched 49bp while the 10 year had dealt up to 77bp.

* Crédit Lyonnais SA Rating: A1/A

* Land Brandenburg Amount: Eu250m (fungible with Eu500m launched 09/10/01)