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The first big syndication of the new year was launched earlier this week, when France Télécom invited banks to join the senior selldown of its jumbo Eu15bn refinancing. Interest has been strong - not only because the borrower is one of the European loan market's biggest names but also because banks see this deal as the first real test of liquidity in 2002. With the final quarter of 2001 as difficult a period as many professionals could remember, lenders want to see a return to normality and to consistent dealflow.

BMW opened the corporate euro market for the year on Monday, with a Eu750m seven year deal that demonstrated the company's resilience to the troubles of the auto sector. Volkswagen (VW) will soon seek to follow its peer's success with what bankers expect to be its largest ever bond issue. Citigroup/SSSB, Deutsche Bank and Dresdner Kleinwort Wasserstein (DrKW) won the mandate for the benchmark, which is set to be launched next week. Bankers expect a dual tranche bond offering, split into Eu1.25bn of three year paper and Eu750m in 10 years.

The first big syndication of the new year was launched earlier this week, when France Télécom invited banks to join the senior selldown of its jumbo Eu15bn refinancing. Interest has been strong - not only because the borrower is one of the European loan market's biggest names but also because banks see this deal as the first real test of liquidity in 2002. With the final quarter of 2001 as difficult a period as many professionals could remember, lenders want to see a return to normality and to consistent dealflow.

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