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Real Software Group, the Belgium technology company, is to raise at least Eu45m through issuing new equity, in a restructuring plan that is intended to save the company from bankruptcy. Real Software built up a heavy debt burden and ran into problems with its loss-making US entities earlier this year, before appointing new chief executive Theo Dilissen in February.

Tyco International Group this week stunned market participants with what is being viewed as the most successful financing for a triple-B or single-A credit to hit the market since September 11. The dual currency multi-tranche transaction for the US diversified conglomerate took out its Eu2bn equivalent EuroMTN programme in one hit, achieved multiple oversubscription at the tight end of price talk across the four tranches, and performed spectacularly in the secondary market.

Marconi has published an interim report on its finances, where it confirms it has drawn the full amount outstanding under the Eu4.5bn tranche of the Eu6bn credit it signed in 1998. Marconi's net debt was £4.28bn at the end of September 2001, and the beleagured telecoms equipment group said it intends to reduce this to between £2.7bn and £3.2bn by the end of the first quarter of 2002.

Fourteen trades were issued in US dollar yesterday, for a total of $308.5 million. Triple-As issued five of these notes, demonstrating the need investors feel at the moment for safe placements. Federal Home Loan Banks did a $10 million and a $15 million deal that have terms of seven and eight years respectively. They have a fixed part to the coupons of 3.5% and 4%. Five Finance Corporation did its third trade of 2001 via Salomon Smith Barney. It was a $30 million deal that goes out to November next year. World Bank was also involved, announcing a $10 million 10-year trade, and Landwirtschaftliche Rentenbank did a $16.39 million deal via Royal Bank of Scotland. It matures in May 2012 and has a zero-coupon structure. SNS Bank Nederland did an $8 million deal via National Australia Bank. It also is a zero-coupon and goes out to November next year. Abbey National Treasury Services announced a $5 million three-year trade with Salomon as bookrunner. And Credit Agricole Indosuez, another Aa2-rated borrower, did a $2.47 million deal. It matures in a year's time. Countrywide Home Loans did the biggest US dollar deal of the day. It was an $85 million trade that goes out to December 2003. It was the issuer's seventh deal of this year, and third in US dollar. The others have been denominated in yen.

* Japan Bank for International Cooperation (JBIC) Guarantor: Japan

Globals * AT&T

The US equity markets were at their busiest since May this week as five companies priced and listed on the New York exchanges. "This is certainly a very encouraging week," said one US ECM banker. "My impression is that we have reached a sustainable level and the buying community appears to agree. Investors thought they saw the bottom of the market following September 11 and now they are able to measure the upside/downside risk of each trade much more accurately." But he was quick to point out that this was not a return to the heady days of 1999 and early 2000. Instead, this week saw a clear signal from investors that they were prepared to riskmoney in new issues.

Corporate debt markets continued to rally this week after the recent round of rate cuts, with credit spreads tightening across the board. The receptive environment allowed for several successful transactions, none more so than the Eu5bn five year global bond for the EIB launched off its EARNs programme. Careful premarketing and bookbuilding resulted in a book of Eu10bn for the supranational and the deal was hailed as an unequivocal success. The revival in appetite for corporate debt was underlined by the strong demand for AT&T's jumbo multi-tranche offering denominated in dollars and euros. The US telco raised $10.01bn across four tranches and reportedly drew an order book of $30bn.

rance The Eu400m 4-3/4 year loan for Tele-Invest II SA was signed on Wednesday November 14.

Some bigger-than-usual deals were announced in the yen market yesterday. Nomura Global Funding did a ¥20 billion ($164.47 million) two-year trade, and both Banque et Caisse d'Epargne de l'Etat Luxembourg and Bayerische Landesbank went for ¥10 billion trades. BCEEL's goes out to July next year and pays a fixed coupon of 4%, Bayerische's goes out to March next year and pays 0.6%. Hitachi Asia announced a ¥7 billion two-month deal that pays a fixed coupon of 0.09%. Transpower Finance, the New Zealand electricity company, did its first MTN deal for almost a year. The ¥5 billion note matures in November 2011 and has a fixed part of the coupon of 1.372%. Alliance & Leicester announced its first yen deal of the year via Morgan Stanley. It was a ¥500 million trade that goes out to October 2003 and has a fixed coupon of 0.01%. CDC IXIS Capital Markets did three trades: two ¥500 million deals and a ¥1.1 billion deal. They have terms of 20, 30 and 25 years respectively. Eksportfinans is maintaining its regular presence in the market, and issued a ¥400 million Bermudan non-call-one power reverse dual currency (PRDC) note. It goes out to November 2021, and has an initial fixed coupon of 3%. Kommuninvest I Sverige did a ¥200 million non-call-two PRDC via Kokusai. It also has an initial fixed coupon for the first two years. Svensk Exportkredit also issued a PRDC, and Vorarlberger Landes- und Hypothekenbank did three PRDCs. One was a ¥500 million 20-year deal that was soon raised to ¥700 million. Nomura was the bookrunner and it has a fixed coupon of 5.3% for the first three years then becomes US dollar-yen linked. Nomura led another ¥500 million trade for Vorarlberger, which has a fixed coupon of 4% for the first 16 months and is capped at 4% for the first year. It then becomes a PRDC linked to Australian dollar-yen, and the cap increases by 20 basis points each year. Its last trade yesterday was a ¥2 billion deal with Daiwa SMBC Europe as bookrunner. It has a fixed coupon of 4.5% for the first two years, then becomes a US dollar-yen PRDC and is callable after two years too.

The yen market saw more new names on Friday last week, and, although nine of the 26 trades that were announced came from issuers domiciled outside Europe (more than the average), continues to be dominated by Western European names. ABB Capital did its second yen note of 2001, with a ¥3 billion ($24.67 million) deal that goes out to September 2009. It has a fixed coupon of 1.36% for its duration. Nederlandse Waterschapsbank also went for a ¥3 billion trade. Nomura was the bookrunner of the 22-year deal, and it has an initial coupon of 2.7%. Abbey National Treasury Services announced a ¥500 million 15-year note. It pays 2%, and was the only trade done by a UK issuer. KfW International Finance did a ¥3 billion, a ¥2 billion and a ¥1 billion note. JPMorgan led the first one and it goes out to November 2013. It has an up front coupon of 1% before turning into a CMS-linked trade. The other two were led by Nikko Bank and have initial coupons of 3.5% and 4% respectively. The ¥2 billion deal is then linked to the Australian dollar-yen exchange rate and is callable after 3 years, annually thereafter. The ¥1 billion trade is a bullet and after the initial fixed coupon is linked to the US dollar-yen exchange rate. Kommunalbanken did a ¥500 million trade that goes out to November 2031. Daiwa SMBC Europe was the bookrunner and the note has an initial coupon of 3.8%. NIB Capital Bank also announced a ¥500 million trade, via SG. The note has a reverse convertible structure, also linked to a basket of equities, after an initial coupon of 3%.

The week started quickly in yen, with 44 trades announced yesterday, including a handful of deals from triple-B rated issuers. And as could be expected, most of the triple-B notes came from Japanese-based issuers. Daiwa Securities SMBC announced two ¥500 million ($4.16 million) notes with maturities of 15 and 20 years. DKB Finance (Aruba) did a ¥1 billion 10-year trade, and Nikko Bank (Luxembourg) did a ¥100 million five-month deal via Salomon Smith Barney. Sumitomo Corp Capital Europe announced a ¥3 billion trade, also via Salomon, that goes out to October next year. Reichhold Finance (USA) did its third note of the year, though it is the 10th of the year off the programme, which has Dainippon Ink and Chemicals as an issuer too. Reichhold's note is for ¥8.5 billion and has a term of one month. Salomon was dealer again. Triple-A Kommunekredit did a ¥500 million trade that was quickly increased to ¥600 million via Nomura. It was a Bermuda-callable capped US dollar-yen power reverse dual currency note and matures in December 2021. Banque Generale du Luxembourg announced a ¥500 million 15-year note with HSBC as bookrunner. And Banque et Caisse d'Epargne de l'Etat Luxembourgdid a ¥500 million 10-year deal. It has a fixed coupon of 1%. Toshiba International Finance (Netherlands) did two ¥2 billion notes. And although they have identical maturities of one year, one pays 6.014% and the other pays 0.14%. Canadian Wheat Board did its 20th yen note of 2001. It was a ¥120 million 15-year trade that has an initial fixed coupon of 7%. And the other Canadian issuer in the market was Toronto Dominion Bank. It announced a ¥1 billion deal that goes out to November 2011.