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Bangko Sentral ng Pilipinas (BSP) re-opened its $550m 9% 2005 deal for the third time this week, adding another $250m to the issue. The re-opening follows the success of the Republic of the Philippines' $750m 10 year deal last week and bodes well for future issuance from the country - new transactions are expected from National Power Corp (Napocor) and conglomerate JG Summit in the next few weeks.

Optimism about the outlook for the euro zone economy has reached its highest level since April 2000 among European fund managers, according to Merrill Lynch's latest fund manager survey published this week. Merrill Lynch's report shows that 82% of fund managers expect an improvement in the general economic conditions within the European single market. This is an increase from 58% from when the survey was conducted in December 2001. The report shows that managers are predicting a 6.7% growth in earnings per share over the next 12 months.

Co-ordinating arrangers ABN Amro, Barclays and Citibank/SSB have successfully completed the sub-underwriting phase of the $150m 364 day financing for Bumiputra-Commerce Bank. The deal was oversubscribed and the greenshoe option was exercised, increasing the fundraising from $100m.