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GMAC will today (Friday) join the US corporate rush for historically low all-in funding costs in the high grade fixed income market by launching a minimum $4bn global offering, just days after Ford’s blowout $9.4bn equivalent multi-currency global deal.

HVB Real Estate has announced the dealers off its euro25 billion ($22.55 billion) Euro-MTN shelf. They are Barclays Capital, BNP Paribas, Deutsche Bank, Dresdner KW, Goldman Sachs, HypoVereinsbank, Morgan Stanley, Salomon Smith Barney and UBS Warburg.

GMAC will today (Friday) join the US corporate rush for historically low all-in funding costs in the high grade fixed income market by launching a minimum $4bn global offering, just days after Ford’s blowout $9.4bn equivalent multi-currency global deal.

The Republic of Guatemala and Venezuelan oil concern PDVSA are going ahead with roadshows on Monday, despite signs that Argentina's problems are once again reaching crisis point. PDVSA Finance Ltd, the financing arm of the state owned Venezuelan oil company, is marketing an $800m issue of intermediate and long dated bonds backed by oil receivables.

The Irish covered bond (ICB) market took an important step on Tuesday with the introduction of a parliamentary bill that will define the market and should pave the way for the first offering in 2002. The spotlight is on Rheinhyp and DePfa to issue the first ICB. Either should then be joined by up to eight other issuers, providing total annual issuance of Eu10bn-Eu15bn.

Chile BBVA Securities Inc, Barclays, Dresdner Kleinwort Wasserstein and ING Barings are in the market with a $200m amortising loan for Compania de Telecomunicaciones de Chile SA (CTC).

Many well-known faces were to be seen at the Sheraton Park Lane Hotel in London on Thursday for Websters MTN conference. The whole HSBC crowd was there, which makes Leak wonder who was left to answer their phones. Other names at the conference included Royal Bank of Scotland's Sanjay 'Slimfast' Sofat, the suave Cyril Bonnet from CNCEP, SEK's Ulrika Bohlin and Mike Timms, the ex-IFR journalist. The ever-popular Timms is having to recycle his business cards now. Leak received a lovely one which already had someone else's number scribbled on the back. We hope she wasn't anyone special, Mike. If Leak receives a phone call in a month's time asking for it back, we'll know he's remembered her name. But some of the gadgets at the conference were of a higher standard than anyone could have hoped for. And, with its quality diaries and phone holders, BNP Paribas would have got the best freebie-giver award. Unfortunately there isn't one. The pre-conference parties went off very well and it seems all and sundry headed for London's Piccadilly on Wednesday night. BNP Paribas hosted a wild caviar and vodka evening at Caviar House next door to the Ritz. The caviar went down a treat and apparently the vodka tasted like orange juice, which sounds dangerous. And Mizuho started its evening with some drinks and dinner at the Ritz, followed by a trip to the theatre. Very grown up. After nine years in MTNs and having seen the market grow from just 20 issuers, Deutsche Bank's leading MTN star, head trader Tiina Lee, has left the desk. She has moved over to UK and Scandinavian financial institutions. Chris Jones, Mike Bransford and Ali Hussain are left by themselves, but if Chris Jones can go fishing in Iceland in shorts, we are sure he can manage an MTN desk.

European equity capital markets are preparing themselves for a dramatic change in the way they do business as the stock exchanges of Europe ready themselves for battle. Tom Illsley looks at what strategies the major exchanges are putting in place to make sure they come out on top in the race to consolidate

UK retailer Marks & Spencer (M&S) this week continued its impressive turnaround with the launch of its first public bond since 1999, a dual currency offering in euros and sterling. Lead managed by Deutsche Bank and Morgan Stanley, the transaction offering included a euro denominated debut Eu550m five year tranche and a £375m 10 year piece, which together amounted to the company's largest ever capital markets fundraising.

Sonera's announcement this week of a Eu1bn rights issue and Moody's confirmation yesterday (Thursday) of Sonera's Baa2 long term debt rating has helped ease concerns among loan bankers about their exposure to over-leveraged corporates. These concerns arose following the problems of Marconi, Kvaerner and Enitel. Because of Sonera's debt load, its aggressive 3G strategy, and bearish tech sector sentiment, the ratings agencies had been expecting a downgrade.

UK retailer Marks & Spencer (M&S) this week continued its impressive turnaround with the launch of its first public bond since 1999, a dual currency offering in euros and sterling. Lead managed by Deutsche Bank and Morgan Stanley, the transaction offering included a euro denominated debut Eu550m five year tranche and a £375m 10 year piece, which together amounted to the company's largest ever capital markets fundraising.