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The Republic of Bulgaria stormed to its long awaited debut in the Eurobond market on Monday with an opportunistic Eu250m 5-1/4 year issue that attracted over Eu1.1bn in orders. Lead managed by JP Morgan and Morgan Stanley, the deal attracted a flood of orders from institutional investors desperate to park their growing cash piles in sovereign emerging markets credits - and especially rare EU convergence assets - that are not linked to Argentina.

The Republic of Bulgaria stormed to its long awaited debut in the Eurobond market on Monday with an opportunistic Eu250m 5-1/4 year issue that attracted over Eu1.1bn in orders. Lead managed by JP Morgan and Morgan Stanley, the deal attracted a flood of orders from institutional investors desperate to park their growing cash piles in sovereign emerging markets credits - and especially rare EU convergence assets - that are not linked to Argentina.

* Rabobank Nederland NV Rating: Aaa/AAA

Two debut hybrid capital transactions for UK financial institutions this week demonstrated the vitality of the sterling market, and the depth of demand for high yielding paper at the long end. The first, insurance company CGNU's multi-currency hybrid capital issue led by Barclays Capital, Lehman Brothers, Merrill Lynch and SG, raised £1.2bn equivalent, the £700m sterling tranche setting a record for subordinated issuance in the market. It was also the first public issue by an insurer in the Euromarkets since the events of September 11, which sent spreads on European insurance paper out between 20bp and 34bp within a week.