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Guatemala and Panama moved quickly to take advantage of a sudden rally in emerging market bond prices this week, ironically caused by Argentina's decision to force investors into a "voluntary" debt restructuring. On Monday, Guatemala priced a $325m 10 year bond via Morgan Stanley at 593bp over Treasuries. Panama, seeing the success of that transaction and a strong bid sparked by the prospect of a reweighting of Argentine assets in the EMBI Plus index, was persuaded by Morgan Stanley yesterday (Thursday) to re-open its old 2008 bond, first issued in 1998, for a further $250m.

Toyota Motor Credit Corp this week successfully completed its first benchmark euro deal targeted at European institutional investors, a Eu750m five year issue priced through the auto company's outstanding euro denominated bonds. "We have done retail issues in the past and will continue to do them if demand is there," said Jean Liao, TMCC's national treasury manager. "But there is a vast pool of institutional investors that we have not accessed before and we have wanted to put a benchmark transaction into the euro market for a long time."

JP Morgan has been mandated to arrange a A$950m debt facility to part finance the purchase of Wilson & Horton Group from its largest shareholder, Independent News & Media (IN&M), by APN News & Media. The arranger is inviting a couple of banks to join as equal status arrangers to share some of the underwriting risk before launching the deal to prospective sub-underwriters in the next couple of weeks. This stage will be completed before year end with general syndication set for the new year.

Korea Development Bank (KDB) was forced to swallow its pride and accept a much wider spread than it had aimed for when it priced its $500m five year global bond issue yesterday afternoon (Thursday).

Korea Development Bank (KDB) was forced to swallow its pride and accept a much wider spread than it had aimed for when it priced its $500m five year global bond issue yesterday afternoon (Thursday).

Dow Kim, the newly appointed head of global debt markets at Merrill Lynch, has named his senior lieutenants. David Lund heads the global credit products group, which covers trading for investment grade, money markets, credit derivatives, structured credit, syndicate and lending. Doug DeMartin, who was previously head of Americas trading, is to head the global investor client group. Bob Lyons heads the global issuer client group, covering all origination worldwide. He also heads the ratings advisory, liabilities management and debt advisory groups.

Brazil Banc of America Securities has completed a $220m four tranche facility for Companhia Siderurgica Nacional (CSN).

Launch is expected today (Friday) of the Republic of Latvia's maximum Eu200m seven year Eurobond via BNP Paribas. Indicative pricing is 155bp-165bp over Bunds. "We expect this bond to be more than twice oversubscribed," said a banker at the lead manager yesterday afternoon (Thursday). "We are getting orders from funds and asset managers all over Europe."

Linde has signed a euro1 billion (897.84 million) CP programme. Deutsche Bank is the arranger. Gunther Jakob, head of corporate finance at Linde, hopes that this new facility will work in harmony with the issuer's existing euro4 billion debt issuance programme that was also arranged by Deutsche Bank in April of last year. He says: "The market is a bit rocky at the moment but we were very happy doing trades off our MTN programme before August. This new CP shelf will help us to be more flexible." The dealer panel is the arranger, Barclays Capital, Dresdner Kleiwort Wasserstein and SEB Merchant Banking.

The Christmas season has officially been opened. Not by the cold weather, nor by the wrapping paper and cheap crackers appearing in the shops, but by Kommunalbanken sending out its invitations for a reception with none other than the Norwegian Ambassador. If positions of eminence are the next step upwards into society for many of the market's dealers, this will be the perfect chance to make yourself known. UBS's Gavin Eddy, or BNP's Daniel Cogoi, with their information websites, could try and follow in the footsteps of Michael Bloomberg. Mayor of New York might be a little ambitious for now though. The invite also mentions Kommunalbanken's 'liquidity activities' of 2001, so we expect appearances from HSBC's Fergus Kiely, Morgan Stanley's Klaus Svendsen and of course Barclay's Nabil Abooze-a lot. The word is that Daniel Cogoi is on the look out for any open parties too. He was spotted at Webster's conference two weeks ago with a horde of pretty women accompanying him. Apparently if past conferences are anything to go by they would have gone out till the early hours. Unfortunately the Ambassador's reception ends at 8.30pm, so after the Ferrero Rochers everyone will have to head back to Daniel's place for liquidity reserves.

Banks concerned about their exposure to the loan market have turned to credit derivatives to ensure they are well hedged ahead of a possible global recession. The geopolitical overlay and the associated uncertainty that has stalled the loan syndication process has invigorated the derivatives market. "September 11 has increased the likelihood of companies and borrowers, not to mention sovereigns, defaulting" said a derivatives trader in London. "This has caused central banks to drop interest rates. While this has led to a small bounce in the equity and bond markets, there is a big underlying pick-up in the credit derivatives business."