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Estonia Fitch has upgraded the Republic of Estonia to A- from BBB+. The move follows a similar upgrade from Moody's a week earlier. Standard & Poor's is also expected to upgrade the sovereign to a single-A in time for its Eu100m five year debut Eurobond via Credit Suisse First Boston, expected by October.

* Deutsche Bahn Finance BV Guarantor: Deutsche Bahn AG

Seventeen trades were closed in sterling, Hong Kong dollar, Australian dollar, Swiss franc and Danish krone yesterday. Australian dollar has been absent for more than a week, but was back with a three-month A$10 million ($5.22 million) note from HSBC Investment Bank and a A$25 million five year trade from Helaba that pays a final coupon of 5.5%. Commerzbank International and Svensk Exportkredit (SEK) were in Swiss franc and Danish krone respectively. The Sfr36 million ($21.11 million) matures in 2004 and is due on September 17, while SEK's Dkr400 million ($47.79 million) syndicated trade was lead managed by Fortis Bank and KBC International. It goes out to 2009 and pays a final coupon of 5.375%. Bank of Scotland Treasury Services, UBS and 3i Group issued sterling notes with maturities between one and three years. And Hong Kong dollar was busy - 10 trades were closed and eight mature in less than three months.

French car maker Peugeot took the euro corporate sector by storm yesterday (Thursday) with a Eu1.5bn 10 year bond, capitalising on its rarity value, strong business credentials and a timely removal of its negative rating outlook by Standard & Poor's. Leads ABN Amro, Credit Suisse First Boston (CSFB), HSBC and JP Morgan were faced with a book of over Eu5bn for the Eu1.5bn deal despite pricing that, compared with its US peers, looked prohibitively tight.

* Bayerische Hypo- und Vereinsbank AG Rating: Aaa/AAA

Finland Although pricing for the Eu2bn acquisition financing for UPM-Kymmene has not been released, EuroWeek understands that the fees for a top ticket will be around 20bp-25bp.

Two telecoms companies this week demonstrated the value of bookbuilding behind closed doors in the face of a sceptical market. The two companies - MM02 (BT Wireless) and Liberty Media - both suffering from the negative sentiment and tightening liquidity of the telecom finance sector, are set to announce large and committed bank lines within the next few days.

Market report Compiled by Richard Favis, RBC DS

* Bradford & Bingley plc Rating: A1/A+

Vattenfall, Sweden's state owned energy company, has completed roadshowing a Eu500m plus bond that looks set to kick off brisk supply from the utility sector over the coming month, which could benefit from investors' appetite for non-cyclical credits. The utility is planning a long seven year issue set to mature in early 2009. The price talk at 80bp-83bp over mid-swaps is wider than expected, but still considered too expensive by some bankers.

* ABN Amro Bank NV Rating: Aa2/AA

Televisa priced a $300m 10 year bond in the US market yesterday (Thursday), becoming the first of a growing list of Latin American issuers rushing to market in the coming weeks to make the most of what might be a short and precarious new issuance window. The deal, led by JP Morgan and Salomon Smith Barney, was priced at 98.793 to yield 8.179%, or 330bp over Treasuries, only 14bp back from Mexico's outstanding 2011s.