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* Ford Motor Credit Company Rating: A2/BBB+/A+

UBS Warburg completed two secondary trades in the space of two days this week, when it sold stock in UK software company Marlborough Stirling and the mining group Anglo American. On Tuesday, the bank completed a £19.6m accelerated bookbuild for Marlborough Stirling, on behalf of private equity house Apax Partners. Marlborough was followed on Wednesday by a £87.2m risk-based trade in Anglo American.

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."