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In a display of market savvy by an infrequent issuer, the Dominican Republic yesterday (Thursday) pounced on a small window of opportunity to launch a $500m five year global bond, the first offering from an emerging market borrower since last week's terrorist attacks. The deal, led by JP Morgan and Morgan Stanley, was priced at par to yield 9.5%, 25bp wider than the original 9.25% yield it was due to be launched at last Tuesday (September 11). The market reacted positively to the issue, saying that a 25bp back-up in yield was reasonable under the circumstances.

Five small Italian co-operative banks yesterday (Thursday) launched a Eu302.5m securitisation backed by performing residential and commercial mortgage loans. Lead managed by Crédit Agricole Indosuez, the deal, which was originally scheduled for launch last week, is one of only two European deals to have closed since events in the US last Tuesday.

Croatia Joint arrangers Commerzbank and Erste Bank forged ahead with business last week and signed banks into the Eu50m amortising five year loan for Erste & Steiermärkische Bank on Wednesday, September 12.

Emerging market bonds traded half a point wider this week across the board as investors retreated to risk averse positions ahead of expected US retaliation to terrorist attacks and uncertainty over the direction of oil prices. However, bankers were quick to point out that flows were relatively low and not particularly aggressive.

Dominican Republic * Dominican Republic

* DePfa Bank AG Bauboden Rating: Aa3/AA- (Moody's/Fitch)

Telecoms borrowers continue to drive volume in the European loan market. Decreased valuations for the telecoms sector mean there is nothing on the scale of last year's Eu30bn France Télécom transaction in the wings. There is, however, a combined total of over Eu15bn of debt from a swathe of telecoms financings being launched in the next few weeks. The Eu2.325bn loan for Valentia's acquisition of Eircom is one of several deals for mobile telephony service providers on the verge of being brought to the market. Mandated arrangers Allied Irish Banks, Barclays, Bank of Ireland, Deutsche Bank (joint bookrunner, facility agent and documentation agent) and Goldman Sachs (joint bookrunner) are thought to be targeting two tiers of banks in the senior syndication of the loan.