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Credit Suisse First Boston completed a Eu31.2m secondary offering for United Medical Systems International (UMS), the German mobile medical services provider, this week. With a 200,000 share greenshoe yet to be exercised, the deal could be increased to Eu36m.

Equity capital market experts were curious this week why Hyundai Motor chose to sell a $500m 2.2 year bond issue that can be exchanged into 51m shares of listed affiliate Kia Motors. The issue is on behalf of special purpose vehicle HMC Cayman Finance and is arranged by lead manager Credit Suisse First Boston. The notes are being sold into Europe and the US through a 144A placement but the issue appears to achieve little for Hyundai as almost all the proceeds are used to collateralise the notes by the purchase of maturity matched US Treasuries. The notes are accordingly rated triple-A.

* Scandinavian Airlines System Rating: A3

Croatia The Eu45m three year term loan for Splitska Banka will be signed today (Friday).

Electricité de France (EdF) is expected to announce the bookrunners for a long dated sterling transaction today (Friday). About eight banks are bidding for the mandate. EdF has been centre stage recently because of its plans to expand into Spain with a takeover of Hidrocantabrico, and Italy with the purchase of Montedison. But the moves have stalled because of objections from France's neighbours to the slow liberalisation of that country's energy sector.

Eidos, the UK computer games maker, has confirmed speculation that it is planning a £51.7m deeply discounted rights issue. The confirmation came as Eidos announced that it made a loss of £26.1m before taxation, goodwill amortisation and exceptional items in the year to March 31.

Caja de Madrid, Citibank/SSSB (joint bookrunner), Deutsche Bank (joint bookrunner) and Sumitomo Bank have won the mandate to arrange a Eu750m 364 day revolving CP backstop for Electricidade de Portugal (EDP). The deal is being syndicated among the borrower's close relationship banks. The margin on the facility is 22.5bp and there is a commitment fee of 10bp. The utilisation fee is 2.5bp if over 33% is drawn and 5bp if over 66% is drawn. Arrangers are invited to take Eu60m for 7.5bp and co-arrangers take Eu40m for 5bp.

Rating: Aaa/AAA Amount: $750m

Emerging debt jumped today (Monday) after Argentina announced a much larger than expected debt swap of $29.48bn.

Brazil * OPP Finance Ltd

Euronext, the European stock exchange, is aiming to complete its long awaited Eu800m IPO by early July, just weeks before shares in the London Stock Exchange hit the market. The flotation will be split into a combination of primary and secondary shares, and will represent 25% of the company. UBS Warburg, ABN Amro Rothschild and BNP Paribas are running the deal.

* Allgemeine Hypothekenbank AG Rating: A2/A-/A