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Czech Republic Komercni Banka's non-deal roadshow via JP Morgan has been postponed until after the completion of the bidding for the bank's privatisation. Komercni is considering a Eu150m-Eu200m three year bond. Bids for the bank's sale are expected next week from Bank Austria Creditanstalt, Crédit Agricole Indosuez, SG and UniCredito Italiano.

Germany Premarketing will begin next Monday for the Eu1bn IPO of Fraport, the owner of Frankfurt Airport. It is expected to continue until May 25, after which bookbuilding will run until June 8. The stock will begin trading on June 11. Local residents opposed to the expansion of Frankfurt airport - which will be financed by the IPO - remain unimpressed by an offer of preferential shares.

* DGZ-DekaBank Rating: AAA/AAA

Top rated US pharmaceutical company Pfizer launched a ¥60bn seven year global bond yesterday (Thursday), its debut transaction in the international capital markets, the company having previously relied on the US markets for funding. The deal, which matures on March 20, 2008, will be priced today (Friday) at a spread of 7bp area over the JGB 2001 by joint bookrunners Merrill Lynch and Morgan Stanley. Proceeds are to refund short term debt and are reportedly being retained in yen with no swap involved.

Philips Electronics made a successful return to the bond markets this week with a Eu2.25bn dual tranche offering, which closed several times oversubscribed. Europe's largest consumer electronics and lighting manufacturer had not been in the market since 1996, when it raised funds in Dutch guilders and Deutschmarks, and analysts had forecast a strong reception for its inaugural euro offering.

Bidding invitations from Garanti and Yapi Bank landed on the desks of syndication teams of top tier banks on Tuesday afternoon. The $400m one year term loans will be used for refinancing facilities nearing maturity. Bidding banks have responded to Garanti and Yapi with all-inclusive pricing of between 200bp and 250bp.

Rheinmetall AG, the German defence and engineering group, will end six months of waiting when it launches its inaugural Eu300m five year offering next week to refinance existing debt. The deal will be lead managed by Commerzbank and Dresdner Kleinwort Wasserstein. Syndicate officials said official price talk would be released after investor meetings yesterday (Thursday) and today (Friday), but market participants said that a range in the 120bp-130bp over mid-swaps is likely.

Standard & Poor's has assigned short-term counterparty credit and Euro-CP ratings of A-1+ to Norddeutsche Landesbank Luxembourg. Corporacion Andina de Fomento has had its senior debt and long-term counterparty ratings raised from A3 to A2 and its short-term debt rating raised to P1 from P2 by Moody's. Moody's has placed the Province of Quebec's A2 debt rating under review for possible upgrade. Barclays Bank has had its Aa2 long-term ratings placed on review for possible upgrade by Moody's. Woolwich's Aa3 long-term ratings are on review for possible upgrade by Moody's. Statoil's AA-/A-1+ ratings have been placed on CreditWatch negative by Standard & Poor's. Standard & Poor's has affirmed the A senior unsecured debt rating of Vodafone. Royal Bank of Scotland has had its Aa2 long-term deposit and debt ratings and its Aa3 subordinated and junior subordinated debt ratings placed on review for possible upgrade by Moody's. Moody's has confirmed the Aaa senior long-term debt ratings of Nestle.

With the launch of a Eu1bn facility for Finland's Sonera yesterday (Thursday), and a number of deals in syndication or close to launch, the telecoms sector is making a cautious return to the loan market. But, as the new issuance for Sonera shows, deals need to be carefully structured and borrowers must be prepared to pay for new facilities.

Bank of Tokyo-Mitsubishi, Commerzbank, JP Morgan (joint bookrunner) and Royal Bank of Scotland (joint bookrunner) are closing senior syndication on the dual tranche facility for Scottish Power. The deal has been well received in both the US and European markets with the US tranche closing oversubscribed. The loan is split between a £1bn five year revolver that will be syndicated in the UK and a $500m 364 day revolver with a one year term out option for Scottish Power owned PacifiCorp.

WorldCom broke new issuance records this week by launching an $11.9bn three currency financing that included the biggest ever dollar raising of $10.1bn. Despite choppy market conditions the deal, led by JP Morgan and Salomon Smith Barney, attracted 600 investors with $30bn of demand. It was increased from $7bn to $8bn, was priced at the tight end of revised price talk and traded several basis points tighter on all tranches at the break.

Vedior, the Dutch recruitment company, is in the bookbuilding stage of a Eu400m-Eu450m global equity offering of bearer depository receipts. Sole co-ordinator and bookrunner Merrill Lynch opened the books on May 7, and expects to complete the sale on May 16. Merrill Lynch has an over-allotment option, allowing it to increase the deal by up to 15%.