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Freddie Mac has mandated ABN Amro, Deutsche Bank and Morgan Stanley Dean Witter for a $5bn reopening of its 5.25% January 2006 five year Reference Note, to be priced on Tuesday April 10. After initial widening, the January 2006 issue has been sitting in line with the rest of the sector at 63bp-66bp over the 5.75% November 2005 Treasury Note, which currently equates to around 19bp through swaps.

* Preem Holdings Amount: Eu250m

"What's the story about Abigail Hofman at Barclays Capital?" That was the main topic of conversation around the City bars and the speakeasies of the Dead Canary as rumours suggested that the Euromarket's first lady was no longer at her desk. In fact it's true. The Euromarket's icon left Barclays Capital last Friday to take a short sabbatical. After 4-1/2 years of long days, long flights and helping Bob Diamond to put BC very firmly on the map, she has decided to have a break. No one can deny that she has made an impact, and many of the best and brightest young lady graduates coming into the City have used Abigail as a role model for career achievement. A First at Oxford was a useful start, but it only took her through the door. She showed that women can rise to the very top and, as one competitor reluctantly admitted to us: "Abigail Hofman is simply the best in the market for coverage of frequent borrowers."

International Bank for Reconstruction & Development has concluded a 30-year ¥1 billion ($7.92 million) note, which is to be signed on April 9. The note pays interest semi-annually and has a final coupon of 7.40%. This is the issuer's 39 yen trade of 2001.

Deutsche Bank and UBS Warburg priced a Eu225m issue for Swedish oil refiner Preem at the same level as outstanding Petroplus' paper on Wednesday, adding some depth to one of the European high yield market's newest sub-sectors. Preem, which is owned by the Middle Eastern Al-Almoudi family, issued a 10 year senior secured paper with a 10.625% coupon - the middle of the indicated pricing range.

Investors began to see value in Iberia stock this week after the Spanish airline's Eu586m IPO was completed on Monday at a giveaway price. The shares were sold at 30% below the original bookbuilding range, and, even after listing, fell more than 9%. Over the week, however, they recovered to close yesterday (Thursday) at Eu1.23, 3.4% above issue price.

John Hancock Global Funding has added Bayerische Landesbank as a dealer off its $7.5 billion note issuance programme. John Hancock Mutual Life Insurance has been dropped as a dealer.

Koninklijke KPN (Koninklijke) has concluded a seven-year £

Banca Toscana issued a euro20 million ($17.6 million) four-year trade yesterday, April 2. The non-syndicated note is linked to a basket of shares. The coupon has a base of 6.20% and is payable annually. It can increase or decrease according to the worst performance in the basket of shares, which includes the shares of telecom and auto manufacturers such as Alcatel, TIM, Nortel, Motorola and Renault. Monte Paschi Finance, Banca Tosacana's parent company, managed the deal.

Cable & Wireless surprised the market this week by selling down its entire remaining 14.7% stake in Pacific Century CyberWorks (PCCW) through a jumbo $1.5bn exchangeable bond lead managed by UBS Warburg. Investors and rival bankers almost universally disliked the deal, reporting little primary market buying and claiming UBS Warburg still has a large portion of the deal on its books.

Bill Fish has joined Dresdner Kleinwort Wasserstein (DrKW) as global head of loan syndicate after 15 years at Citibank/SSSB as managing director of loans sales and trading Europe, Middle East and Africa