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Skipton Building Society has finally signed its £

Poor prevailing conditions in the Korean domestic stock market this year has proved a hammer blow for primary issuance. The stock market has been the worst regional performer — down a dizzying 45% since January. Negative news on DRAM semiconductor prices, stalled restructuring efforts and high oil prices have conspired to kill off investor faith in the market. For a return of confidence in the Korean market to happen, more than just positive external factors are required. Richard Morrow reports.

* Commerzbank AG Rating: Aa3/AA-/A+

Gas Natural has received an A1 rating from Moody's and an A- rating from Standard & Poor's for its forthcoming Euro-MTN programme, rumoured to be signing on February 26. The grades come after months of speculation by market participants about the borrower trying to achieve a rating. Headquartered in Barcelona, Spain, Gas Natural has a share of the domestic gas supply market which amounts to over 90%. Gas Natural is internationally active in gas distribution via jointly-owned ventures in Argentina, Mexico, Columbia and Brazil. It is owned 45% by Repsol, 25% by La Caixa, with the remaining 30% being floated. Moody's says its A1 rating reflects Gas Natural's dominant position in the Spanish gas supply market, as well as the long-term protection from competition it will receive in the important residential or commercial market. The rating also takes into account the progressive liberalisation of the Spanish gas market which might gradually erode Gas Natural's domestic market share. Merrill Lynch is tipped to have won the arrangership mandate for the Euro-MTN facility, which is the borrower's foray in the international debt capital markets. The dealer group has yet to de finalised.

Iberdrola has returned to the three-year dollar sector for the first time since July. The $37 million FRN matures on December 15 2003. It is only the third time the AA-/A1 rated Spanish utility has issued in dollar, after making its debut in the currency in July. The bookrunner was HSBC. Iberdrola signed its euro3 billion Euro-MTN programme in July 1998. It has $2.19 outstanding off 17 issues. Ten different banks have acted as bookrunner for the issuer, with BBVA being the leading dealer, having placed five notes worth $820.7 million. BBVA is co-arranger of the programme alongside Deutsche Bank.

Repackaged vehicles have been feeding the surprisingly healthy appetite for 40-year euro-denominated trades. Credit-Linked & Structured Securities (CLASS), Deutsche Bank's Channel Island's SPV, returned to the 40-year sector after only a two-week break. It issued a euro2.85 million ($2.79 billion) and a euro25.23 million note. The small one has an issue date of January 5 2001 and it matures December 5 2040. The larger trade will be issued January 15 and will mature December 15 2040. The repackaging desk at Deutsche says that there is no call and the coupon is variable and linked to a pool of underlying credits. There is no principal protection. "The investors are getting a long, lumpy cash-flow," the official says. Atlanteo Capital, a Jersey-based SPV, arranged by BBVA, has sold its 11th note of the year, and its fifth 40-year trade. The euro4.15 million trade matures - like the CLASS notes - one month short of 40 years: maturity date is 25 November 2040. Interest is paid monthly.

* Inter-American Development Bank Rating: Aaa/AAA

Oxford Glycosciences priced its £150m secondary offering at a slight discount to the closing price on Thursday, with the stock gaining 5.43%. The company sold 13.36m new shares at 1275p. The stock rose strongly on its first day to close at 1357.50p. Lehman Brothers led the deal with Cazenove and Credit Suisse First Boston as co-managers.

* ING Verzekeringen NV Rating: Aa2

Portugal Telecom and Telenor had to lean heavily on domestic institutions to complete their respective Eu2.2bn and Eu1.9bn equity issues this week, but proved that it is still possible for telecommunications companies to raise money in the equity market.

Telstra has increased the limit on its $4 billion debt issuance programme to $6 billion. IBJ International has been dropped from the dealer panel. Barclays Capital, Mizuho International, RBC Dominion Securities and UBS Warburg have been added as dealers.

Portugal Telecom and Telenor had to lean heavily on domestic institutions to complete their respective Eu2.2bn and Eu1.9bn equity issues this week, but proved that it is still possible for telecommunications companies to raise money in the equity market.