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A stunning $8.2bn equivalent Ford deal this week combined with the recent successful transactions by DaimlerChrysler and British Telecom to help bring about a sea change in investor appetite. From a strong focus on triple-A sovereign and supranational debt, investors are moving rapidly into credit. The fact that the once beleaguered auto and telecoms sectors are performing well has given the market confidence in corporate credits once more.

Belgium Building materials manufacturer Etex Group has mandated Deutsche Bank and Fortis Bank to arrange a Eu2bn facility to back its acquisition of UK company Glynwed's pipe division.

* AIG SunAmerica Institutional Funding II Rating: Aaa/AAA

WestlandUtrecht has done its 20th yen trade of the year: a 21-year ¥500 million ($4.2 million) note which pays a final coupon of 4%. The note is a power reverse dual that is a popular structure for Japanese investors at the moment. Rene Genet, senior dealer at WestlandUtrecht says: "As an estimate I would say that about 25% of our structured enquiry comes in the form of power reveres duals. I think we are seeing a lot of this type of structure because of our flexibility and credit name."

France Telecom sold a ¥20 billion ($170.93 million) non-syndicated trade. The one-year trade pays a final coupon of 0.56%. It is one of two one-year trades issued on Friday. The other deal was sold by Landesbank Rheinland-Pfalz and pays a final coupon of 3%.

The Neuer Markt IPO machine jumped into action again this week, as the high growth exchange's first listing in 2001 shot up 43% on its first day of trading. Shares in Dr Hönle, a UV irradiation and measuring equipment manufacturer, were priced at the top of the Eu9-Eu12 range in the company's Eu24m IPO. They then rose throughout Wednesday to close at Eu17.2. The deal, which was managed by MM Warburg and Bayerische Landesbank, was more than 10 times oversubscribed. As well as investors showing strong enthusiasm for the company, "the market was in a good mood", said a banker close to the deal.

France French satellite operator Gensat has cancelled its plan to tap the equity capital markets for Eu20m. No banks had been appointed.

Brazil Light Servicios, the Rio-based electricity concern, is due to come to market today (Friday) with a $100m two year deal via BNP Paribas.

New Zealand has come to the market for the first time this year. It has chosen a ¥50 million (($450,000) trade that matures in just under a year's time. The issue date is January 31 2001 but the maturity date is January 17 2002. The last time the sovereign issuer was in the yen market was in August 2000, when it sold a two-year trade via Goldman Sachs. Since signing its $3 billion Euro-MTN programme in 1991, it has concentrated its funding in the dollar sector, raising 61% of its funding with dollar trades. This yen trade is only its third yen note since 1997.

* Rabo Australia Ltd Guarantor: Rabobank Nederland NV