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The bulging pipeline of debt that had been spectacularly growing for the past four weeks finally broke over the global capital markets this week. On Tuesday alone, $5bn of new debt was printed in the US high grade sector. There has been prodigious issuance in both the dollar and euro markets with more to come. Ten year dollar swap spreads fell to 124bp over the 5.75% August 2010 Treasury by yesterday (Thursday) afternoon, about 3bp tighter than a week ago. The five year mid-market came to 94.5bp over the 6.75% May 2005 Treasury, almost 2bp tighter on the week.

Uruguay ensured a successful debut in euros this week by pricing a Eu225m issue attractively for an investor base wary of high yielding credits following the recent sell-off in European telecoms deals. The five year 7% deal, led by CSFB and Schroder Salomon Smith Barney, was increased from Eu200m and priced at 99.49 to yield 7.125% or 195bp over the Bobl and 185bp over the Btan, compared with a price talk of 195bp-205bp over the Bobl.

Deutsche Bank has signed a euro10 billion ($8.59 billion) secured note programme via the conduit Eirles Two. It follows Eirles One's programme of the same size which signed in April this year. Both are domiciled in Ireland.

Deutsche Bank closed a Eu133.65m convertible for SGL Carbon on Tuesday despite all eyes being fixed on the massive Hutchison/Vodafone trade. The Eu120m - plus Eu13.67m greenshoe exercised yesterday (Thursday) - five year bond came at the tight end of the coupon range of 3.5%-4% following a six times oversubscription. The conversion premium was set at the top of the 20%-25% range. Dresdner Kleinwort Benson was joint lead manager for the sale.

DKB Australia has signed a $100 million Euro-MTN programme. DKB International is the arranger and the dealer panel comprises ABN Amro, Barclays Capital, Deutsche Bank, Goldman Sachs, HSBC, Lehman Brothers, Merrill Lynch, Morgan Stanley Dean Witter, Nomura, Salomon Smith Barney and the arranger.

DRESDNER Kleinwort Benson has appointed a global head of MTNs, Henry Nevstad, previously a director at Deutsche Bank. He will report to Sean Park, global head of debt syndicate. Based in London, it is a new position. DKB already has MTN distribution and trading in place and is hoping to use Nevstad's arrival as a springboard for growth on the origination and distribution team.

Croatia The $250m facility for The Republic of Croatia has been launched to general syndication after a popular first round. The deal has been oversubscribed to $320m and may be increased.

Eksportfinans has added IBJ International and SG as dealers to its $10 billion Euro-MTN programme. IBJ has lead managed nine trades for the issuer this year.

Information systems integrator Infomatec narrowly escaped being forced to delist from the Neuer Markt this week. The company lost its two designated sponsors over the last two weeks, and under the high growth exchange's regulations each listed company must have at least two. The Deutsche Börse gave Infomatec until midnight on Wednesday to appoint new sponsors. The company surprised the market by persuading the brokerage Lang & Schwarz Financial Services to become one. Although Infomatec still needs another, it has told the Bourse it is talking to candidates, and is thought to have until next Wednesday to secure one of them.

Emerging market bonds were sold off this week on news that the sector's two biggest underwriters and trading houses, JP Morgan and Chase Manhattan, were to merge. Expectations are that the merged entity, JP Morgan Chase & Co, will not only severely cut staff levels at their two emerging market departments but also significantly reduce the liquidity the two separate firms currently supply to the market.

Argentina * MetroGas SA

What a sad end for the greatest name in banking. One minute JP Morgan was full of swagger and bravado. The next the bank had rolled over on its back, run up the white flag and thrown in the towel. Even worse was the news that the once patrician House of Morgan had surrendered to the uncouth barbarians of Chase Manhattan. Of course, no one has been fooled by JP Morgan for a long time. Writers, including ourselves, who are allowed to speak their own minds, blew Morgan's cover ages ago. We have not been invited to lunch at Morgan for years just because we said the bank was the most boring in the industry. How right we were. However, we did not just stop there. Morgan folk were outraged when we continued to criticise the effectiveness of the bank. Time after time we argued that the whole business strategy was cock-eyed and that Morgan, without some inspired acquisitions was digging itself into a deep hole.