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* World Bank Rating: Aaa/AAA/AAA

DLJ confirmed on Wednesday that David Slade would be joining the bank, a week after Euroweek first broke the story (see EW649, page 28). Slade joins DLJ as a managing director and head of European senior debt capital markets in the leveraged loan group. He will jointly report to Steven Rattner, managing director and head of fixed income in Europe, and Steve Hickey, managing director and co-head of leveraged loan at DLJ in New York.

Nervousness ahead of yesterday's (Thursday's) European Central Bank's (ECB) interest rate setting meeting and the release of key US economic data on the same day kept bond issuance to a minimum throughout the week. The 25bp rise set by the ECB gave little comfort to a euro sector struggling to cope with a currency which hit new lows against the dollar and yen. First quarter GDP and employment cost data highlighted inflation pressures, while robust economic growth in the US increased concerns that the Federal Reserve may take a more aggressive line in the near future. A 50bp increase is now likely when the FOMC meets on May 16. Despite recent dramatic spread widening of their debt, the US GSEs continue to raise large sums of money in a dollar market that is spurning other issuers. Federal Farm Credit made a rare visit to the market with a $1bn two year Designated Bond, and next week Fannie Mae will reopen its February 2005 Benchmark Note for around $3bn and launch a new 30 year for a minimum of $2bn. However, AIG SunAmerica's global aspirations had to be slimmed to $500m from $1.5bn and the maturity was shortened from five years to three years to get the deal done. It is the first GIC backed security in global format. Murmurings of a debut global bond for Spain via Deutsche and Goldman Sachs continue to circulate, but the $2bn five year deal is still at the documentation stage. Keen appetite for well priced floating rate assets was amply demonstrated by the strong demand seen for DLJ's $400m five year FRN. US bank PNC is hoping for similar success with its $500m five year floater to be led by Goldman Sachs and Salomon Smith Barney following roadshows in the UK and Ireland next week. Despite the weakness of the currency, bankers report a slight improvement in sentiment in the euro sector, a trend borne out by successful placement of ING Groep's Eu1bn five year transaction. Underwriters are hoping that the favour shown to the Dutch financial's issue will translate into demand for corporates since several new mandates have been announced this week. French speciality chemicals company Rhodia has appointed Bear Stearns and Warburg Dillon Read as joint leads on its inaugural euro-denominated bond to be launched early next month. A Eu500m transaction is expected following roadshows next week. Rhodia, a spin-off from Rhone Poulenc, is rated BBB+ by S&P. Dutch publishing company VNU will also debut in the euro sector with a Eu700m seven year transaction to be led jointly by Deutsche Bank and Salomon. The deal is to refinance VNU's purchase last year of US-based Nielsen Media Research. Roadshows will commence on May 8. Aa3/AA- rated French retailer Carrefour has mandated CCF, Natexis and Salomon for its Eu1bn 10 year transaction. The deal is expected early next month. Carrefour's outstanding April 2009s trade in the mid-20s over Euribor. German Fuchs Petrolub, one of the world's largest providers of industrial lubricants, has mandated WestLB to lead its inaugural euro transaction and German construction company Linde is expected to award a mandate shortly for its debut trade in the euro sector. Italian food group Cirio's Eu150m three year deal will be launched next week via Banco di Roma, JP Morgan and Unicredit Banca Mobiliare. Pricing is expected in the Euribor plus 285bp to 300bp area. Österreichische Volksbank's Eu500m FRN is scheduled for launch next week via DG Bank and VB Investment Bank. Pricing is expected at around 23bp over Euribor, while the focus on short-dated euro FRNs will continue with a Eu500m two year FRN for Germany's BHW Bausparkasse to be led by Commerzbank. Investor focus on short dated yen was highlighted this week by a ¥50bn two year bond for Landwirtschaftliche Rentenbank, but the deal was overshadowed by a looming ¥50bn two year global for Italy. Deutsche Bank and Nomura may have the mandate at JGBs plus 2bp. Following AIG's dollar global this week, the US insurer is next expected with a 20 to 30 year sterling deal led by Morgan Stanley and Warburg. Smiths Industries will start roadshows next week ahead of a 10 years or longer sterling deal via Barclays and Warburg.

Finland Co-ordinating arranger Citibank, along with arrangers and fellow underwriters Chase Manhattan, Deutsche, MeritaNordbanken and SEB, is set to sign banks into the Eu1.5bn facility for Fortum today (Friday).

* Commerzbank AG Rating: Aa3/AA-

* Bank Nederlandse Gemeenten NV Rating: Aaa/AAA/AAA

Dollar swap spreads traded in a comparatively tight range this week. Ten year spreads traded down to 116bp over the 6.50% February 2010 Treasury on the lows, and up to 122bp on the highs. They closed the week dealing near the highs at 121.5bp over Treasuries. Five year spreads were at about 89bp over the 5.875% November 2004 Treasury. Dealers continue to complain about the paucity of volume in the inter-bank swaps market. Wall Street is still too worried about volatility to make active markets, and most customers have been sidelined by the wild oscillations. On the face of it, it is a good time to lock in floating rate as the curve is very flat and the Fed is likely to raise rates at least 25bp next month. The ECI data released yesterday (Thursday) makes it more likely the Fed will raise rates 50bp in May. But only a minority of customers have taken advantage of the conditions.

* Jackson National Life Funding Llc (Grand Cayman) Rating: AA

The next wave of jumbo telecoms financing in the European loan market threatens to overwhelm market capacity, as winners of the bidding war for the five UK UMTS licences prepare loans to support their bids, and losers discuss acquisition financings to takeover the winners.

The next wave of jumbo telecoms financing in the European loan market threatens to overwhelm market capacity, as winners of the bidding war for the five UK UMTS licences prepare loans to support their bids, and losers discuss acquisition financings to takeover the winners.

The £1.25bn loan for Whitbread is due to close today (Friday) with a heavy oversubscription. The deal is arranged by Barclays and HSBC. The deal is divided equally between a three year revolver and a five year revolver. The three year tranche carries a margin of 47.5bp, and the five year tranche pays 52.5bp.