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* AIG SunAmerica Global Funding I Rating: Aaa/AAA

* Deutsche VerkehrsBank AG Rating: A3/A-

Premarketing for Vodafone Pacific's A$3bn share placement will begin in May following syndicate analyst meetings this week. Goldman Sachs is global co-ordinator and bookrunner, JB Were is joint lead manager for the domestic issue and Warburg Dillon Read will act as international co-lead manager. The international syndicate comprises Deutsche Bank, Merrill Lynch and Salomon Smith Barney. The domestic syndicate includes ABN Amro, Maquarie and Ord Minett.

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.

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.

France BNP Paribas and Goldman Sachs plan to launch general syndication of the Ffr3.945bn of debt financing backing Autodistribution SA's proposed takeover of Finelist into general syndication in about 10 days.

* Deutsche Apotheker-und Aerztebank (DAPO Bank) Rating: A/A2

Fannie Mae will test market sentiment towards agency product next week with the launch of five year and 30 year Benchmark securities. The five year will be a $3bn minimum reopening of its $3bn 7.125% February 2005 transaction. The 30 year, anticipated to total $2bn, will be a new line for the agency. The pricing of both deals will take place on May 3.

South Africa South African Reserve Bank is close to mandating 10 banks to arrange its $1bn three year cash loan, and five banks to arrange its $500m three year gold loan.

As reported in the last edition of Euroweek, Airtel Móvil has selected BSCH, Citibank and Commerzbank to arrange a Pta230.25bn or Eu1.383m performance guarantee loan. The loan has been fully underwritten among the three, and launched to a preliminary round of syndication this week. BSCH is facility agent, and all three are bookrunners.

Hong Kong The Hong Kong dollar fundraising for Dairy Farm International Holdings, arranged by ABN Amro, Chase Manhattan Asia and Standard Chartered, is set to launch next week.

Europe * Earls Four Ltd Series 341