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* Air Products & Chemicals Inc Rating: A3/A

SALOMON Smith Barney brought contrasting deals to the European high yield bond market this week, one a highly successful deal for Slovak mobile phone company EuroTel Bratislava, the other a disappointing transaction for carriers' carrier, Flag Telecom. Eurotel's Eu175m 11.25% 2007 issue, which traded up to 103.00 bid from par when the deal broke yesterday (Thursday), was more than four times oversubscribed. Priced at the tight end of the range, the transaction was sold one third into the US and two thirds into Europe.

Crédit Agricole Indosuez and Crédit Lyonnais have won the mandate to arrange a Eu1.155bn loan for Fimalac, the parent company of Fitch IBCA. The rating agency is merging with US counterpart Duff & Phelps, and the deal will back that transaction. The facility is split into three tranches. The 'A' tranche is a Eu265m amortising term loan maturing at the end of this year. The 'B' tranche is an Eu585m amortising term loan maturing in June next year. The 'C' tranche is a Eu305m revolver with a five year tenor.

FANNIE Mae and Freddie Mac's position as Treasury surrogates was further cemented this week as trading in agency note futures contracts commenced on the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT) and the Cantor Exchange (CX). CME and CX are trading both five year and 10 year contracts while the CBOT started with the 10 year, stating that it would launch five year contracts as soon as the market demands it.

TÜRKIYE Halk Bankasi (Halkbank) this week debuted in the euro bond sector with an attractively priced Eu150m three year bond via Chase Manhattan and Commerzbank. The unrated issue was priced with a 8.5% coupon to give a yield of 8.625% and spread of 386bp over the February 2003 Obl at a re-offer price of 99.682.

* Flag Telecom Rating: B2/B

INFINEON’s Eu6.07bn share offering burst onto the market this week as the world’s largest tech IPO, comprehensively ignoring the slump in sentiment toward the sector.

INFINEON’s Eu6.07bn share offering burst onto the market this week as the world’s largest tech IPO, comprehensively ignoring the slump in sentiment toward the sector.

LEAD manager ING Barings and Ukrainian finance officials were this week celebrating the extremely positive investor reception for the $2.7bn commercial debt exchange offer launched by the Republic of Ukraine on February 14. More than 90% of holders of each and every one of the five series of eligible bonds agreed to the restructuring terms proposed by the Ukrainians by the end of the tender period on Wednesday, March 15 - well above the minimum 85% acceptance level required.

* African Development Bank Rating: Aaa/AA+/AAA

KOWLOON Canton Railway Corporation (KCRC) returned to the international bond markets last Friday to exploit a rallying Treasury market and price its second $1bn offering. KCRC, having previously launched a $1bn 10 year eurobond in July 1999, also viewed the new 10 year global SEC registered deal as a predetermined structure to match the prefunding requirements of its East and West Rail projects in Hong Kong's New Territories.