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* Council of Europe Development Bank Rating: Aa1/AAA

* Caisse Centrale du Credit Immobilier de France Rating: A1/A+/AA-

Widening secondary credit markets made life tricky for borrowers entering the primary market this week, but, despite little sign of the hostile environment abating, corporates continue to queue up to tap the euro market. Activity in the dollar market was heavily restricted by a trio of factors: the downgrading of finance company Finova; continued volatility on Nasdaq; and expectations of a 50bp rate increase at next week's FOMC meeting.

PREMARKETING of the jumbo Vodafone Pacific share placement began this week, despite the volatile global market conditions and the recent adverse sentiment towards Telstra, Australia's largest telecommunications company (see page 1). Bankers report that institutions are enthusiastic about Vodafone Pacific and its management but will be especially sensitive to pricing given the global mark down of telecommunications stocks in recent weeks and the continued concerns over the direction of Nasdaq.

France Lead arrangers JP Morgan and SG have launched the long-awaited $400m facility for Havas Advertising to syndication. The funds will be used to back the borrower's acquisition of Snyder of the US, to make it the fourth largest advertising company in the world.

Morocco Banks will bid next week for the long term debt financing solution for the Médi Telecom project. The debt will refinance two bridge facilities which fall due in August this year as well as raising additional capital for the continued build out of the borrower's GSM mobile telecoms network - the country's second such operator.

The £4.3bn acquisition facility for Air Liquide, which was signed in September 1999, is to be cancelled after the borrower's acquisition of BOC Group of the UK fell through -- but Air Liquide may shortly return to the loan market. The acquisition was a rare joint bid by the French company Air Liquide and Air Products and Chemicals of the US. But antitrust regulations, as dictated by the US Federal Trade Commission, have forced the acquisition to be called off. The loan, which was for the sole purpose of supporting the bid, and has not been drawn down, lapses unused.

Hong Kong Hong Kong International Terminals is tapping the market for a HK$5bn five year term loan through co-ordinators HSBC Investment Bank Asia and Citicorp International. The arrangers are forming a sub-underwriting group before proceeding with general syndication.

DEUTSCHE Bank completed a Eu1bn Allianz exchangeable for Munich Re this week which stressed the protection offered in the event of a takeover. The deal also signified the beginning of the unwinding of cross-holdings between the two firms as they refocus their businesses toward core activities.

Europe * Baglan Moor Healthcare Ltd

Australia General syndication for One.Tel Networks Finance's A$1.15bn nine year project financing was launched this week with a presentation in Sydney. Co-ordinating arrangers are Chase Manhattan Bank Australia and Toronto-Dominion Australia.

Market report: Compiled by Glenn Blackley,