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Activity in the dollar swap market this week was in sharp contrast to last, with very limited issuance, only slight inter-bank flows, and spreads creeping up towards the top end of their recent trading range once again. By Thursday (yesterday) the 10 year mid-market was up to about 125bp over the 6.5% February 2010 Treasury, and the five year mid-point was 101.5bp over the May 2005 notes. Two year spreads were about 80.5bp.

AS THE people of Sweden started their mid-summer's day celebrations yesterday (Thursday), banks across Scandinavia raced to complete deals in time for the traditional July break in the region. Genetic information processing company Pyrosequencing completed a Skr1.15bn (Eu139m) IPO, and will begin trading on the Stockholm stock exchange on June 30. "We pulled this one off in the nick of time," a banker said.

AS THE people of Sweden started their mid-summer's day celebrations yesterday (Thursday), banks across Scandinavia raced to complete deals in time for the traditional July break in the region. Genetic information processing company Pyrosequencing completed a Skr1.15bn (Eu139m) IPO, and will begin trading on the Stockholm stock exchange on June 30. "We pulled this one off in the nick of time," a banker said.

SKANDINAVISKA Enskilda Banken returned to the asset backed market this week after an absence of five years, with a Eu1bn securitisation of Swedish residential mortgages, jointly lead managed by Goldman Sachs and SEB Debt Capital Markets. Scandinavia, especially Sweden, was seen as a promising market for structured finance in the early 1990s, when banks were drawn to the technique as a source of cheap funds after they were hit by a property crash and burdened by non-performing loans.

BANKERS connected to the forthcoming float of Sky Global Networks on the NYSE were dismissive of initial valuations of the firm and the size of the offer, which is expected after the summer. Goldman Sachs and Merrill Lynch are bookrunners for the sale, which analysts have estimated could value the company at between $25bn and $40bn. Yesterday (Thursday), one banker connected to the deal scoffed at suggestions that the fundraising this autumn could raise up to $8bn.

* European Bank for Reconstruction & Development Rating: Aaa/AAA

* European Bank for Reconstruction & Development Rating: Aaa/AAA

Deutsche Telekom's plan to issue at least $8bn of bonds sparked widening in credit and swaps spreads this week when wider than expected price talk emerged, and as bankers speculated that the deal could be increased - possibly making it the largest ever. Mid-week, generous price talk prompted widening of corporate bonds in dollars, euros and sterling - along with yen, the currencies that will be tapped by DT.

Ford Motor Company this week pulled a planned $2bn-$3bn 30 year global bond offering, becoming the first high profile casualty of the recent avalanche of dollar bond supply. The deal was to have been priced this week, but Ford decided to cancel after seeing the spread on its outstanding 2031 bonds - which it had sought to reopen - widen by more than 15bp since the close of trading the previous Thursday.

Italian telecoms and internet company Tiscali raised cheap financing on its debut bond issue on Monday, by opting for a floating rate issue primarily targeted at domestic investors. The Eu200m five year floater, lead managed by Banca IMI and BCI, was increased from Eu175m. Although the deal was marketed to international investors, the issue was unrated, which, along with the choice of floating over fixed rate, resulted in relatively modest demand outside Italy. But structuring the deal mainly with a view to selling into the Italian market ensured attractive pricing for the borrower.

ABN Amro, Barclays Capital and Citibank are arranging a core new credit facility for Enterprise Oil plc. The £350m deal is split between a £200m five year multicurrency revolver and a £150m 364 day tranche.