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Poland * BRE Bank International Finance BV

* Bayerische Handelsbank AG Rating: A+

Luxembourg mortgage bank Eurohypo sold the first jumbo covered bond issue under Luxembourg law this week, a Eu1bn five year lettres de gage offering which was priced only marginally wider than the levels available to the borrower in the German jumbo Pfandbrief sector. The triple-A rated deal, lead managed by Barclays Capital and Deutsche Bank, was priced at a spread of 51bp over the Bobl 135, equivalent to 38.5bp over the July 2005 BTAN.

German mortgage bank Eurohypo sold the first jumbo covered bond issue under Luxembourg law this week, a Eu1bn five year lettres de gage offering which was priced only marginally wider than the levels available to the borrower in the German jumbo Pfandbrief sector. The triple-A rated deal, lead managed by Barclays Capital and Deutsche Bank, was priced at a spread of 51bp over the Bobl 135, equivalent to 38.5bp over the July 2005 BTAN.

* Ahold Finance USA Inc Guarantor: Koninklijke Ahold NV

FRANCE Télécom this week finally picked six banks to underwrite a jumbo acquisition financing in a move set to open the bidding contest for Orange of the UK.

FRANCE Télécom this week finally picked six banks to underwrite a jumbo acquisition financing in a move set to open the bidding contest for Orange of the UK.

A HORRENDOUS week in the equity markets resulted in the cancellation or postponement of up to a dozen technology related IPOs’ as investor sentiment toward technology stocks hit a new low.

A HORRENDOUS week in the equity markets resulted in the cancellation or postponement of up to a dozen technology related IPOs’ as investor sentiment toward technology stocks hit a new low.

Dollar swaps traded in a comparatively tight range this week but closed yesterday (Thursday) at the low end of this range, at about 128bp over Treasuries in 10 years and 99bp over in five years. Two year spreads were better bid and ended at about 83bp over the 6.625% 2002 Treasury. Mid-week, spreads spiked up to a high of around 133bp over Treasuries at 10 years as stock market worries continued to undermine the market. However, later in the week, the pressure of swapped new issuance and strongly performing agencies dragged levels down again.