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Not only did dollar swap spreads penetrate yet new highs this week, but the market traded in a very wide range. The top of the market was about 143bps over the 6.50% February 2010 Treasury, while yesterday (Thursday) it was testing new lows at around 127bps over the note. Mid-week, the mid-market at five year swaps was more than 100bp over the 5.875% November 2004 Treasury. Some New York traders suggested that this extreme volatility had left blood on the streets. But although it is inevitable that swings of this magnitude will leave some houses on the wrong side of the market, the scale of the losses is a matter of debate.

* ABB International Finance NV Guarantor: keepwell agreement from ABB Asea Brown Boveri Ltd

As the bidding for the five third generation telecoms licenses continued to escalate beyond all expectations this week, Orange is thought to have increased the volume of its loan facility to support its bid. The mobile phone operator, which is to be divested from Vodafone Airtouch, brought together Chase Manhattan (books), CIBC (documentation), Dresdner Kleinwort Benson (books) and HSBC (agent) to underwrite a £3.5bn loan facility about a month ago.

UPDATE.com traded up on its first day despite worsening sentiment toward internet related stock this week. Commerzbank closed the books on the Eu80.5m issue last Friday with a comfortable oversubscription, according to bankers. Having priced at Eu23 - at the top of the Eu19-Eu23 range - the stock closed at Eu32.80 on Wednesday during one of the most turbulent weeks ever for internet stocks.

ING Barings and Bank of Scotland have invited selected banks to join as sub-underwriters in the £252m of senior debt backing Focus DIY's bid for Wickes plc, another do-it-yourself products retailer. Duke Street is the equity sponsor. The two arrangers were understood to be talking to banks yesterday evening (Thursday).

UPDATE.com traded up on its first day despite worsening sentiment toward internet related stock this week. Commerzbank closed the books on the Eu80.5m issue last Friday with a comfortable oversubscription, according to bankers. Having priced at Eu23 - at the top of the Eu19-Eu23 range - the stock closed at Eu32.80 on Wednesday during one of the most turbulent weeks ever for internet stocks.

* Argentaria Global Finance Ltd Guarantor: BBVA