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Corporate borrowers piled into the euro market this week to take advantage of the first period of stability since the end of the summer break— and even Eu5bn plus of supply failed to dampen the sector’s buoyancy.

Corporate borrowers piled into the euro market this week to take advantage of the first period of stability since the end of the summer break— and even Eu5bn plus of supply failed to dampen the sector’s buoyancy.

SIX BANKS have underwritten a Pta8bn syndicated loan for steel company Celsa. They are Argentaria, Banco Bilbao Vizcaya, Deutsche Bank, HSBC, Instituto Catalan de Finanzas and La Caixa. The facility is divided into an 'A' tranche worth Pta6bn over six years with a grace period of two years, and a 'B' tranche of Pta1bn over 7 years with a grace period of six and a half years.

Morgan Stanley Dean Witter this week launched a £183m securitisation of small community pubs to refinance UK venture capital house Alchemy Partners' acquisition of Ushers of Trowbridge, the west of England brewer and pub operator. The deal gives confirmation, if any were needed, that the UK's lively venture capital and private equity firms are now fully aware of securitisation's power to raise capital at an unbeatable cost against cashflows that are predictable for the long term.

Paribas this week launched the fourth public securitisation of Irish mortgages for Irish bank First Active Plc, which in the last year has become one of the most assiduous issuers in the European market. The Eu300m deal follows a Eu250m transaction in June and two I£200m issues in May and September last year. The bank has also sold £602m of bonds backed by its UK mortgages since July 1998 - JP Morgan plans to bring a third UK deal worth some £300m in October.

A number of specialist firms and major players are looking at developing a role in the fledgling market for bandwidth, which is the range of frequencies, or the volume of data, that a transmission line can carry.

Investors and bankers have welcomed corporates into the new euro market with open arms. Even the most optimistic predictions about the credit market have been exceeded.

It has not been an easy couple of years for the treasury officials of emerging market sovereign issuers.

The exclusive club of high rated, high volume issuers in the international bond markets has had to face up to a series of new challenges in recent times.

Abbey National Treasury Services (ANTS) became the 10th overseas issuer and fourth bank to debut in Singapore dollars this week when it launched a S$100m transaction. Led by HSBC Markets with Barclays Capital as co-manager, the 10 year deal was launched on Monday at par with a 5% semi-annual coupon to yield 29bp over Singapore Government Securities (SGS). ANTS paid a slight premium to outstanding statutory board paper of the same maturity, with Jurong Town Corporation's (JTC) recent 10 year deal trading at 4.90% at the time of launch.

n Premarketing began this week for a $100m FRN by the Agricultural Bank of China. Rated Baa2 by Moody's, the specialist state-owned bank has previously been an infrequent issuer in the capital markets, having only raised funds once in yen, once in Hong Kong dollars and once in US dollars through its Singapore branch. With SocGen acting as lead manager for a three year deal, pricing has been set at 100bp over Libor, based on an issue price of par and re-offer at the 99.70 level. Formal launch is expected to take place early next week, with tight pricing said likely to attract mainly relationship banks into the