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Ford Motor Credit brought a new dimension to the corporate bond market this week when it raised $7.5bn from the first deal off its new benchmark issuance programme. Dubbed GlobLS, these new securities are the first attempt by a corporate issuer to mirror the liquidity and transparency of issuance programmes from US agency issuers such as Fannie Mae.

Freddie Mac launched its first deal under the revised financing calendar for its Reference Note programme this week, and defied volatile markets to further demonstrate that US agency product is seen as a surrogate for US Treasury issuance on a global scale. Freddie Mac beat the previous pioneer of the US agency market, Fannie Mae, in setting a more predetermined issuance calendar than has ever been contemplated by a non-government issuer.

n World Bank Rating: Aaa/AAA

YUE XIU Enterprises (Holdings) has awarded a mandate to BOCI Capital, Bank of East Asia, HSBC Investment Bank Asia and SG to co-ordinate the restructuring of all its outstanding unsecured debt and that of its unlisted subsidiaries. The borrower is the window company for the municipal government of Guangzhou in Hong Kong. It is responsible for all trading and investment activities and bringing foreign capital and technology to China.

The sale by Hoechst of its 45% stake in Swiss specialty chemicals group Clariant has succeeded beyond expectations, with the German vendor taking advantage of buoyant market conditions and increased appetite for cyclical stocks following recent positive indications of continental European economic growth. Hoechst announced its plan to sell between 30% and 45% of Clariant's equity capital some weeks ago, a decision which caused some concern among investors over the possibility of an overhang of shares.

The half year league tables published in the Friday, July 2 edition of Euroweek were incorrect. The correct half year league tables for bookrunners of all international bonds, dollar bonds and euro bonds, and joint leads, co-leads and managers of all international bonds, as supplied by Capital Data Bondware, are printed below.

The UK market for hi-tech stocks will explode into life in the coming weeks as Credit Suisse First Boston launches IPOs for Freeserve, Dixon's internet access provider, and for QXL, the online auction house. Warburg Dillon Read will also shortly launch the flotation of The Exchange Group, the internet stockbroker for financial advisers. Never before have so many internet groups sought listings on the London Stock Exchange. The flow of new deals should reap enormous dividends for the market, which is attempting to compete for hi-tech listings with some of the Continent's high profile NM markets.

Warburg Dillon Read has executed the successful Eu2.2bn sale of stock and convertible bonds for the Belgian/Dutch banking and insurance group, Fortis. The deal involved both equity and convertible bonds, and investors appear to have preferred the option of owning straight stock. Some 55m shares were sold as straight equity, with 15m shares backing a convertible bond.

Rabobank has won the mandate to arrange a $120m five year revolver for KPMG International. The bullet deal carries a margin of 75bp. It refinances bilateral lines and will be used for general corporate purposes. The arrangers have launched the deal into general syndication, where senior lead managers earn 10bp for $15m, and lead managers earn 8bp for $10m.

n Ford Motor Credit Rating: A1/A

n Export Finance & Insurance Corp (EFIC) Guarantor: Commonwealth of Australia

The US dollar market breathed a sigh of relief as the Ford Motor Credit jumbo financing was finally launched after overhanging the market for several weeks. The four tranche deal raised $7.5bn for Ford Motor Credit's debut GlobLS transaction - the first ever attempt by a corporate to mirror the liquidity of the US agency market. Bear Stearns, Merrill Lynch and Salomon Smith Barney were lead managers.