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Lead manager Morgan Stanley Dean Witter has executed the Eu786.693m sale of exchangeable bonds into Axa, the French insurance giant. The deal is the second equity-linked debt deal backed by Axa shares this year. Three weeks ago Banque Paribas, DLJ and Goldman Sachs launched the Eu1.32bn sale of 15 year bonds exchangeable into Axa shares. The bonds were priced with a 2.5% coupon and a conversion premium of 29.10%.

This Lead manager Amount No of Share

This Lead manager Amount No of Share

The burden on Brazilian corporates worsened on Thursday when Arminio Fraga, Brazil's new central bank president, raised overnight interest rates to 45% from 39% to stem inflation. "Our role is to make sure price increases don't become permanent," said Fraga on his first day in the position.

This Lead manager Amount No of Share week Eu m issues %

This Lead manager Amount No of Share week £m issues %

BT ALEX BROWN is expected to launch the debt financing backing Cinven and CVC's £825m purchase of William Hill from Nomura International today (Friday). It will consist of a syndicated loan and a high yield bond issue. Most bankers believe the syndicated loan will be between £360m and £380m and that the terms will be similar to those that applied on the 1998 William Hill loan - also arranged by BT Alex Brown.

French corporates Carrefour and Elf Aquitaine launched debut Eu1bn 10 year transactions this week, but the contrast in the reception to the new issues highlighted the need for careful preparation - even in the face of strong demand for corporate debt. While Carrefour launched its transaction after roadshows in five countries and an extensive bookbuilding exercise, Elf tapped the market after less than two days of premarketing. Both deals were finely priced, but Carrefour's marketing efforts paid off as the deal was far the better received of the two.

Market commentary: Compiled by Jim Webber, TD Securities, London. Tel: +44 171 282 8216

GLOBAL co-ordinator Salomon Smith Barney will next week launch the sale of stock in Christiania Bank in a deal that will raise around Nkr2.8bn ($350m). The deal will be the first of this year's large bank stock sales from the Nordic region. The region's markets were due to host several such divestments last year, but many were put on hold as international investors re-rated financial stocks in the light of the global financial crisis.

The Republic of Colombia turned its back on difficult euro markets this week and instead went to the US bond market to raise $500m. The deal, led by JP Morgan (books), Chase and Merrill Lynch, was a five year structured issue with a one year option to exchange par for par the new 2004s for a new bond maturing in 2028 that will be issued next year.

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