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A SEMBLANCE of normality at last returned to the international bond markets this week as issuers took advantage of the first unbroken period of stability in months to come back to the market in force.

A SEMBLANCE of normality at last returned to the international bond markets this week as issuers took advantage of the first unbroken period of stability in months to come back to the market in force.

Swiss francs

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Over the past three weeks Toyota Motor Credit Corp has successfully repositioned itself in the Eurodollar market by repurchasing some of its outstanding dollar Eurobonds, its spreads having previously ballooned on the back of a rating downgrade and negative associations with Japan. By the beginning of October, sentiment towards Toyota Motor Corp's US financing arm had fallen so much that its benchmark five and 10 year dollar issues were trading wider than comparable deals for lower rated credits such as Ford Motor Credit and GMAC.

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SCHRODERS and Powszechny Bank Kredytowy w Warszawie (PBK) are embarking on the final two weeks of bookbuilding the Polish government's sale of shares in TPSA, its national telecoms operator. The deal will be a major test of demand from emerging market investors, many of which have faced punishing redemptions as a result of the turmoil in global financial markets.

DAEWOO Power India Limited (DPI) has mandated ABB Structured Finance, ABN Amro, Crédit Lyonnais, Dresdner Kleinwort Benson, ING Barings, Mediocredito Centrale and Warburg Dillon Read as lead arrangers for the $667m of senior debt facilities for its Korba East power project. DPI is a 50:50 joint venture between ABB Energy Ventures and Daewoo Corporation which is developing the 2x535MW coal-fired thermal power plant at Korba East in Madhya Pradesh state.

THE US high grade corporate bond new issue market staged a major recovery this week, with about $8bn worth of deals either priced or announced for the weeks ahead. Not only did more than $3bn worth of deals come to market this week, but the offerings tightened in spread on the break and included deals other than household names.

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Asset backed securities: `