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* General Electric Capital Corp Rating: Aaa/AAA

SECONDARY market activity completely overshadowed the primary this week. Flight to quality trades drove two 10 year dollar globals by US agencies, GECC continued its borrowing spree in the FRN market and Italy targeted the safe haven of the Swiss franc market. Apart from that minimal activity, the mainstream new issue market remained paralysed by the ramifications of Russia's political and economic collapse.

Chase Manhattan has won the mandate to arrange a £1.5bn five year revolving credit for Royal & Sun Alliance. The loan carries a punchy margin of 22.5bp over Libor, a commitment fee of 10bp and a utilisation fee of 2.5bp. Co-arrangers are offered tickets of £100m for 8bp.

* Cades Rating: Aaa/AAA

* General Electric Capital Corp Rating: Aaa/AAA

ISSUERS hoping to launch new equity offerings early in the autumn have only a few days to decide whether or not to press ahead in the face of the current market turbulence, investment bankers warned this week. Traditionally the August lull in the equity new issue market ends with a bang at the start of September as issuers hurry to beat the annual autumn rush.

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INVESTORS will be offered their first chance to buy an inflation linked government bond in an Emu currency on September 15 when France launches the first OATi. The introduction of the inflation indexed bonds is the latest step in France's battle to add lustre to its government bond market ahead of Emu. Although most euro denominated transactions are priced over OATs, the strength of recent interest in Bund futures has underlined Germany's growing status as the benchmark issuer in the euro zone.

* General Electric Capital Corp Rating: Aaa/AAA

* International Finance Corp Rating: Aaa/AAA

AS THE CRISIS in Russia deepened this week investors continued to shun the high yield market, pushing bids down and spreads further out. Traders reported extremely thin trading volumes as investors steered clear of low credit products. "People are sitting on the sidelines and there just are not any buyers,' said one banker. "All the spread widening is not driven by people going bearish on credits but rather by the fact that people are not buying high yield at the moment. It is a pure demand/supply situation," said one analyst.

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