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* Südwestdeutsche Landesbank Girozentrale Rating: Aaa/AAA

* De Nationale Investeringsbank (DNIB) Rating: Aa3/AA+

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Norway The loan facility arranged for Steen & Strom has been decreased from Nkr2bn to Nkr1.8bn, because one of the shopping centres that the facility was due to refinance opted to take out a fixed rate mortgage loan rather than a plain vanilla syndicated loan to avoid paying a higher margin. The shift in the yield curve of the Norwegian krone made that more advantageous.

* General Electric Capital Corp Rating: Aaa/AAA

MUCH is riding on the US Treasury market's reaction to the non-farm payroll figures to be released today (Friday). If the market reacts the wrong way to the US figures, it could seriously harm the World Bank's plans to launch the biggest ever fixed rate dollar transaction. The prized mandate has been awarded to Goldman Sachs, JP Morgan and SBC Warburg. Market sources expect a $5bn issue to be announced on Monday with price talk on Tuesday and official launch on Wednesday. The indicated level is around 14bp over.

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

Domestic issuance: * Baloise-Holding

TELEFONICA put an end to weeks of speculation and confirmed this week that it plans to launch a capital increase. Many banks have recently been pitching their services to the Spanish telecoms giant, which has been hinting for some time that it wanted to tap the markets this year.

TEXAS Utilities, the US power company, looks set to take the international loan market by storm with its audacious $7.43bn cash bid for Energy Group, the UK's largest electricity supplier.

TEXAS Utilities, the US power company, looks set to take the international loan market by storm with its audacious $7.43bn cash bid for Energy Group, the UK's largest electricity supplier. The bid, which is the latest and biggest salvo in the remarkable battle for control of Energy Group between Texas and Pacificorp, is backed by approximately $10.5bn of committed loan facilities, equally arranged and underwritten by Chase Manhattan, Lehman Brothers and Merrill Lynch.

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