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* Commerzbank AG Rating: Aa3/AA-/A+

Cazenove and Schroder Salomon Smith Barney began a £525m deeply discounted rights offering for Spirent this week to help pay for its £1.1bn purchase of US company Hekimian Laboratories. The telecoms test equipment company Spirent joined the FTSE 100 in September and will place the 140.7m shares at a ratio of five for 24 at a price of just 375p, a discount of 37% to Wednesday's closing price of 597p.

* Allstate Life Funding LLC Rating: AA+

Vodafone Group PLC, rated A2/A/A, the world's largest mobile phone company with 65.5m customers worldwide, reported strong interim results for the six months to September 30 on Tuesday. The results showed significant growth in operating profit, Ebitda, and operating metrics such as customer growth by region. The results were better than expected and provided comfort for bond and equity investors.

* Unique Zurich Airport gained 1.5% after the company sold 1.2m existing shares yesterday (Thursday), although trading during the day reflected the volatile market conditions. Credit Suisse First Boston led the secondary deal with a syndicate of five banks which helped to bring liquidity to the stock.

* Bank Austria AG Deficiency guarantee from: City of Vienna

The senior phase of syndication on the $1.015bn project financing for the Taweelah A1 independent water and power project has found an overwhelming response from the market. At this level, the deal has attracted over $2bn in commitments from around 20 banks and the syndication is now closed.

US utility Keyspan Corp and real estate investment trust Equity Office Properties (EOP) raised a total of $2.65bn this week, as US investors looked to high yielding investment grade alternatives to weak telecom and bank sectors. Some telecom bonds widened as much as 12bp this week as rumors circulated that British Telecom still plans to issue $10bn-$15bn of bonds this year.

Bookbuilding for Telenor's Nkr21bn-Nkr29bn (Eu2.6bn-Eu3.6bn) IPO, described by one member of the syndicate as "the transaction from hell", began on Monday in a market saturated with telecoms paper. This is the second time the company has planned its listing on Nasdaq and in Oslo. The first attempt was aborted in August before bookbuilding began. Telenor is offering shares at Nkr50-Nkr68. The deal consists of 372m capital increase shares and a greenshoe of 15%, which is made up of secondary shares sold by the Kingdom of Norway. The base deal represents 21% of the company's share capital.

Electrolux AB, the world's largest manufacturer of household appliances, will begin roadshowing its inaugural euro benchmark offering at the end of next week. Lehman Brothers and Schroder Salomon Smith Barney are joint lead managing the transaction, which will be launched at the end of November. Presentations are expected to be held in London, Paris, Germany and Holland. Few details have been finalised, but a Eu500m five year offering is widely predicted. The pricing is likely to take into account both the Swedish company's prominent position within its sector - it is the number one player in Europe and ranks third in terms of US market share - and the firm's lengthy absence from the debt markets.

Unilever, the world's largest food and consumer products group, led the barrage of new deals in the bond markets on Thursday and cemented its position as the premier corporate issuer in the bond market with a blowout Eu2.25bn transaction. The deal was split into two tranches, comprising a Eu1.25bn three year fixed rate bond and a Eu1bn 15 month floater lead managed by ABN Amro, Deutsche Bank and HSBC.

SG has launched a £220m financing to back the public to private move of Hogg Robinson, a move sponsored by Schroder Ventures. Bank of Scotland and RBS have joined the transaction as underwriting arrangers.