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US wine and spirits company Canandaigua Brands this week sold £80m of nine year bonds at an aggressive 8.625% yield, vindicating the Ba2/BB rated borrower's strategy of marketing itself as a cross-over credit. The bond issue, which was sole lead managed by Barclays Capital, followed on from a £75m financing led by JP Morgan in November 1999. But while both transactions refinanced bank debt raised by Canandaigua for its acquisition of UK drinks company Matthew Clark, last year's deal was executed in a single day and sold to only high yield investors.

Canary Wharf Group plc, owner of the spectacular Canary Wharf office development in London’s Docklands, this week began marketing its second securitisation of buildings in the complex — a deal that may prove just as innovative as the company’s first asset backed issue in 1997.

Canary Wharf Group plc, owner of the spectacular Canary Wharf office development in London’s Docklands, this week began marketing its second securitisation of buildings in the complex — a deal that may prove just as innovative as the company’s first asset backed issue in 1997.

COMMERZBANK Securities has appointed Marc Bajer as head of global debt origination to work on issuer relationships and extend the range of the bank's new issue business. Reporting to Mark Eban, joint head of brokerage, he will be based in London and will assume his position in about three months, after leaving Barclays Capital.

* Spintab AB Rating: Aa3/AA-

DRESDNER Kleinwort Benson this week hired Andrew Pisker from BNP Paribas as head of global markets, the first successful move in the bank's effort to rebuild its debt markets operations since the collapse of the proposed merger with Deutsche Bank. Coming a month after former co-head of global markets TJ Lim's departure to Merrill Lynch, and the subsequent exodus of bankers from Dresdner's bond business, the hiring of Pisker is an essential step in rebuilding morale, as well as the German bank's debt markets team.

Brazil * Banco BBA Creditanstalt (Nassau)

Czech Republic Euroweek hears that an oil refinery is asking banks to submit bids for a syndicated loan facility. More details are expected in the next couple of weeks.

Fringe currencies continue to be a popular source of arbitrage-based funding. Nord-deutsche Landesbank issued a Z150m 14% five year EMTN this week with Chase as sole lead, and the proceeds were confirmed to have been swapped to floating euros. Zloty swap rates are extremely erratic, often trading in a range of 15bp or more in a day. "It is a very volatile market," said one London broker.

* Berlin-Hannoversche Hypothekenbank AG Rating: AAA

* ABB International Finance NV Keepwell agreement: from Asea Brown Boveri Ltd