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Market commentary: Compiled by Glenn Blackley,

Asia n The J-Bond Ltd

Market commentary: Compiled by Glenn Blackley,

Market commentary: Compiled by Jim Webber,

n General Motors Acceptance Corp Rating: A2/A

n Abbey National Treasury Services plc Guarantor: Abbey National plc

n Banque Internationale à Luxembourg Rating: Aa2/AA

n Alliance & Leicester Group Treasury Guarantor: Alliance & Leicester

European retail investors looking for yield close to home have driven issuance in the Norwegian krone sector to record levels - the last week of July, for example, saw three new issues totalling Nkr1.3bn. The two other major Nordic currency markets, the Danish krone and the Swedish krona, have suffered from uncertainty over their governments' attitudes towards Emu membership.

The advent of the single European currency has led to a surge in issuance from the Nordic region. Investors across Europe have lapped up the opportunity to buy the credits of leading industry players from the Nordic countries, adding new names to their growing corporate debt portfolios.

Bankers' emotions were mixed yesterday afternoon (Thursday) after leaving the sub-underwriters' meeting in Paris for Elf Acquitaine's Eu18bn committed credit facility backing its counter bid for Totalfina. They had just been introduced to the deal's full fee and margin structure after one week of intense speculation during which arrangers and bookrunners Banque Nationale de Paris, Goldman Sachs, Morgan Stanley Dean Witter and Crédit Agricole Indosuez had given little detail away. Speculation had bred fear that the margins and fees were going to be too tight for the Eu1bn commitment required to bag a senior role in the deal.

Denmark Mandated arrangers HSBC and JP Morgan are in the process of structuring the $1bn acquisition financing for AP Möller. Some $800m will be used to acquire Sea-Land Service and the rest is for general corporate purposes.