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* Bank of Scotland Treasury Services plc Guarantor: Bank of Scotland

* Bank Nederlandse Gemeenten Rating: Aaa/AAA/AAA

The first dedicated European project debt fund - the European Project Finance Fund - has been launched with CIT's Newcourt Capital Inc, Stichting Pensioenfonds ABP and John Hancock Financial Services Inc as the lead investors. Initial commitments in the fund total around Eu750m, with its target level of Eu1bn expected to be reached by March. The fund will provide senior and subordinated debt at fixed rates with maturities stretching to 35 years to projects within the European Union. The fund is targeted at project sponsors working in the infrastructure, power, water, environmental and transportation sectors and in the Private Finance Initiative/Public-Private Partnerships (PFI/PPP) arena.

* Bank of Montreal Rating: Aa3/AA-

Corporates returned to the euro sector this week. The positive reception to the week's two major deals suggests that investors whose appetites were last year whetted by the growth of the credit market remain hungry for single-A and triple-B names. Pearson reopened the market last Friday, with the launch of a Eu650m seven year at 82bp over the Bund. The owner of the FT was seen as the ideal candidate to test the market. "Pearson has already tapped the euro market so it is already known and it is in an industry sector where there is little paper available," said one syndicate manager.

A CRITICAL test of investor sentiment for Latin jumbo deals was passed with flying colours by Brazil this week when it launched a successful $1bn 20 year global bond, the first dollar deal from the region this year and Brazil’s longest dated offering since 1997.

A CRITICAL test of investor sentiment for Latin jumbo deals was passed with flying colours by Brazil this week when it launched a successful $1bn 20 year global bond, the first dollar deal from the region this year and Brazil’s longest dated offering since 1997.

* Hydro-Quebec Rating: A2/A+

* AIG SunAmerica Institutional Funding II