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AFTER the disappointment of the Vodafone Pacific postponement, all eyes are now on the pending flotation of the insurance operations of NRMA, the New South Wales motoring organisation and Australia's largest general insurer. Premarketing begins next Monday and should lead to a placement of at least A$1bn to create a newly listed entity with a market capitalisation of at least A$4bn. Bankers hope the shares will begin trading in late July.

* European Investment Bank Rating: Aaa/AAA/AAA

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

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

In spite of a flood of new debt this week, swap spreads bounced off their lows, and by yesterday (Thursday) 10 year spreads were trading only 5bp-6bp tighter than a week ago. The mid-point was about 126.5bp to the 6.50% 2010 Treasury, while the five year mid-point was about 102bp to the 6.75% May 2005 Treasury. Even in the midst of the busiest week of the year in the dollar bond markets, swap spreads demonstrated a reluctance to stay at the new, narrower levels. Early in the week, they fell to a low of about 118.5bp at 10 years, but from then on regained a bid.

After many months' preparation, the syndication of the project debt facilities for the $420m conventional term loan for Thuraya Mobile Satellite System was launched this week by mandated arrangers ANZ Investment (global co-ordinator and joint bookrunner), SG Investment Banking (global co-ordinator and joint bookrunner) and Union National. Ahead of the launch of syndication, Arab Banking Corporation and National Bank of Abu Dhabi joined as arrangers and Crédit Lyonnais, MashreqBank and Standard Chartered came in as co-arrangers.

THE REPUBLIC of Turkey spectacularly prised open the US dollar bond market for emerging market issuers yesterday (Thursday) with a $750m 10 year global issue via lead managers JP Morgan and Morgan Stanley Dean Witter. The issue was driven by an unusually strong European institutional bid.

THE REPUBLIC of Turkey spectacularly prised open the US dollar bond market for emerging market issuers yesterday (Thursday) with a $750m 10 year global issue via lead managers JP Morgan and Morgan Stanley Dean Witter. The issue was driven by an unusually strong European institutional bid.

The £300m five year revolver for MBNA International Bank has been signed. The deal was oversubscribed and increased to £325m. The arranger is Bank One. Co-arrangers are Bank of America, Lloyds TSB, Royal Bank of Scotland and WestLB. They take £25m for a 12.5bp flat fee.

* Chase Manhattan Corp Rating: Aa3/A+/AA-

* Royal Bank of Scotland Group plc Rating: Aa3/A+/AA