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Vestel Electronik Sanayi ve Ticaret, the Turkish television and computer manufacturer, this week became only the second Turkish corporate to tap the international bond market with a $200m five year issue. Lead managed by ABN Amro, the B1/B+/BB- transaction carries a coupon of 13.125%, and at an issue/fixed re-offer price of 98.79 offered a spread of 715bp over Treasuries. That was some 15bp wider than where the deal was being marketed last week. However, bankers said that the mere launching of a debut Turkish corporate issue in current market conditions was achievement enough.

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

John Marsland has joined Commerzbank Securities in a newly created position as head of portfolio and risk advisory. "We believe clients are going to be increasingly concerned with risk and returns of assets and liabilities," said head of quantitative research Gordon Morrison.