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The primary dollar sector ended the week with a head of steam despite a slow start. A considerable amount of the new debt in the market has been swapped and under the influence of these developments dollar swap spreads crumbled gently over the week. By Thursday the market was braced for several more large offerings from borrowers, including global bonds from GECC and Lehman Brothers. Yesterday (Thursday), the five year mid-market was about 64.5bp over the November 2004 Treasury, while the 10 year mid-market was about 73.5bp over the August 2008 Treasury.

Poland BIG Bank Gdanski has awarded the arranger's mandate to Bayerische Landesbank for a $100m three year term loan.

Brazil * Federative Republic of Brazil

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.

* ASR Bank NV Guarantor: ASR Verzekeringsgroep NV

* Arbed SA Amount: Eu25m (increase to Eu100m issue launched 05/01/00)

GMAC followed its $2.5bn 10 year global last week with a Eu1bn 5.50% global due 2005. The issue was underwritten by Deutsche and JP Morgan. The borrower confirmed that the proceeds had been swapped to dollars, but declined to divulge whether the destination had been fixed or floating dollars.

TECHNOLOGY and telecom companies maintained their stranglehold over the London new issue market this week with the completion of Geo Interactive Media and the launch of Flag Telecom, Scipher and Interactive Investor International. Geo Interactive Media priced its £220m share offering yesterday (Thursday) achieving a 3.5 times subscription following a steep run-up in the price of the London listed stock.

Bank of Tokyo Mitsubishi and BNP Paribas have won the mandate to arrange a Eu250m facility for Agricultural Bank of Greece. Bidding was unusually competitive this year for the regular one year loan. Seven groups tabled bids, with six of them thought to be offering pricing in the same region - just below last year's level. But one group set a more aggressive level and won the mandate.

Market report: Compiled by Jim Webber,