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The precarious access of Latin issuers to the international markets was underscored this week when Brazil had to bend over backwards to get a five year euro deal done, and Pemex had to put off its own euro debut for several days. Latin issuers have relied heavily on a good reception from European investors, as the dollar market remains shut to any major new issuance. But this week European investors showed how strict their limits are.

The precarious access of Latin issuers to the international markets was underscored this week when Brazil had to bend over backwards to get a five year euro deal done, and Pemex had to put off its own euro debut for several days. Latin issuers have relied heavily on a good reception from European investors, as the dollar market remains shut to any major new issuance. But this week European investors showed how strict their limits are.

n Toyota Credit Canada Guarantor: Toyota Motor Finance BV

Germany's Erdölbevorratungsverband Körperschaft des öffentlichen Rechts (EBV) will shortly add its triple-A rated name to the capital markets following the signing this week of a Eu2bn Euro MTN programme. Starting in October, EBV will ease itself into the international market consciousness with a series of private placements.

Spain's fledgling mortgage bond market looks set to take off in the coming weeks with Caja Madrid, Banco Bilbao Vizcaya and Argentaria all poised to launch cédulas hipotecarias. The banks are hoping to place the market on a sounder footing following Argentaria's disappointing attempt earlier this year to establish cédulas hipotecarias as an international asset class in a Eu1bn transaction.

The market was abuzz this week with talk that Fiat will finally be coming to market with a jumbo facility. Bankers say Chase Manhattan and Credit Suisse First Boston are on the verge of being officially mandated as arrangers. Officials at both institutions were unavailable for comment. But market talk suggests an official mandate will emerge on Monday, and that the two banks will approach senior relationship banks soon after.

GLOBAL co-ordinators CSFB and JP Morgan have launched the Eu2bn to Eu2.5bn divestment of Rhône-Poulenc's chemicals subsidiary, Rhodia. The bulk of this transaction has been structured as a global offer to be completed in the second week of October and will involve a fully registered US offer as the stock obtained a New York listing last summer.

Rating: Aaa/AAA/AAA Amount: Eu3.5bn Global Pfandbrief series 6

DePfa took its latest step away from the traditions of the Pfandbrief market this week when, through nimble swap operations that ensured Euribor minus funding, the mortgage bank priced its Eu3.5bn global superjumbo at an intended 52bp over Bunds - despite a 2bp to 3bp swap spread tightening between launch and pricing. German mortgage banks have always been among the most sensitive borrowers to any move in swap spreads and subsequent changes in the funding levels they can achieve. Such an arbitrage driven approach has in the past given jumbo issuers the reputation of being aggressive borrowers, as they have sought to ensure the finest possible pricing.