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SIRONA Dental Systems, one of the world's leading manufacturers and suppliers of professional dental equipment, this week priced its DM170m high yield bond. The issue was launched without US registration rights in a move illustrating the growing depth of the European investor base for sub-investment grade corporate debt. Proceeds from the deal will refinance a DM170m bridging loan which formed part of the financing for the management buy out of Sirona Dental Systems from Siemens. Launched at a spread of 440bp over Bunds the deal was priced at the lower end of the official price talk. This was an achievement given the difficult market environment, claimed lead manager Warburg Dillon Read.

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WHILE DOLLAR syndicate desks twiddle their thumbs -- and many are resigned to staying that way until after the summer break -- European currency desks are working at full speed, especially in Deutschmarks where oversupply at the long end is now a serious concern. One of the few hopes on the dollar front rests with Fannie Mae which should announce its plans for the next benchmark note in the coming week. But leading underwriters dismissed rumours of an imminent 10 year dollar bond from a European sovereign; Spain and Norway were mentioned as possible candidates.

* SGZ-Bank has signed a Eu2.5bn Euro-MTN programme arranged by Deutsche Bank. The programme will provide the framework for future debt issuance by the bank in the international capital markets. The bank will use the facility for the issuance of public deals and private placements. Issuers documented under the programme are SGZ-Bank AG, SGZ-Bank International and SGZ-Bank Ireland. The parent will provide a keepwell for issuance by the other two issuers. SGZ Bank AG has received a long term senior debt rating of A1 from Moody's, a long term counterparty rating of A+ from S&P's and a long-term security rating of AA- from IBCA.

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POWERGEN, the UK electricity generator, is to launch a £2.4bn credit that will set a new, higher pricing benchmark in the UK acquisition market -- a trend likely to be repeated in other loan sectors following the wholesale disappearance of Japanese lending institutions.

POWERGEN, the UK electricity generator, is to launch a £2.4bn credit that will set a new, higher pricing benchmark in the UK acquisition market -- a trend likely to be repeated in other loan sectors following the wholesale disappearance of Japanese lending institutions.

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