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n Commerzbank AG Rating: Aa3/AA-

The Republic of South Africa returned to the euro sector last Friday (October 1) with a Eu300m five year issue via Deutsche Bank and Warburg Dillon Read. Given the current shallowness of European investor demand for emerging market names, the borrower and its leads opted to launch the transaction - the first off the Baa3/BB+/BB rated sovereign's Deutsche Bank-arranged $2bn Euro-MTN programme - at the bottom end of the Eu300m-Eu500m indicated size range.

UK transport group Stagecoach Holdings has launched its £400m capital-raising exercise, which will combine an open offer with an international equity offering. Roadshows began yesterday (Thursday) for the international offering to institutional investors and qualifying shareholders, with CSFB leading a five-strong syndicate.

n Abbey National plc Rating: Aa3/AA-

US dollar swap spreads slipped precipitously this week: by yesterday (Thursday) 10 year spreads were no more than 90bp bid, while five year spreads were around 75.5bp bid. Earlier in the session, 10 year prices were said to have sunk as low as 88.5bp in brisk trading. Dealers report around $1bn traded at five and 10 years. These prices had come in by about 3bp from the previous night's close and dealers thought it significant that 10 year spreads had traded below 90 for the first time in a number of months.

TDL Infomedia this week priced a dual tranche sterling/dollar offering via lead manager CIBC Wood Gundy, making it only the second issuer to successfully tap the European high yield market since the summer. The slow pace of new issuance looks set to continue with just one issue, a Eu175m issue for ESAT Telecom, firmly scheduled for launch in October. The Irish telco will be tapping the high yield market for the third time when it prices the 10 year offering via CSFB in the week of October 18. The deal is currently being roadshowed.

n Statoil Rating: Aa2/AA