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* Countrywide Home Loans Inc Guarantor: Countrywide Credit Industries Inc

* European Bank for Reconstruction & Development Rating: Aaa/AAA

OVERWHELMING demand for name and credit diversification in the flourishing euro denominated bond sector enabled the Republic of Slovenia to enjoy a blow-out success with its debut transaction in the currency and to set a benchmark pricing low for emerging market credits. As central and eastern Europe's top rated sovereign, A3/A/A- rated Slovenia was able to benefit from a flight to quality in the emerging market debt sector this week. It launched a Eu500m seven year transaction via JP Morgan and Paribas. This featured a 5.375% coupon to yield just 57bp over the 7.5% April 25, 2003 OAT on an issue fixed re-offer price of 99.63.

* Norddeutsche Landesbank Girozentrale Rating: Aa1/AAA (Moody's/IBCA)

* DNIB Rating: Aa3

* General Electric Capital Corp Rating: Aaa/AAA

Since its inception, the Euromarket's leading issuers have searched for ways to gain access some of the world's most powerful investors -- namely funds which only buy government bonds. Until recently, the Euromarket was unable to provide sufficient liquidity to attract these investors. In 1998, issuers may have found the answer -- superliquid bonds. These global bonds are bigger than anything the international market has seen before. Many bankers believe they are here to stay. But is biggest always best? Are investors becoming overburdened with supply? Are the bonds truly global in nature? Or is much of the current vogue for superliquid bonds just arbitrage masquerading as benchmark issuance? Clive Horwood reports.

Germany's Pfandbriefe issuers have been trying for some time to internationalise their market through jumbo Pfandbriefe. The success of their efforts has been mixed -- many bankers continue to doubt the level of non-German placement of Pfandbriefe. DePfa has been at the forefront of the jumbo drive. This year, it has attempted to take the internationalisation of the Pfandbriefe market to new levels with the inauguration of its global benchmark programme -- tagged 'DePfas'.

One of the few issuers to match, or even beat, the volume of Fannie Mae's funding needs is Federal Home Loan Banks. When FHLB issued a $2bn three year transaction via ABN Amro in early March and subsequently increased that deal to $3bn, some bankers speculated that FHLB was set to join its fellow agencies in setting up a regular issuance programme. Such speculation is probably misplaced.

Attention has focused on the boom in superliquid issuance in the dollar market this year, but liquidity has been a buzzword in the European currency markets since the beginning of 1997. Many of the leading European triple-A credits have responded early to the advent of the euro by trying to create lines of bonds which they hope will have government bond-style liquidity when the euro comes into being.

WestLB (facility agent) and Den Danske (documentation agent) have received strong interest in their £150m seven year revolving credit for the Derbyshire Building Society. The loan, which was launched into general syndication two weeks ago, carries a margin of 15bp over Libor and a commitment fee of 6.5bp. Arrangers are hoping for an oversubscription.

Argentina Arranger SBC Warburg Dillon Read has completed the $250m three year loan style FRN at 200bp over Libor for Banco de Galicia y Buenos Aires SA. BancAmerica Robertson Stephens is co-arranger and documentation agent. Dresdner Bank Luxembourg SA, Lehman Brothers Inc and Deutsche Bank AG are co-syndication agents. Bank of New York joined as lead manager.