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n Banca Intesa SpA Rating: A1/A/A+

Loan volumes are running at record levels, according to figures from Capital DATA Loanware, propelled by one of the biggest mergers and acquisitions booms ever seen in Europe. The equivalent of $347.6bn in syndicated loan debt has been signed in the first three quarters of 1999 in the Euromarket — the highest level registered by Loanware in the first three-quarters of any year since the data company’s records began in 1980.

Loan volumes are running at record levels, according to figures from Capital DATA Loanware, propelled by one of the biggest mergers and acquisitions booms ever seen in Europe. The equivalent of $347.6bn in syndicated loan debt has been signed in the first three quarters of 1999 in the Euromarket — the highest level registered by Loanware in the first three-quarters of any year since the data company’s records began in 1980.

Brazil has mandated Chase Manhattan and JP Morgan to underwrite a 10 year Brady bond exchange offer of at least $1bn, the latest in a fast growing list of emerging market sovereigns seeking to rid themselves of what is now considered to be the emerging markets' most unsightly asset class. The deal, led by JP Morgan and Chase and due for pricing in the week ahead, will be the first significant test of investor demand for a large, non-guaranteed Latin sovereign transaction in months.

n Abbey National will launch its third mortgage securitisation, Holmes Funding 2, next week. Lead manager Salomon Smith Barney will publish red herrings today (Friday) for the £1bn deal. The floating rate deal will offer three triple-A tranches - Eu725m of amortising notes with a 2.9 year average life, and two five year soft bullets, worth £215m and Eu300m. Price talk is 21bp to 22bp over Euribor for the shorter piece, 27bp to 28bp over Libor for the sterling tranche and 26bp to 27bp over Euribor for the five year euro note.