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* International Finance Corp Rating: Aaa/AAA

AS THE CRISIS in Russia deepened this week investors continued to shun the high yield market, pushing bids down and spreads further out. Traders reported extremely thin trading volumes as investors steered clear of low credit products. "People are sitting on the sidelines and there just are not any buyers,' said one banker. "All the spread widening is not driven by people going bearish on credits but rather by the fact that people are not buying high yield at the moment. It is a pure demand/supply situation," said one analyst.

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India Arrangers ABN Amro Bank NV and BA Asia have launched a seven year, $37.445m bullet loan for Reliance Industries.

TRIBUTES have been coming in from all over the world for George Cornelissen, whose death from a heart attack while walking in the Austrian mountains with his family has shocked the Euromarkets. He was only 54 and at the pinnacle of a brilliant career. It wasn't simply that George Cornelissen was very popular, although he had a natural charm which enabled him to make friends very easily.

SPREAD widening of a degree not seen since the Gulf War has hit the US investment grade corporate bond market as the emerging market meltdown finally spread to even the world's best-rated bonds. Spreads on prime A-rated bonds issued by Ford and others have widened between 30bp to 40bp since last Friday, while Yankee bond premiums over US comparables have blown out from a usual range of zero to 5bp to as much as 15bp to 20bp.

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* Council of Europe Rating: Aa1/AAA

THE JAPANESE government intends to open up its short term securities market in a bid to attract more foreign investment. The reform, likely to be implemented early next year, will introduce open and competitive auctions for two month government securities, called finance bills (FBs).

PROJECT contracts were signed at a ceremony last week for the Edinburgh Royal Infirmary and University of Edinburgh Medical School private finance initiative (PFI) project by the concession holder, Consort Healthcare (Edinburgh Royal Infirmary) Limited and the awarding health authority, Royal Infirmary of Edinburgh NHS Trust. Shareholders in Consort, advised by Deutsche Bank, are BICC, Morrison Construction and Royal Bank of Scotland.

Argentina Dresdner Bank Luxembourg and Warburg Dillon Read have been mandated to arrange a $200m three year loan style FRN for Yacimientos Petroliferos Fiscales SA (YPF).