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Trades in the one to three year tenor were once again the market's most popular this week as investors chose to keep their cash in the short end. The over ten year maturity was also strong but many of these trades were callable after a year. Despite a fall in demand over the last seven days for euros, the currency was by far the most popular in the one to three year term, taking a 67% market share with over $1.33bn traded. However, only 15 notes were issued in euros in this tenor, against 18 for just $232m in yen. UK borrowers were prevalent in euros with two financials issuing the market's greatest volumes in this tenor. Abbey National led the field with two Eu210m notes. One of these was a trade led by Morgan Stanley that pays a coupon of 2bp over three month Euribor and matures in April 2005.

Double-A names dropped away a little this week but still lead the ratings groups, with 40% of the market. Triple and single-A credits climbed at their expense, taking a 26% and 24% share respectively. Automotives were busy among the single-A issuers, launching 12 notes for upwards of $425m. General Motors Acceptance Corp (Australia) was the most active here. Its largest trade was a ¥2.6bn note that matures in May 2005.The issue came off the borrower's Eu50bn EuroMTN facility. On the triple-A side Norwegian issuers were the busiest, coming with 20 notes. This rested on trades from two borrowers - Kommunalbanken and Eksportfinans. Kommunalbanken issued three trades over the ¥1bn mark, the largest a ¥2bn note that goes out 25 years.

RZB has the mandate for the loan market debut of Municipal Bank plc. The Eu5m term loan has a two year maturity with a 12 month extension option. The deal pays a margin of 350bp. A small scale syndication will get under way in early May.

Rating: A1/A+ Amount: Eu1.1bn

Rating: Aaa/AAA Amount: Sfr100m

Shanghai World Trade City Corp is tapping the market for a $150m seven year amortising financing through arranger HSBC. Arrangers pledging $15m or more gain 130bp all-in for an average life of 5.4 years, co-arrangers taking $10m-$14m earn 128bp, senior managers absorbing $5m-$9m receive 126bp and managers with tickets of $2m-$4m will be paid 124bp.

Citigroup has once more extended its lead at the top of the league tables. Last week the US house had a lead of $4.57bn on its nearest rival but that has now increased to more than $5.15bn. However, Citigroup's nearest rivals, JP Morgan and Deutsche Bank, have changed positions in table one and JP Morgan this week rises to second place.

Rating: Aa3/AA-/AA Amount: C$100m

Rating: Aaa/AAA/AAA Amount: A$50m (fungible with two issues totalling A$150m launched 21/11/01 and 03/07/02)

The dearth of new EuroCP programmes that characterised the first quarter of the year looks to be over. Bankers say that the pipeline for new programmes is building steadily, with names including Hellenic Telecommunication Organisation and IKB Deutsche Industriebank set to sign facilities in the coming weeks.

Property company Crest Nicholson has mandated Lloyds TSB and Royal Bank of Scotland to arrange a £200m loan. The deal will be launched into syndication shortly.

Syndication of the Eu150m three year facility for Zagrebacka Banka is progressing well, according to arrangers Deutsche Bank and JP Morgan. The deal will carry a margin of 65bp over Libor and offers a top ticket of Eu50m for a fee of 50bp.