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The euro's share of MTN issuance rose slightly this week as the currency experienced a smaller drop in volumes than the wider market. Euro volumes fell from $3.01bn equivalent last week to $2.36bn, but its market share rose from 28% to 30.6%. The most active borrowers by number of issues were Société Générale Acceptance NV and Crédit Lyonnais Financial Products (Guernsey) Ltd. The former, rated Aa3, raised Eu18m through four trades. The A1 rated Crédit Lyonnais unit executed four issues for Eu25.52m, while its parent also raised Eu150m through a single transaction.

MTN volumes fell sharply this week, from $11.16bn to $7.7bn. The number of trades executed also dropped, from 530 to 351. Yen issuance fell even more dramatically, from $1.69bn equivalent to $932.81m. Its share of the market dropped from 15% to 12.1%. However, the number of issues held up better, falling from 120 to 84.

Russia's second largest private sector banking outfit, MDM Financial Group, this week became the first financial institution from the country to announce plans for the establishment of a first short term debt issuance programme since the Russian economic crisis of 1998. MDM has appointed Standard Bank London as arranger of a planned $300m maximum facility for the B1/B-/B rated group.

Amount: £515m Rating: Aaa/AAA

Amount: £515m Rating: Aaa/AAAs

UK investors gave a rapturous welcome this week to £1.03bn of wrapped bonds from Metronet, one of two consortia that will take over the infrastructure of London Underground in a public private partnership (PPP).

UK investors gave a rapturous welcome this week to £1.03bn of wrapped bonds from Metronet, one of two consortia that will take over the infrastructure of London Underground in a public private partnership (PPP).

Rating: Aaa Amount: Eu1bn Hypothekenbankpfandbrief series 349

Morgan Stanley has sold 35m shares at £10.10 for JAB Investments, a trust owned by one of Reckitt Benckiser's founding families. The shares were placed on Wednesday evening at an 8% discount to the close. The offering was more than three times covered and the surprising amount of liquidity encouraged bankers at other firms to assess yesterday (Thursday) whether market conditions would allow further equity placings.

Cristian Jonsson has joined the syndicate desk at UBS Warburg to focus on financials. He reports to Henrik Raber, who recently moved up to become European head of syndicate following Richard Johnson's retirement.

After two weeks of buoyant volumes in the face of the build-up and execution of the US-led Iraqi invasion, MTN volumes finally succumbed to the effects of the war this week. Issuance fell sharply from $11.16bn to $7.7bn, and the number of trades executed from 530 to 351. The market's fall was a consequence of positive rather than negative sentiment. Public bond issuance rebounded sharply this week, with borrowers across the credit spectrum able to raise funds. Triple-A credits including the European Investment Bank, Freddie Mac and Kreditanstalt für Wiederaufbau were able to launch large transactions, but at the same time lower rated borrowers such as Deutsche Telekom were able to launch issues off their MTN programmes, and even sub-investment grade rated Vivendi was able to access the market in size.