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The euro dominated the MTN market by volume this week with over $4bn equivalent issued. German and French borrowers led the way with the highest number of trades, but other nationalities were active. Spintab was busy with a Eu200m note that matures in August 2004. The trade was led by Merrill Lynch and pays a coupon of three month Euribor flat.

Over $9bn was issued in the past seven days despite there being fewer trades than the previous week. Yen issuance was active, with 137 notes totalling over $1.6bn, giving the currency a 17.5% share in terms of volume. German borrowers were the most active in yen outside of Japanese issuers and Cayman Island-based SPVs. DaimlerChrysler Australia Pacific closed the largest individual yen transaction. The ¥5bn note has a three year tenor.

Banks invited to sub-underwrite the debt facilities for Metronet have responded positively to the facility so far. The deal's risks and rewards are similar to those of the Tubelines deal which was syndicated in 2002. Syndication teams and credit committees were not as familiar with the sector and its workings then as they are now. This should make selling the Metronet deal easier.

Mitsubishi Tokyo Financial Group (MTFG), Japan's biggest banking group by market capitalisation, has embarked on a global share offer to sell up to ¥412.5bn ($3.45bn) of stock. Most of the transaction will comprise new shares and the entire proceeds will go to MTFG's balance sheet. Excluding issues from government or quasi-privatised companies, the placement is the largest new share offering from Japan to date. It is also the first time in 13 years that any of Japan's largest banks have made a capital increase of new ordinary equity.

Macquarie Funds Management has continued its Asian expansion with the appointment of Indaka Nanayakkara and Veronica Ho to be the head of enhanced equities, Asia and quantitative research analyst, Hong Kong, respectively. The two appointees have joined Derek Mak, the assistant portfolio manager for Hong Kong enhanced equities. Mak manages the Hong Kong Enhanced Equities Fund, which currently has just over $100m in assets under management.

Network Rail, the UK rail operator, has set up a £4bn global CP programme. Merrill Lynch has scooped the arrangership. Bankers say it has been joined on the panel by Barclays Capital, Citigroup/SSSB, Dresdner Kleinwort Wasserstein, HSBC, Royal Bank of Canada, Royal Bank of Scotland, UBS Warburg and WestLB. The dealer panel is drawn from banks that were involved in a £9bn two tranche loan for Network Rail last June. The multi-currency facility has yet to be assigned a rating by all three main agencies, but it should receive either an A1+/P1 rating or an A1/P1 rating.

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