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Volume was highest between one and three years this week. Over $2.8bn was issued from 54 trades. The dollar was the most popular currency in this maturity range with 18 notes issued for $750m. The Kingdom of Sweden was among the most active dollar issuers with two $100m transactions closed. One of the notes, which was led by UBS Warburg, matures in November 2005 and pays an annual coupon of 2.375%. The note is fungible 40 days from the payment date with two issues, totalling $1.15bn, which were launched in October and December last year.

Volume was highest between one and three years this week. Over $2.8bn was issued from 54 trades. The dollar was the most popular currency in this maturity range with 18 notes issued for $750m. The Kingdom of Sweden was among the most active dollar issuers with two $100m transactions closed. One of the notes, which was led by UBS Warburg, matures in November 2005 and pays an annual coupon of 2.375%. The note is fungible 40 days from the payment date with two issues, totalling $1.15bn, which were launched in October and December last year.

Volume was highest between one and three years this week. Over $2.8bn was issued from 54 trades. The dollar was the most popular currency in this maturity range with 18 notes issued for $750m. The Kingdom of Sweden was among the most active dollar issuers with two $100m transactions closed. One of the notes, which was led by UBS Warburg, matures in November 2005 and pays an annual coupon of 2.375%. The note is fungible 40 days from the payment date with two issues, totalling $1.15bn, which were launched in October and December last year.

Triple-A and double-A issuance were separated by just one issue, but over $1bn more was closed by the top rated credits. Supranationals were the most active and issued in greater volume than any other triple-As. Over $850m was closed from 26 trades. The European Investment Bank was the busiest supra issuing 11 trades. Included in its eight yen deals was a ¥1.5bn 30 year trade, placed by Daiwa. The FX/currency-linked hybrid pays annual interest of 4% until February 25, 2004. Thereafter interest is linked to the yen/dollar exchange rate. The note was increased from its original size of ¥1bn.

Banks which have committed to the $850m debt facilities guaranteed by Diageo supporting the Bain Capital, Texas Pacific Group and Goldman Sachs buy-out of Burger King will be signed into the deal next week. The loan proved popular in syndication and has been closed heavily oversubscribed.

ABN Amro, BBVA, Danske Bank, Deutsche Bank and Rabobank have joined JP Morgan in the initial phase of syndication of the $6.1bn multi-tranche debt facilities backing Cadbury's $4.2bn acquisition of US gum company Adams. Two banks have declined invitations and two banks are still assessing the deal.

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

Rating: Aa3/AA- Amount: NZ$250m

Rating: Aaa/AAA/AAA Amount: Eu500m obligations foncières (fungible with Eu1.5bn issue launched 14/01/03)

Rating: Aaa/AAA/AAA Amount: $100m (fungible with $500m issue launched 26/09/02)

Dexia Municipal Agency (Dexma) and Deutsche Hypothekenbank highlighted the importance of quality in the Pfandbrief market this week. The success of their Eu1bn deals, coming after Allgemeine Hypothekenbank Rheinboden postponed a planned Eu1bn Hypothekenpfandbrief last week, suggests that investors are only looking for top notch paper (see EuroWeek 788, page 5).

Rating: A1/A/A Amount: Eu100m