MTN trading was up on last week with 392 trades closed, 50 more than the previous week. Demand for yen was strong, with 100 notes issued for $1.16bn. GMAC International Finance's ¥10bn three year trade was the joint largest. It was placed by Citigroup/SSSB. New South Wales Treasury Corp matched GMAC's ¥10bn trade with a 10 year note. It also issued ¥1.2bn and ¥500m notes. The smaller trade is an FX/capped currency-linked hybrid with annual interest of 3% until January 27, 2004. Thereafter interest is linked to the yen/dollar exchange rate. Tokyo-Mitsubishi International was the bookrunner.
January 31, 2003