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Guarantor: BP plc Rating: AA+

Private banks led the way this week but their lead was cut by a strong showing from public banks, which took more than an 18% market share. Prominent on the public side was Banque et Caisse d'Epargne de l'Etat Luxembourg which issued 10 trades for more than $71m. Its two largest deals were two ¥700m trades that go out to 2023.

CSFB and JP Morgan are about to send out the revised structure for the Brake Bros facility which may bridge the gap between senior lenders and potential high yield bond investors seeking enhanced security. The two lead banks are sitting on a £175m loan. However, when the deal was structured in 2002, it did not offer potential bond investors upstream guarantees from either the Bankco or OpCos. Because of the lack of guarantees European high yield investors rejected the issue when it was due in October.

Once again the highest number of trades was issued for over 10 years this week. However, volumes between this maturity and the one to three year term were separated by just $0.24m. Of the 52 transactions issued in the one to three year maturity, 22 were traded in euros for a market share of more than 42%. Yen was quiet with just four trades issued for less than $26m. Among these was a ¥1bn transaction for Komatsu Finance, rated Baa1 by Moody's. The note matures in March 2003 and pays a one off coupon of 17bp. The bookrunner for the deal was Tokyo-Mitsubishi International.

Issuance from double-A names was up nearly $1.4bn on triple-A issuers this week, and the class represented the dominant borrowers in the market. German names issued the greatest volume with just over $1bn from 21 trades. Landesbank Rheinland-Pfalz Girozentrale was among those active, issuing a Eu100m note through DZ Bank. The transaction matures in December 2008 and pays an annual coupon of 3.15%.

Rating: Aaa/AAA/AAA Amount: Eu350m French inflation-linked bond (fungible with 10 issues totalling Eu3.28bn first launched 25/01/00)

British American Tobacco (BAT) - the world's second largest listed tobacco company - is in the market with a $1bn self-arranged loan. The deal is rolled over annually.

Rating: Aaa/AAA/AAA Amount: Eu109m (fungible with eight issues totalling Eu1.598bn first launched 13/03/02)

Canadian corporates Brascan and Potash jumped into the Yankee bond market this week, eager not to miss an opportunity to raise funds at record low rates. Brascan, a Baa3/A- diversified conglomerate, issued $200m of seven year bonds to yield 5.825bp, or 255bp over Treasuries, as well as $250m of its first ever 30 year bonds at a yield of 7.547%, or 283bp over Treasuries.

Rating: Aa3/A+ Amount: $100m (fungible with $600m issue launched 10/01/03)

Canadian Imperial Bank of Commerce (CIBC) has increased the size of its EuroMTN programme from $6bn to $10bn and has dropped Merrill Lynch as arranger. "We are planning to do longer term issues," said CIBC's vice president of treasury financing David Dickenson. "For that we will need more capacity and this seems like the obvious step to take."