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Federal Reserve Bank of New York president William McDonough yesterday (Thursday) announced his intention to retire from his post as of July 21. "Bill McDonough has epitomized the citizen who gives a great deal back to his country through public service," said Peter Peterson, the bank's chairman.

A host of borrowers have updated their EuroMTN programmes over the turn of the year. While no new programmes have been signed in 2003, many borrowers are planning to issue in earnest by raising the size of their programmes or by reviewing their dealer panels. Volkswagen has overhauled its EuroMTN programme and issued its largest trade since September 2002. The Eu1.5bn 2010 issue was led by HSBC, HVB and Morgan Stanley, and matches the Eu1.5bn note the auto maker closed in September of last year. The new deal has a coupon of 4.5%.

Mutual fund industry heavyweights were lobbying hard this week to prevent the US SEC from passing a proposal which would require them to disclose their proxy votes. The SEC will next week vote on whether mutual funds, which own 19% of all publicly traded US equity, should publish how they exercise their proxy voting power in the companies that they invest in. The US regulator is concerned that mutual funds could be voting to further their own interests, rather than in the best interests of individual investors.

Rating: Aa3/A+/AA- Amount: Eu1bn

Kommunalbanken has increased its EuroMTNs from Eu5bn to Eu8bn. The Norwegian borrower was one of the most active issuers in the private market in 2002 with $5.43bn outstanding from 412 trades. It has started 2003 in equally active fashion. Along with its 13 yen trades, the borrower has also already issued in Australian dollars, Canadian dollars and Swiss francs this year.

Guarantor: Ing C Olivetti & C SpA Rating: Baa2/BBB

Olivetti charted new territory in the euro corporate market last Friday, launching a well received 30 year bond as part of a multi-tranche Eu3bn financing exercise.

Olivetti charted new territory in the euro corporate market last Friday, launching a well received 30 year bond as part of a multi-tranche Eu3bn financing exercise.

Pemex, the Mexican oil concern, returned to the sterling market this week for the first time in a decade, with a blowout £250m 10 year deal. UK institutional investors bombarded leads Barclays and HSBC with more than £300m of orders for the strong triple-B credit offering 300bp over Gilts.

Pemex, the Mexican oil concern, returned to the sterling market this week for the first time in a decade, with a blowout £250m 10 year deal. UK institutional investors bombarded leads Barclays and HSBC with more than £300m of orders for the strong triple-B credit offering 300bp over Gilts.

Guarantor: Petroleos Mexicanos (Pemex) Rating: Baa1/BBB-

Rating: AAA Amount: Sfr150m