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Compiled by Richard Favis RBC Capital Markets

Compiled by Holger Kron Deutsche Bank, Frankfurt

Compiled by Holger Kron Deutsche Bank, Frankfurt

Dollar MTN paper eclipsed issuance in all other currencies this week. The 108 dollar trades issued took a 46% market share. French borrowers dominated with 32 issues. Caisse Nationale des Caisses d'Epargne et de Prévoyance closed for $100m and $20m. The smaller deal has a two year tenor and a coupon of 1bp under three month Libor. Deutsche Bank was the bookrunner. Deutsche Bank was active elsewhere in dollars for Canadian borrowers. The bank placed a $10m 10 year range issue for Business Development Bank of Canada. The note pays a coupon of 13.4% x N/360, where N equals the number of calendar days in the coupon period on which six month Libor falls within range.

Fifty trades in euros have been launched over the past two weeks. SG was by far the most the active name, closing 15 trades for a combined $235.42m. The borrower's largest individual deal was for Eu60m. This settles in March 2011. Westfalïsche Hypothekenbank's Eu200m transaction was the biggest individual deal. The two year note, led by ABN Amro, was issued alongside a Eu600m tranche and a Eu250m issue.

Trading was quiet over the Christmas break with much of the market on holiday. And business in the private market has been limited since January 1, with most borrowers focusing on the public market. Trading in yen was modest with just 43 notes issued for $585.68m.

Rating: A2/A-/A Amount: Eu135m (fungible with Eu300m issue launched 02/10/02)

The year began with a blizzard of new debt. It was the busiest week in the dollar sector since March 2002, with over $25bn of debt priced. Much of this was swapped to floating rate, which exposed swap spreads to formidable downward pressure. However, swap spreads responded robustly. Both five and 10 year spreads traded down to below 43bp by mid-week, but launched a comeback and by the close of trading in New York yesterday (Thursday) they were back to 45bp middle. This puts the 10 year mid-market back to where it was before December 25.

The mandate to arrange the $1bn multi-currency revolver for industrial holding company Investor AB has been awarded to joint mandated arrangers Citigroup/ SSSB, HSBC, JP Morgan and SEB Merchant Banking. The deal will be launched into syndication next week. Proceeds will be used for general corporate purposes and will refinance an existing $1bn seven year multi-currency revolver secured in July 1996. That deal paid a margin of 11.5bp over Libor for years one to four and 12.5bp for years five to seven. Mandated arranger was SEB Merchant Banking.

Rating: Aa2/AA+ Amount: A$50m

BNP Paribas and UBS Warburg are underwriting a debt facility supporting the Sfr160m management buy-out of Zellweger Uster from Zellweger Luwa AG by CapVis and Quadriga and the management. The new company will be called Uster Technologies. The debt will be syndicated in late January.