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Dollar trading dipped slightly from last week's impressive levels, but remained healthy. Over $2.5bn was issued from 143 notes, more than in any other currency. Rabobank Nederland eclipsed most other borrowers in terms of volume. Included in its seven dollar deals was a $50m issue via HSBC. The five year note is callable from February 6, 2004, and annually thereafter at accreted value.

More volume was closed in euros this week than in any other currency. Over $2.7bn was issued from 91 trades. German borrowers dominated in terms of volume issuing over $650m from 20 notes. One of the busiest names was Hypothekenbank in Essen. The German bank closed three trades, the biggest being for Eu115m. The note has a quarterly coupon of 5bp over three month Euribor and matures on August 9, 2004. Morgan Stanley was the bookrunner. Morgan Stanley also placed a Eu100m note for the same borrower and Deutsche Bank placed Hypothekenbank in Essen's Eu10m trade.

The beginning of a new month marked a continuing increase in MTN trading. Over $8bn equivalent was issued from 421 trades. The number of dollar and yen notes was separated by just one, while euros saw the most volume closed. Pfandbriefstelle der Österreichischen Landes-Hypothekenbanken closed more volume than any other borrower in yen. The issuer launched a ¥10bn note and a ¥700m trade. The larger transaction has a tenor of 20 years and pays interest annually.

Rating: Aa3/AA+ Amount: $750m global/144a

After a slow start the Nordic region is building up and a flood of new mandates is expected in the latter half of the first quarter. "There is a lot of activity in the Nordic area," said a banker at a US house this week. "There is a frenzy of pitching going on in the region." February started with the award of a number of large mandates including the Eu400m seven year revolver for the City of Stockholm. Mandated arrangers are Nordea and Svenska Handelsbanken.

Maurice Marchesini has joined Bear Stearns as a senior managing director in investment banking. Marchesini, who will work in the financial institutions group, is based in New York and reports to group head, David Platter.

Citigroup/SSSB has been dropped as an arranger from Nationwide Life Global Funding I's global debt programme. This leaves Credit Suisse First Boston as the sole arranger on the facility. Citigroup/SSSB does however remain on the dealer panel, which has also been boosted by the addition of Lehman Brothers. The size of the programme has been doubled to $4bn. The MTN shelf, which was signed in 2001, has $1.38bn outstanding from eight trades. The borrower's last trade was a $500m deal through ABN Amro last February. The five year note pays a semi-annual coupon of 5.35%.

Commentary

Mandated arrangers Bank of Tokyo-Mitsubishi, Natexis Banques Populaires and WestLB will sign banks into the $100m three year bullet term loan for National Bank of Egypt International today (Friday) in London. The deal has been oversubscribed and will be increased to $110m at signing. The credit pays a margin of 60bp over Libor.

Rating: Aaa/AAA Amount: C$100m

KPN has requested bids for the early refinancing of a Eu1.75bn revolver signed in May 2002. The facility falls due in 2004. "It makes sense for KPN to refinance early," said one banker. "It paid heavily for its 2002 facility and its debt profile has improved since then. It should be able to secure money on more favourable terms now."

Sallie Krawcheck has named Bill Kennedy, the former head of equity research for Nikko Salomon Smith Barney, director of global equity research in the new Citigroup research arm that she heads. Citigroup split off Smith Barney in November of last year in order to restore credibility to its research and private client brokerage businesses, which had been tarnished by allegations about analyst bias.