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Supranationals were active this week, closing 18 trades for $624.50m. A lot of the issuance here was denominated in yen, but others looked elsewhere. European Investment Bank closed a Eu50m ratchet FRN that pays interest of 3bp over six month Euribor. The note is fungible from the payment date with a Eu100m issue launched on October 17, 2002. Morgan Stanley was the bookrunner.

Volumes picked up for trades going out over 10 years. Triple-A borrowers dominated, issuing 107 of the 147 notes closed. CDC IXIS was the most active issuer in this range. Included in its 12 transactions was a ¥400m FX/currency-linked hybrid that pays annual interest of 7.8% until September 16, 2003. Thereafter interest is linked to the yen/A$ exchange rate. The trade was increased from ¥300m and was placed by Daiwa SMBC Europe simultaneous to a ¥300m note.

As with last week's totals, volume and the number of trades were again strongest from triple-A names. Dutch issuers were responsible for the largest volumes. Rabobank Nederland was the most active and the market's fourth biggest issuer by volume. Included in the bank's 10 trades was a $25m note via Credit Suisse First Boston. The two year range issue pays interest of 3% x N/360, where N equals the number of calendar days in the coupon period on which six month Libor falls within range. The note was issued simultaneous to another $25m note.

Amount: Eu5bn Legal maturity: October 18, 2054

Corporación Andina de Fomento, the Caracas-based multilateral development bank, this week gave sterling investors the first taste of a Latin bond in almost five years with the launch of a £175m eight year bond. The deal, lead managed by Barclays and UBS Warburg, was the first CAF deal in sterling and the first Latin bond to come to that market since the Republic of Colombia's £100m transaction in January 1998.

Rating: Aaa/AAA Amount: Eu500m inflation-linked bond (fungible with two issues totalling Eu1bn first launched 06/06/02)

Rating: Aaa/AAA/AAA Amount: Eu66m (fungible with seven issues totalling Eu1.532bn first launched 13/02/02)

Rating: Aaa/AAA/AAA Amount: Eu100m

Amount: Sfr100m Maturity: December 17, 2012

Amount: A$200m Rating: Standard & Poor's

Rating: B3/B+ Amount: Eu100m

Allgemeine Hypothekenbank Rheinboden (AHBR) on Wednesday launched its third successful Hypotheken Pfandbrief in as many months, silencing critics of the credit. The future looked bleak for AHBR when it was downgraded from Aa2 to A1 by Moody's in May. But instead of sinking into depression, the bank has come up with a strategy for survival.