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Rating: Aaa/AAA/AAA Amount: Eu1bn

Rating: Aaa/AAA/AAA Amount: C$100m (fungible with two issues totaling C$150m first launched 17/09/02)

Compared to the start of 2002, the European leveraged buy-out market has had a buoyant start this year. There may not be a slew of jumbo deals in the pipeline, but most banks active in the market say there is a healthy level of early stage bidding for small and medium sized as well as large businesses.

Amount: Eu150m (fungible with Eu750m issue launched 09/03/99) Maturity: March 16, 2009

Lots of dealers have the New Year blues, complaining that cutbacks and the pressures of work gave them little time off over the holiday break. So spare a thought for Morgan Stanley's Richard Tynan who had a week's break in Rome with family and friends, and for JP Morgan's Alex Haidas who spent two weeks in Greece. Cutbacks indeed. But the beginning of 2003 will bring lots of cheer to those appearing in the end of year league tables. And Leak can now reveal the MTNer who made 2002's most coveted list - the best male lunch companion Prada Codpiece Award. It was UBS Warburg's Gavin Eddy who is the market's most fancied male (at least according to the odd taste of the girls in the EuroWeek office).

Compiled by Holger Kron Deutsche Bank, Frankfurt

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.