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The dollar picked up more than any other currency this week as 108 trades were issued. Volume topped $2bn as Kreditanstalt für Wiederaufbau closed some large transactions. The borrower's biggest trade was for $200m which had a three year tenor. The German agency also issued two Eu100m notes. The borrower was joined by a host of other German names, particularly BayernLB which closed six trades. The Landesbank's biggest transaction was for $20m. The range issue pays interest of 8% x N/365 where N equals the number of calendar days in the coupon period on which six month Libor falls within range. Morgan Stanley was the lead dealer.

Euro trading remained quiet this week. Just 64 trades went through, a slight fall on last week's level. French names were among the most active. Banque Fédérative du Crédit Mutuel's Eu200m trade was the largest deal from a French name. The three year note was led by BNP Paribas and pays a quarterly coupon. Electricité de France closed for Eu120m. Crédit Agricole Indosuez placed the 20 year note, which pays a coupon of 43bp over six month Euribor.

EuroMTN trading picked up this week after a fall in issuance at the beginning of November. Less than 300 trades were closed last week, but 350 transactions were issued in the last seven days. Yen picked up over a 35% share of the market with US borrowers closing in the biggest volume. MBIA Global Funding's ¥15bn trade was one of the biggest yen issues of the week. The note carries a two year tenor and a coupon of 4bp over three month Libor. Deutsche Bank was the lead manager. GMAC (Australia) was another heavyweight, closing a ¥6bn two year trade. Deutsche Bank was again the bookrunner and the note has a semi-annual coupon of 3.37%.

Compiled by Richard Favis RBC Capital Markets

Rating: Ba1 Amount: $125m

Amount: Eu73.4m Rating: Fitch

Rating: Aa3/AA Amount: C$75m (fungible with C$500m issue launched 21/08/02)

The $300m refinancing for Qatar Fuel Additives Company (Qafac) has been signed and the bank list released. Mandated lead arrangers are Crédit Lyonnais (international bookrunner), Gulf International Bank (regional bookrunner), National Bank of Dubai, Qatar National Bank and Standard Chartered.

Rating: A1/A+/AA- Amount: C$200m

Rating: Aa2/AA Amount: Eu855.415m

Mandated lead arrangers Bank of America, BNP Paribas, HSBC (joint bookrunner and documentation agent), Royal Bank of Scotland (joint bookrunner and facility agent), and WestLB will close syndication of the £1bn loan for RMC Group plc next week. Tickets on offer to the market were £30m for 22.5bp, £20m for 17.5bp and £10m for 12.5bp.

The $450m 5-1/2 year facility for Gazprom has been launched into senior syndication. Around 10 banks have been invited into the deal at this level, though ticket sizes and fees have not yet been released. They have around two weeks to respond.