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Trading in dollars was up from 112 trades last week to 147 issues this week, representing almost 30% of MTN market share by volume. Triple-A borrowers dominated, issuing over $1.23bn. Included in CDC IXIS Capital Markets' eight deals was a $10m trade via Mizuho. The five year step-up range issue begins by paying interest of 4.5% x M/N until December 12, 2003, reaching a maximum coupon of 7.3% x M/N. M equals the number of calendar days in the coupon period on which six month Libor rate falls within range. N equals the total number of calendar days in the coupon period. The note was issued at the same time as a ¥500m note.

The Republic of Poland has still to reach a final decision on which houses will be chosen as arrangers and dealers on its forthcoming EuroMTN programme. The original presentations by dealers were due to begin in Warsaw on Monday, but the start was delayed by 24 hours. Representatives from the EuroMTN market's three biggest arrangers, Deutsche Bank, Citigroup/SSSB and JP Morgan, were all still believed to be in Warsaw yesterday (Thursday).

Lehman Brothers has named Skip McGee global head of investment banking. McGee succeeds Bradley Jack, who was named chief operating officer. McGee, an energy investment banker, has been at Lehman for 10 years and heads the global natural resources and power groups.

Brazil Brazil's C bonds soared to 66.25 on Thursday from 63.69 earlier in the week after the country's central bank raised the local Selic interest rate to 25% from 22% in a bid to control inflation.

France A spokesman for the French ministry of the economy this week said the government could reduce its stake in Air France to below 20%.

Banks were signed in this week on the $800m of international debt facilities for the $1bn Nigeria LNG project by mandated arrangers BNP Paribas, Crédit Lyonnais, Citigroup/SSSB, Mediocredito and WestLB. The deal closed well oversubscribed at all stages, but perhaps most notably at the retail level where the leads were hoping to attract around $100m, but instead received commitments for $175m.

Banks were signed in this week on the $800m of international debt facilities for the $1bn Nigeria LNG project by mandated arrangers BNP Paribas, Crédit Lyonnais, Citigroup/SSSB, Mediocredito and WestLB. The deal closed well oversubscribed at all stages, but perhaps most notably at the retail level where the leads were hoping to attract around $100m, but instead received commitments for $175m.

Mandated arrangers ABN Amro, DnB Markets and Svenska Handelsbanken will sign banks into the Eu750m five year facility for Elkem on Monday. Elkem is one of the largest industrial groups in Norway. The deal has been oversubscribed but commitments have been scaled back and there will be no increase. The deal pays a margin of 97.5bp over Libor.

Next year promises to be a busy one for UK mortgage backed securities, and the action could start early in 2003. Northern Rock, which is usually quick to issue after the Christmas and summer holidays, has chosen Citigroup/SSSB and Merrill Lynch to lead manage a residential mortgage deal.

After a drawn-out bidding process the mandate to arrange the $200m 2-1/2 year facility for Polish Oil and Gas Company (PGNIG) has been awarded to Citigroup/SSSB, Kredyt Bank/KBC, Pekao Bank and WestLB. The group was always the frontrunner for this hotly contested madate, but the choice has still surprised a number of bankers. The mandate was fiercely contested between the winning consortium and a group comprising SG, Bank of Tokyo-Mitsubishi, HVB Group and ING.

Kreditanstalt für Wiederaufbau (KfW), which is top of the private placement issuer league table for 2002, told EuroWeek on Tuesday that 50% of its Eu52bn funding requirement for 2003 will come in the form of private placements. Despite stagnation in the German economy, the issuer's forecast funding requirement for 2003 is up by Eu2bn on this year. KfW had already reached its Eu50bn funding target for 2002 by November but Hans Reich, chairman of KfW's board of managing directors, said that this did not stop it taking advantage of opportunities in both the US and EuroMTN markets.

Amount: Eu1.08bn Rating: Moody's/Fitch