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The one to three year part of the curve was the busiest this week, with more than $2.5bn issued from 79 trades. Landesbank Rheinland-Pfalz was one of the busiest borrowers in this range. Along with three Sfr50m trades, the bank also closed a Sfr100m note that settles on July 7, 2004. The issue pays an annual coupon of 1.05% and was lead managed by CSFB. German borrowers were predominant at the short end of the curve, as were French names. Caisse Nationale Des Caisses d'Epargne et de Prévoyance closed a $100m trade that matures on June 18, 2004. The note pays a coupon of 1bp over three month Libor. Barclays Capital was the bookrunner. Citigroup/SSSB was the most active dealer between one and three years. Its deals included a ¥10bn two year note for GMAC Commercial Mortgage Japan.

Double-A issuance recovered after slumping last week, accounting for 36% share of this week's MTN issuance. Banque et Caisse d'Epargne de l'Etat Luxembourg was active with six dollar trades. The borrower also issued a Skr75m note with a coupon of 9.8%. The trade has a one year tenor. Landesbank Schleswig-Holstein also tapped the Swedish currency with a Skr250m note that matures in January 2008. The transaction pays a coupon of 4.5%. The same borrower also issued two notes for HK$78m, which both mature in December 2003.

Guarantor: Canada Mortgage & Housing Corp Rating: Aaa/AAA

Royal Bank of Scotland is arranging a £70m club loan for European biotechnology company Celltech.

Rating: A3/A Tranche 1: $750m

Rating: Aa3/A+ Amount: $1.4bn (increased from $1bn)

The mandate to arrange the Eu150m five year facility for Privredna Banka Zagreb (PBZ) will be officially awarded in the next few days. The three remaining bidders are Bank Austria Creditanstalt, BayernLB and Sumitomo. The deal will be launched in 2003. The protracted bidding process attracted a good deal of attention from the market as the borrower has been pushing prices to a level that many banks could not. As a result, a number of banks - including WestLB and Standard Bank and more recently Citigroup/SSSB - were forced to back away from the deal.

In an unprecedented move, Credit Suisse First Boston has stormed up the league table of top mandated arrangers of Euromarket sponsor-driven LBO loans, from 28th position this time last year to number one year to date. The recently mandated deals for the buy-outs of Nycomed Pharma and Sigma Kalon have pushed CSFB up the tables from eight before these deals were signed, right to the top.

Mandated arrangers Bank Austria Creditanstalt, ING and Standard Bank signed banks into the Ck2.66bn four year facility for Bivideon this week. The facility pays a margin of 150bp over Libor. Proceeds will be used to refinance a Eu118m facility signed in December 2001.

Rating: Aaa/AA+/AAA Amount: Sfr200m

Deutsche Bank has won the mandate to arrange the City of Prague's EuroMTN programme. The facility, worth between Eu1bn and Eu2bn, will be put in place by the end of the first quarter of 2003. The issuer received six pitches, but Deutsche Bank, which is top of the EuroMTN arrangership league table for 2002, was chosen and is likely to lead the issuer's first trade. The timing of the borrower's first deal estimated at around Eu170m has not been decided.