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French borrowers dominated the euro market as trading picked up from last week's levels. They issued 15 notes totalling almost $1bn. CDC IXIS Capital Markets was the busiest name, closing four trades totalling Eu40m. One for Eu10m, lead managed by Morgan Stanley, pays an annual coupon of 5.2% and matures in 15 years. Entenial's Eu200m note is fungible from payment date with a Eu300m issue launched on March 20. The new deal pays a coupon of 15bp over three month Euribor and was lead managed by Crédit Agricole Indosuez. Banque Fédérative du Crédit Mutuel's Eu250m trade was the largest French deal of the week. The note pays a first coupon of 6.5% and matures in July 2013.

Trading in dollars continued apace this week. A slight dip in the number of trades was understandable given the Thanksgiving break. Supranationals issued almost $350m from five trades. Nordic Investment Bank's $196m 10 year note was the largest deal from this sector. The Uridashi bond was placed by UFJ International and pays a semi-annual coupon of 0.5%.

The high level of issuance at the end of November continued into December as 374 trades were closed over the past seven days. Yen accounted for over 35% of all notes issued. Australian borrowers were the most active issuer nationality, but this was almost solely down to New South Wales Treasury, which issued 15 trades. The largest of these deals was for ¥3.8bn and goes out 20 years. The note pays an annual coupon of 3.5%. Export Finance & Insurance Corp was the other active Aussie name. The borrower closed a ¥1bn note that settles in January 2023.

Kelly Martin has left Merrill Lynch following the firm's plan to combine his international private client group with its US sister operation, to create a new organisation called global private client group (GPC). For Martin, 43, the restructuring brings an end to 21 years with Merrill. Having joined the firm as a bond trader in 1981, Martin went on to run equity sales and trading for Europe before he was promoted to chief operating officer of the investment banking group.

Rating: Baa1/BBB+/A Amount: $500m

Guarantor: MDM Holding Gmbh Rating: B1/B-/B

MDM Bank has shown that there is still investor appetite for the right Russian banking sector names with a tightly priced $125m 10.75% three-year debut Eurobond. Although the deal was substantially oversubscribed at the original price talk level of 10.875% yield, MDM was determined to get the best pricing possible.

Rating: Baa2/BBB (Moody's/Fitch) Amount: Eu100m

Rating: A2/A/AA- Tranche 1: $400m

Metso, the Finnish manufacturer, has revamped the old Rauma EuroCP programme following the two companies' merger in 1999. The size and denomination of the programme has changed to Eu150m from $100m. SEB Merchant Banking is the new arranger, replacing Enskilda Debt Capital Markets (London).

Europe's finance ministers agreed on Tuesday to take another week to try and end the dispute about new rules on savings taxation, after Austria, Belgium and Luxembourg said they would not abide by the current draft agreement if Switzerland did not offer concessions on banking secrecy. Denmark, the current holder of the European Union presidency, intends to try and break the 12 month deadlock by persuading Austria, Belgium and Luxembourg to join the plan of taxing all residents' and non-residents' savings. The three countries want Switzerland to adopt equivalent measures before they commit to such a plan.

Dresdner Kleinwort Wasserstein has unveiled its new look syndicate desk, which has a greater focus on corporates. Frankfurt-based fixed income head Matthias Wittenberg has become client relationships manager and Paul Cohen, who used to cover corporates on the syndicate desk in London, has also moved to a client facing role in origination.