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Double-A borrowers topped triple-A volume by over $600m and just three triple-B notes were issued this week. Banque et Caisse d'Epargne de l'Etat Luxembourg was the second most active borrower this week, closing 21 trades. Included in the issuer's yen deals was a ¥1bn 10 year note. The currency-linked issue has its interest linked to the yen/dollar exchange rate. Tokyo-Mitsubishi International was the lead manager.

There was speculation in the market this week about whether Cadbury Schweppes would tap the loan market to finance its proposed acquisition of US-based Adams, Pfizer's chewing gum and sweets business. First round bids are expected by the end of the month. Adams is valued at around $4bn.

The boom in MTN trading continued this week as the number of issues and issuance volume levels rose again. The market saw 357 trades, totalling over $8bn. Just over one third of all trades were closed in yen, with German names being especially active. Kreditanstalt für Wiederaufbau was busy as normal. Included in its seven yen issues was a ¥1bn transaction via Daiwa Securities SMBC Europe. The currency-linked issue has interest linked to the yen/A$ exchange rate and goes out 30 years. Land Hessen also closed a ¥1bn trade. The German borrower's note matures on January 10, 2006 and pays a semi-annual coupon of 0.005%. Deutsche Bank was the bookrunner.

Compiled by Richard Favis RBC Capital Markets, Johannesburg

Russian investment bank United Financial Group has established an equity derivatives group within its structured products department and hired Vadim Hilliard to head it. Hilliard joins from Dresdner Kleinwort Wasserstein London, where he worked for three years, most recently as a vice president, trading equity OTC derivatives trading.

Commentary

Rating: Aaa/AAA Amount: $150m (fungible with two issues totalling $800m launched 9/11/01 and 06/03/02

ING and Fortis have signed banks into the Eu128m term loan for privately owned fruit juice and beverage company Refresco Holding. They are BNP Paribas, Commerzbank, LBLux, NIB Capital and SG.

Germany German reinsurance company Hannover Re this week confirmed that it was examining the possibility of issuing a Eu250m-Eu350m mandatory convertible bond early next year.

Bahrain The Kingdom of Bahrain plans to issue $500m of 10 year global bonds to finance investment projects, according to the state's official news agency. The news follows a previous announcement that Bahrain would issue Islamic bonds worth up to $670m in 2003. The agency gave no clue as to the timing of the bond, although bankers do not expect it before the end of this year.

The general syndication of $800m of international debt facilities for the $1bn Nigeria LNG project looks set for a decent conclusion by the scheduled close of November 8. The market has been offered two tickets: senior co-arrangers with $44m and co-arrangers taking $22m.

Rating: A3/A- Amount: £250m lower tier two capital