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Rating: A1/A+ (Moody's/Fitch) Amount: $500m

Private corporate issuance picked up this week, with just shy of $1bn issued through 23 notes. EnBW International Finance closed the biggest euro trade. The Eu150m note pays a coupon of 20bp over three month Euribor and settles on February 2, 2005. SG was the lead manager. Toyota Finance Australia looked to dollars with a $50m two year note. The issue has a credit support agreement from Toyota Financial Services and was lead managed by Credit Suisse First Boston. The note carries a coupon of 1bp over three month Libor.

Double-A rated borrowers were the most active in the one year and under bracket and the Hong Kong dollar proved to be a popular currency at the short end of the curve. KBC Financial Products International closed 21 Hong Kong dollar notes and a ¥61.73m trade. The yen note matures in January next year and has a coupon of 10%. Commonwealth Bank of Australia closed the largest Hong Kong dollar trade in this maturity range. The HK$300m issue settles on February 18, 2003.

Rating: A3/BBB+ Amount: $750m

The market offered a glimpse of its pre-WorldCom self this week, as almost $20bn of US high grade corporate bonds were launched, with new supply from IBM, Dow Chemical, CIT Group, Textron and GMAC. Stable equity markets helped produce this bumper crop of deals, as did the short window of opportunity that will close ahead of next week's Thanksgiving celebrations. European investors also seemed to put the year's disasters behind them.

The sub-underwriting phase of the £426.4m project financing for Wembley National Stadium has got off to a positive start. Banks have been asked to commit Eu60m to be brought down to final take and holds of Eu40m for 140bp all-in.

CIBC and Morgan Stanley are wrapping up senior syndication of the Eu825m of debt facilities backing the recapitalisation of paper company Xerium. The ticket on offer to the market in this initial stage of sell down is $100m of senior debt to be taken down to $50m and $10m of mezzanine for total fees of 150bp.

Double-A issuance picked up over the past seven days after dropping below both triple-A and single-A issuance last week. Banque et Caisse d'Epargne de l'Etat Luxembourg (BCEE) was one of the more active double-A names. The bank closed nine dollar deals, including a $5m trade via BNP Paribas.