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Brazilian bonds surged this week and investor interest in new emerging market deals rebounded following last Sunday's historic election of Luiz Inácio Lula da Silva as Brazil's first elected leftist president. Although many investors remain cautious about Brazil's future, market-friendly comments by Lula in his acceptance speech pushed the Brazilian C Bond up to a high of 59 by yesterday (Thursday) morning, from 53 last week.

The postbag is beginning to bulge with Christmas party invites, but it was the less exciting occasion of the Websters global MTN market conference that bought the market's luminaries together at London's Chancery Court Hotel this week. Billed as the biggest MTN event of the year, Leak wonders why the attendance was less than half that of Euromoney's annual MTN conference in April. Still, it was nice to see some familiar faces, including Landsvirkjun's Stefan Petursson and Islandsbanki's Bill Symington who were spotted exchanging pleasantries over coffee, which was obviously more appealing than the session on French MTN law.

Syndication of the $750m one year repo facility for Lehman Brothers has been closed 80% oversubscribed. Some 21 banks have joined the deal. Citigroup/SSSB, WestLB and Bank of New York are arrangers.

Compiled by Holger Kron Deutsche Bank, Frankfurt

Danske Bank (agent), HSBC (joint bookrunner), Lloyds TSB (joint bookrunner) and Royal Bank of Scotland (documentation) are widely tipped to launch syndication of the £1.5bn revolving credit facility for Scottish & Newcastle today (Friday). EuroWeek understands that banks targeted in syndication can expect to receive invitations for tickets of £100m, £75m and £50m.

Compiled by Holger Kron Deutsche Bank, Frankfurt

Compiled by Holger Kron Deutsche Bank, Frankfurt

The demand for dollars dipped from last week's high level, but over 100 trades were still closed. And volumes topped $2.5bn with supranationals trading in large sizes. International Finance Corp issued two $200m trades to boost overall volumes. The trades mature in November 2012 and November 2014 respectively. Nordic Investment Bank closed an $83.7m 30 year note via Citigroup/SSSB.

Private corporates traded $572.83m from 13 issues, making them the fourth biggest issuer type this week by volume. Yen was the choice of many private corporates. Orix USA issued a ¥2bn two year note via Credit Suisse First Boston. The Baa3 rated trade carries an annual coupon of 0.565%. Sumitomo Corp Capital Europe closed a ¥1bn trade. The FX/FRN hybrid pays interest of 1.5% per annum until November 8, 2003, and thereafter interest is linked to the constant maturity swap rate. Daiwa Securities SMBC Europe was the lead manager.

The biggest volumes in the EuroMTN market this week were in the one and three year area. Over $1.85bn was closed in this maturity range from 43 trades. German borrowers were responsible for over $1bn in this term. Sachsen LB Europe's Eu250m trade was the largest deal. The note was led by JP Morgan and settles on May 14, 2004. Sachsen LB Europe also closed a Eu100m note that matures on the same date.