Commentary Mizuho has re-entered table one and Deutsche Bank is clawing its way up table two. Mizuho's strong week knocks Merrill Lynch out of the top 10 in table one. Much of Mizuho's business came in its strongest currency, yen. The MTN house's largest yen deal was a ¥3.1bn CMS-linked trade for Rabobank Nederland. Mizuho also placed a high number of dollar deals, including a $20m seven year step-up reverse FRN for Oesterreichische Kontrollbank. The note pays interest of 6.3% minus six month Libor until March 25, 2003 and reaches 12.8% minus six month Libor after March 25, 2009. Citigroup/SSSB extended its lead at the top of table one, partly due to its placement of KorAm Bank's debut transaction from its recently signed $1bn global MTN programme. The $200m trade reaches out 10 years and pays an annual coupon of 5.64%. Deutsche Bank has broken the monopoly on the top three spots in table two, usually held by Citigroup/SSSB, HSBC and JP Morgan. Deutsche dislodges HSBC, with its concentration on dollars, euros and yen. Münchener Hypothekenbank issued a Eu25m 10 year note via Deutsche Bank. The issue has a variable annual coupon of 5% until September 26, 2003, rising to 6% after September 26, 2011.
September 27, 2002