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Supranational issuance was up this week as 20 trades were closed for $449.21m. The World Bank tapped euros, dollars and yen with four deals. The smallest euro deal was for Eu16.26m and was led by JP Morgan. The note has a three year tenor. African Development Bank issued a ¥500m trade that goes out 20 years and pays an annual coupon of 3%. Citigroup/SSB was the lead manager on a A$70m five year trade for Asian Development Bank.

Volume in the triple-A bracket just edged out double-A issuance this week. Triple-As closed $2.767bn off 115 deals and double-As issued $2.765bn off 107 trades. Single-A issuance totalled $1.76bn. BMW Coordination Centre issued a handful of euro deals. The borrower's biggest trade was a Eu50m one year note via Lehman Brothers which has a monthly interest payment frequency and pays a coupon of 2bp over Euribor. Other autos were also active. American Honda Finance closed a ¥2.5bn three year trade through Deutsche Bank. And Volkswagen Investments issued a ¥10bn one year note. Nikko Salomon Smith Barney was the bookrunner.

Like last week, the three to five year sector was again the busiest in the EuroMTN market. But although fewer trades were closed, more than $1.1bn more was issued. HVB Real Estate traded four notes, the largest a Eu250m three year transaction rated A1 at launch by Moody's. The deal was based on lead orders and most of the paper was pre-placed with German banks. The trade carries a coupon of 20bp over three month Euribor and was lead managed by Commerzbank.

Rating: Aa1/A-/AA Amount: $1bn

Rating: AA- Amount: Sfr110m

Rating: Aaa/AAA/AAA Amount: Eu400m obligations foncières (fungible with two issues totalling Eu1bn first launched 07/02/01)

Mandated arrangers Citi-group/SSSB and ING signed banks into the Eu170m five year facility for Polskie Sieci Elektroenergyczne (PSE) on August 20. The deal was slightly oversubscribed but not increased. Arrangers are Bank Austria Creditanstalt/Bank Przemyslowo-Handlowy PBK and Bank Gospodarki Zywnosciowej. HSBC is a senior co-arranger and Nordea/LG Petro has joined as co-arranger. Lead managers are BIG Bank Gdanski and Banca Nazionale del Lavoro. Bank Pekao has joined as a manager. A ceremonial signing will take place in Poland in September.

EuroWeek hears that P&O Nedlloyd Container Line is close to awarding a close relationship bank the mandate to arrange its new $200m syndicated loan. The UK-based company last tapped the market when it mandated Citigroup/SSSB to arrange a $225m nine year term loan in December 2001.

Rating: Aa2/AA Amount: C$100m

Joint mandated arrangers Arab Banking Corporation (ABC) (facility agent), National Bank of Abu Dhabi (information memorandum) and Bank of Tokyo-Mitsubishi (bookrunner) will launch the $120m three year bullet term loan for the Commercial Bank of Qatar into syndication on Tuesday August 27. The deal pays a margin of 47.5bp over Libor. The facility will be used for general funding purposes and to refinance the borrower's previous facility signed in May 2000. This was a $120m five year term loan that paid a margin of 70bp over Libor.