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Private corporates were closing in large volume. They issued $935.11m of the £7.7bn done overall. Imperial Tobacco Finance closed a Eu100m trade that matures in two years. Caja Madrid made a rare appearance as a bookrunner by placing the trade on a reverse enquiry basis. Linde Finance also went for euro with a Eu150m trade that goes out to August 2008. The note carries an annual coupon of 4.375% and has a long first coupon. Deutsche Bank was the lead dealer. Toyota Motor did three trades, one of which was a $50m note via ABN Amro. The note has a short last coupon and pays a coupon of 5bp over three month Libor. Just one public corporate came to the market. France Télécom's Eu70m deal has a one year maturity. Twenty-three SPVs came to the market. JP Morgan's Paroo Company did a ¥2.45bn deal off its $10bn multiple issuer programme. The facility has 27 issuers in all. And DKB International did a ¥1bn trade and a ¥500m note through Voyager (Cayman).

The double-A sector saw the highest number of deals and the most volume. Royal Bank of Scotland was especially active closing six notes - four in yen and two in dollars. The borrower's largest yen deal was for ¥5bn and its smaller dollar note was for $7.7m via JP Morgan. UK borrowers tapped a wide mix of currencies. BOS International (Australia) issued a one year A$50m note and Barclays Bank issued a HK$100m one year transactions with a flat coupon. Trades from triple-Bs fell even lower than last week, to just 13. Mitsubishi Trust & Banking Corp was the busiest issuer in this band, closing four yen deals for ¥7.8bn in total. And France Télécom did a one year Eu70m note.