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Commentary JP Morgan has regained second place in table two just one week after being dislodged by HSBC. The two MTN houses are separated by less than $100m. Banque et Caisse d'Epargne de l'Etat Luxembourg was JP Morgan's main client. The two linked up on six dollar trades totalling $25.3m. The largest of these deals was for $8.5m and has a short tenor, maturing on November 21, 2002. JP Morgan also placed a ¥5bn five year trade for RWE. The note pays an annual coupon of 0.78%. Rabo Australia issued a A$25m trade through JP Morgan. The note carries a coupon of 5.1% and matures on August 20, 2003. JP Morgan also lead managed two Hong Kong dollar notes for Westpac Banking and a Eu100m two year deal for DaimlerChrysler UK Holding. It was also a strong week for Goldman Sachs in table two. The dealer led two large euro deals for Swedish bank Spintab. The larger deal, for Eu200m, pays a coupon of 2.5bp over three month Euribor and matures on February 27, 2004. The other note was increased from of Eu130m to Eu150m and has the same maturity and coupon. Citigroup/SSSB has extended its lead in table one. The US bank kept its yen business booming with a ¥3bn note for Kreditanstalt für Wiederaufbau.

Cash strapped Philippine utility National Power Corp (Napocor) is once again trying to access the international bond markets.

Nigeria is threatening to default on its commercial debt repayments and says it will approach the markets in the next two to three weeks, to offer what it is dubbing a voluntary debt exchange. Akin Arikawe, head of the Nigerian debt management office (DMO), has said that Nigeria will not default. But he would not confirm that the country will make repayments on its commercial obligations in either October or November.

Mandated arranger Nordea will launch the Nkr2.38bn five year multi-tranche facility for Fjord Seafood into syndication for the next few weeks. EuroWeek understands that the borrower will invite mostly local domestic banks to join the deal. The loan is split into three tranches - two five year tranches and a 36 month piece. The credit will be used for refinancing purposes.

Amount: Sfr470m series 346 Maturity: September 16, 2009

Rating: A- Amount: Sfr250m lettres de gage publiques

Philippine National Oil Co has awarded the mandate for its dollar loan to Citigroup/SSB. The deal will include support from export credit agency Nexi. The arranger is undertaking due diligence. Proceeds will be for a project. Launch is scheduled for late September.

Baden-Württembergische Bank and RZB have signed eight banks into the Eu50m three year term loan for Banco Nacional de Crédito Imobiliário. An oversubscription in general syndication means that joint arranger commitments from Baden-Württembergische Bank and RZB were scaled back from Eu10m to Eu8.5m.

Joint mandated arrangers Arab Banking Corporation (ABC) (facility agent), National Bank of Abu Dhabi (information memorandum) and Bank of Tokyo-Mitsubishi (bookrunner) have launched the $120m three year facility for the Commercial Bank of Qatar into senior syndication. Arrangers are being invited for tickets of $10m each. The deal pays a margin of 47.5bp over Libor, and the formal deadline for commitments is September 10. The facility will be used for general funding and to refinance the borrower's previous $120m five year term loan signed in May 2000. That deal paid a margin of 70bp over Libor. The borrower is rated A3 by Moody's.

Rating: Aaa/AAA/AAA Amount: Nkr250m (fungible with Nkr400m issue launched20/06/02

Guarantor: Rabobank Nederland Rating: Aaa/AAA/AAA

Rating: Aa2/AA/AA- Amount: $3bn