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German borrowers were by far the most active in the euro market, closing 17 of the 73 trades done. Germany was responsible for $995.29m of the $3.53bn traded. Bayerische Landesbank was the most active borrower from the country. Three of its deals - an Eu18.9m note and two Eu5.58m notes - were led by Morgan Stanley. The borrower's other trade was a Eu100m 12 year note. It pays an annual coupon of 6%. Crédit Lyonnais was the bookrunner.

Compiled by Richard Favis RBC Capital Markets, Johannesburg Tel: +27 11 784 5065

Over $1.1bn was traded in yen with the majority of trades going out over 30 years. Regular yen issuer Kommunalbanken was particularly active in the long dated sector, closing five deals which mature in July 2032. Combined, the notes total ¥2.7bn.

Deutsche Bank and Merrill Lynch hosted a meeting this week with the management of Jefferson Smurfit and Madison Dearborn Partners (MDP) for banks invited to sub-underwrite the Eu2.525bn debt backing MDP's Eu3.7bn buy-out of the paper and packaging company. Deutsche and Merrill are underwriting the facility.

This week has not been a good one for Turkey. To add to the problems of its already struggling government, Moody's Investors Service has revised the outlook for the Metropolitan Municipality of Istanbul's B1 foreign currency issuer rating to negative from stable. Moody's has also revised the outlook of the financial strength ratings for Türkiye Garanti Bankasi (D+), Finansbank (D+) and Türkiye Is Bankasi (D) from stable to negative and done the same with the B1 foreign currency issuer rating of Export Credit Bank of Turkey.

Morgan Stanley has finally filled the long vacant position of Taiwan CEO with the appointment of Susan Lin. Lin is joining Morgan Stanley from Goldman Sachs, where she was the head of private wealth management for north Asia.

Xavier Werner is moving to New York to head up ABN Amro's primary and secondary credit markets in the US. As a result, Paul White and James St Johnston become co-heads of European debt syndicate.

Commentary

We are delighted to announce that MTNWeek, the leading publication for the global MTN and CP markets, has merged with EuroWeek, the leading newspaper for the international capital markets. We hope you will agree with our belief that together MTNWeek and EuroWeek will be a stronger, single publication that will continue to be essential reading for those working in the international capital markets.

ABN Amro Asset Management and Framlington have resolved their dispute over star managers George Luckraft and Nigel Thomas. The two fund managers, who resigned from ABM Amro in April, will now join Framlington on September 8. The announcement is a victory for Framlington, as the fund managers were originally expecting to have to work a year's notice. The two left ABN Amro just weeks after their resignation, citing that it was no longer possible for them to work at the firm, and Framlington and ABN Amro have been locked in negotiations since them.

Greece Despite the disastrous performance of the equity markets over the past week Citigroup/SSSB is pushing ahead with its Eu513m offering in OPAP, the government controlled Greek lottery and football pools operator.

Rating: A- (Fitch) Amount: Eu100m