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Brazil * Banco Bilbao Vizcaya Argentaria Brasil SA

Euro trading is currently very strong. Twenty-nine deals were closed for just under $2 billion. MBNA Europe Funding closed the biggest trade - a euro500 million ($440.95 million) note with a five-year tenor. The note has a spread of 178.1 basis points over the OBL 139, equivalent to 159 basis points over mid-swaps. It carried a coupon of 6.5% and was joint-led by JPMorgan and West LB. Dutch issuers were the most active, with four trades closed. JPMorgan's asset-backed issuer, Globaldrive, did two trades - a euro768 million senior note and a euro32 million junior note. The notes are secured, among other things, by a loan backed by underlying auto-loan receivables originated by Ford Bank, the German branch of FCE Bank. The Globaldrive transaction is FCE Bank's second securitization of German auto loans under the Globaldrive programme. The notes mature on March 26 2011. SNS Bank closed a five-year euro25 million deal via Deutsche Bank. The plain vanilla FRN has a coupon of 3m Euribor+25 basis points. ABN Amro Bank did a euro5 million note that settles on May 10 of this year. Elsewhere, KBC Bank led a seven-year euro20 million range-accrual note for Hamburgische LB Finance (Guernsey). The trade is non-call one and pays a semi-annual coupon. And Banco Totta & Acores SA (London) closed a two-year euro150 million trade via Merrill Lynch. The note pays a coupon of 3m Euribor +0.17500% and has a spread of 22.4 basis points.

* BP Capital Markets plc Guarantor: BP plc

Just thirteen trades were closed in euro yesterday for $607.30 million. Almost half of this volume came through NIB Capital Bank's euro340 million ($300.12 million) trade. The plain vanilla note was self-led and pays a coupon of 5.250%. The note matures on April 22 2010. Instituto de Credito Oficial was the only other issuer doing big volume. It closed a euro200 million trade that settles on January 27 2005. Morgan Stanley led a one-year euro25 million note for Linde. The plain vanilla floater pays a quarterly coupon. Pfandbrief Bank International went for a five-year euro49.03 million trade. Salomon Smith Barney's repackaged entity, Jupiter Capital, issued a euro5 million note that matures on December 30 2006. And BCP Finance Bank did a one-year euro24 million trade. The note pays interest annually.

The true costs of asset management will be disclosed to pension fund trustees from next year, according to draft proposals for a Best Practice Disclosure Code on transaction costs published by the Investment Management Association. IMA has picked up the gauntlet thrown down by the Myners Review, which challenged fund managers to find better ways of enabling trustees to understand and manage costs incurred on their behalf. "The intention is that the disclosure code should be an easily assimilated standard framework for information," said Lindsay Tomlinson, chief executive of Barclays Global Investors, and deputy chairman of IMA, speaking last week at the investment conference of the National Association of Pension Funds (NAPF), which assisted in drafting the code.

Ford Motor Credit Co (FMCC) this week signalled a major shift in its global bond strategy by issuing a mere $2bn of five and 10 year paper in a bid to improve its spread performance. The GlobLS transaction, led by Bank of America, HSBC and Lehman Brothers, tapped its outstanding 6.5% January 2007s for $1bn at 240bp over Treasuries and its 7.25% October 2011s for $1bn at 237.5bp.

The true costs of asset management will be disclosed to pension fund trustees from next year, according to draft proposals for a Best Practice Disclosure Code on transaction costs published by the Investment Management Association. IMA has picked up the gauntlet thrown down by the Myners Review, which challenged fund managers to find better ways of enabling trustees to understand and manage costs incurred on their behalf. "The intention is that the disclosure code should be an easily assimilated standard framework for information," said Lindsay Tomlinson, chief executive of Barclays Global Investors, and deputy chairman of IMA, speaking last week at the investment conference of the National Association of Pension Funds (NAPF), which assisted in drafting the code.

Last week's much-lauded $11bn global bond from General Electric Capital Corp (GECC) was this week hit by a wave of bad press, including a public condemnation of GE's management and financing strategies by Pimco's influential fund manager, Bill Gross. Gross, who manages one of the world's largest bond funds, launched a vicious attack on GECC in an article posted on Pimco's website. In the same week, GECC also suffered from rumours, which it denied, that it was about to spend $8bn to acquire CIT Group.

Christian Meissner and Matthew Westerman have won promotion to be the new co-heads of equity capital markets at Goldman Sachs. Meissner and Westerman replace Tim Bunting, who earlier this year became co-head of global ECM alongside David Solomon.

ICI completed its £890m rights issue yesterday (Thursday) when it sold a £134m rump offering to investors. Bankers claimed the deal was a success, given the strength of the share price and the 91% take-up of the rights. Goldman Sachs, Merrill Lynch and UBS Warburg underwrote the offering. "If you bought ICI stock on the day the rights issue was launched, you would have made a 25% profit," said one ECM banker who worked on the deal.

The International Finance Corp (IFC) yesterday (Thursday) opened the El Dorado foreign bond market in Colombia with an inaugural Ps225bn ($100m) Colombian peso deal. The five year IFC bond was launched at par with a yield of 13.7% and achieved a spread that was 50bp inside the government's 2006 TES benchmark.

The International Finance Corp (IFC) yesterday (Thursday) opened the El Dorado foreign bond market in Colombia with an inaugural Ps225bn ($100m) Colombian peso deal. The five year IFC bond was launched at par with a yield of 13.7% and achieved a spread that was 50bp inside the government's 2006 TES benchmark.