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Brazil * Federative Republic of Brazil

* Allgemeine HypothekenBank Rheinboden AG (AHBR) Rating: Aa1/AAA/AAA

* Bancaja International Finance Guarantor: Caja de Ahorros de Valencia, Castellon y Alicante (Bancaja)

* Republic of Austria Rating: Aaa/AAA/AAA

* Republic of Austria Rating: Aaa/AAA/AAA

Euro trading is getting stronger every day in 2002. Twenty issues were made for $1.58 billion with four issuers going out over euro100 million ($89.17 million). CIBC closed the largest deal - a euro500 million note that carries a tenor of four years. Norwegian corporate, Telenor Communications, was not far behind with its five-year euro400 million deal. The note pays an annual coupon of 5.250%. Cofinoga closed for euro300 million. Its note pays interest quarterly and settles on January 25 2005. And Marks and Spencer Finance did a euro150 million six-year trade. As is often the case, Germany was the busiest issuer nationality with five trades. Deutsche Telekom International Finance closed a two-year euro50 million note. It pays a single coupon of 4.375%. Hypothekenbank in Essen closed for euro50 million also. Its note matures on the 18 July of this year, paying a coupon of 3.316%. And Volkswagen International Finance did a one-year euro14 million trade that pays interest on a monthly basis. Dutch issuers were also active. ABN Amro Bouwfonds Nederlandse Gemeenten did a euro35 million note that goes out to January 16 2013. The note carries an annual coupon of 5.390%.

Six trades were closed in the market in euro. Dexia Credit Local de France issued a euro150 million ($132.33 million) three-year note that was led by Nomura. The trade, which offers a coupon of 6m Euribor + 5bps, pays interest semi-annually and was issued a price of 100.043%. DaimlerChrysler UK Holding closed two trades in the currency: a euro30 million eight-month note that pays a coupon of 3.77% and a euro15 million nine-month issue that offers a final coupon of 3.85%. Atlanteo Capital, the SPV arranged by BBVA, also issued twice in euro. It closed a euro4.57 million 30-year trade that pays a coupon of 5.04% and a 39-year deal that pays a coupon of 5.45%. Societe Generale Acceptance closed the day's other trade: a euro15 million eight-year deal that will be issued on January 23 2002.

German issuers are very busy in the public markets in the euro sector. Landwirtschaftliche Rentenbank closed the largest public deal: a euro1 billion ($881.83 million) three-year note that was joint-led by Barclays Capital, Merrill Lynch and UBS Warburg. The deal was issued at a price of 99.829% and offers a coupon of 4.125%. BMW US Capital Corp went for a slightly smaller euro750 million seven-year MTN via Barclays Capital, Dresdner KW and Salomon Smith Barney. BMW's note offers a coupon of 5.125% and will hit the market on January 28 2002. Deutsche Telekom placed two euro500 million notes that go out to 2004 and 2005. The 2004 note pays a coupon of euribor + 0.55% and was led by BNP Paribas. Goldman Sachs was busy on the private side and led three deals for DaimlerChrysler, Eurofima and NIB Capital. DaimlerChrysler's two-year euro100 million note pays a coupon of euribor + 85 bps and was issued at a price of 100.05%. Eurofima also went for a two-year euro100 million note that offers a coupon of 3m euribor - 1 bp. But NIB Capital went a little bigger with a euro300 million MTN that goes out to 2004 and pays a coupon of 3m euribor + 5 bps.

Fifteen euro trades were closed for a combined total of $1.42 billion. Deutsche Telekom International Finance was responsible for a large percentage of the volume done, issuing three notes. Its largest deal was a five-year euro500 million ($446.61 million) note. The trade pays an annual coupon of 5.250%. It did a euro350 million note that pays a coupon of 4.625%. The note settles on August 28 2003. And it closed a euro69 million trade that matures on March 15 2003. Fellow German issuer, Westfalische Hypothekenbank, closed a three-year euro100 million trade via Goldman Sachs. The note is public Pfandbrief and has a coupon of 3m Euribor flat. French issuers were also active, if in smaller volume. Caisse Centrale du Credit Immobilier de France did a one-year euro50 million plain vanilla floater. UBS Warburg was the bookrunner. And BNP Paribas closed two trades for euro5 million combined. Both notes mature in January 2004. ABN Amro closed the shortest-dated trade - a euro5 million note that matures on March 8 this year. And Commerzbank International issued an 18-month euro2.02 million note. The trade carries a coupon of 11.091%.

Merrill Lynch has sounded a cautious note about the extent of the predicted economic recovery and its own revenue performance in 2002 ahead of its earnings report later this month. The bank announced on Wednesday a restructuring charge of $2.2bn pre-tax for the fourth quarter. Benefits of the restructuring, led by chairman David Komansky and president and COO Stan O'Neal, are predicted to include annual expense savings of around $1.4bn.

Collateralized Assets Securities Holdings (CASH) has signed a $2 billion secured note programme, and HSBC is the arranger and sole dealer. The programme is entering the increasingly popular financial repackaged sector. It is the first financial repackaged signing of 2002, but the 15th signing since January 1 2001. Although issuance from financial repackaged issuers is touted as being one of the next big growth areas, last year issuance from the sector fell with each quarter. This year so far has seen 61 notes issued, raising $947.83 million.

Goldman Sachs Asset Management, the sixth largest pension fund manager in the UK, has launched five new funds for its pooled fund range. The funds are primarily aimed at medium and small sized companies, and will provide a balance of equity and fixed income. The new funds are: UK equity; continental Europe; sterling fixed income; sterling broad fixed income; and global broad fixed income portfolios.