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A good mix of sizes and maturities made up yesterday's yen business. BNP Paribas was the busiest issuer for the second workday running. After its five trades on Friday it came back for seven yesterday. They were between ¥100 million ($820,000) and ¥8 billion in size, and the terms ranged from three months to 30 years. BOATS Investments (Jersey), the CSFB-arranged conduit, announced a ¥300 million three-year note. And Apollo Spires, from Merrill Lynch, did a ¥800 million two-year trade. The only other financial repackaged issuer was Earls, the Deutsche Bank-arranged conduit, with a ¥1 billion four-year trade. Canadian Wheat Board announced its 18th yen note of the year. It was a ¥500 million note that goes out to November 2011. Portugal Telecom made its debut in the yen market having signed its euro4 billion global MTN programme in December 1998. The trade was for ¥6 billion and matures in October next year. It is only the fourth time the issuer has come to the Euro-MTN market. KfW International Finance did two yen trades. Nomura was bookrunner for both. One was a ¥1 billion 20-year note. It has a fixed coupon of 3% for the first year then becomes a CMS-linked trade with Bermuda calls. The other was a ¥1.8 billion note, also with a fixed coupon of 3% for the first year, but then becomes a power reverse dual currency (PRDC) note with Bermuda calls. Kommunalbanken announced a ¥1 billion 25-year note via Daiwa SMBC Europe. It has a PRDC structure after an initial fixed coupon of 4.5%. And Rabobank Nederland did a ¥1 billion trade via JPMorgan that matures in November 2016. The CMS-linked structure gives a coupon linked to the 20-year minus the two-year rate, and is non-callable. Vorarlberger Landes- und Hypothekenbank did a ¥700 million trade via Tsubasa. It goes out to October 2021 and has a fixed coupon of 4% for one year then is a PRDC. The issuer also announced a ¥700 million note via Kokusai. It has the same term and the same structure, except it is a non-call-two and has fixed coupon of 4.1% for the first two years.

Yesterday was the busiest day in yen for some time, even including the stretch before September 11. But despite 53 trade announcements there was still very little activity below the single-A credit band. Triple-As did double the business of any other credit rating, with World Bank and International Finance Corp issuing most. World Bank announced three deals. They were for ¥2.6 billion ($21.44 million), which goes out to November 2031, for ¥1 billion, which goes out to March 2032,and for ¥1.3 billion, which matures in October 2016. International Finance Corp also did three deals, all thirty-year trades, two for ¥2 billion and one for ¥1.1 billion. Eksportfinans, another triple-A, did two trades. The first, for ¥500 million, was a 20-year note with a power reverse dual currency (PRDC) structure that kicks in after two years of a fixed coupon of 4.37%. It is Bermuda callable. The other is a ¥700 million note that was done via Salomon Smith Barney. It also has a PRDC structure after a fixed coupon of 4% for the first 23 months. DaimlerChrysler Co-ordination Centre made its ninth yen trade of 2001 with a ¥5 billion one-year deal. The group has made over 50 yen deals this year though. The note's bookrunner was Sanwa Bank and the coupon is fixed at 1%. Another issuer doing vanilla trades was Pfandbrief Bank International. It announced a ¥250 million note with Deutsche Bank as bookrunner. It is non-callable for the full five years of its tenor and the coupon is linked to the 3m ¥Libor rate. Republic of Austria made its ninth deal this year and its first of the year in yen. The ¥2 billion 20-year deal was led by Nomura and has a PRDC structure after a first-year fixed coupon of 3.5%. A number of financial repackaged issuers were getting involved. Angus, from Nomura, Apollo Spires, from Merrill Lynch, ARV International, from BNP Paribas and Eirles Two, from Deutsche Bank, were all issuing yen. LVMH - Moet Hennessy Louis Vuitton (Japan) KK did its second trade. It was a ¥2 billion note done via Salomon Smith Barney and goes out to March 2002. Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden did a ¥500 million trade and a ¥700 million trade. Both have tenors of 12 years.

Japanese issuers were once again the busiest in yen yesterday, issuing more than double the volume of any other country. Dainippon Ink and Chemicals announced two trades for ¥1 billion ($8.25 million) and one for ¥2 billion. They all have terms of five years and pay coupons of around 0.8%. Honda Canada Finance made its first deal of the year. It was a ¥2.9 billion five-year note. And SB Leasing Company did the biggest yen deal of the day. The ¥5 billion note goes out to October next year and had UBS Warburg as bookrunner. The coupon is fixed at 0.17%. Two Dutch issuers were involved in yen. Bank Nederlandse Gemeenten announced a ¥3 billion non-callable 20-year note. Nomura was the bookrunner, and after a first-year fixed coupon of 3.5% the note becomes a power reverse dual currency (PRDC) trade, capped at 4%. Nederlandse Waterschapsbank went for a ¥1 billion note led by Goldman Sachs. It also has a 20-year tenor and a PRDC structure, but is callable after three years. Den norske Bank came to the market with its first yen trade this year. It was a ¥3 billion five-year note with Commerzbank as bookrunner. The non-callable trade is linked to the 3m ¥Libor rate. Vorarlberger Landes- und Hypothekenbank maintained its regular presence in yen with a ¥2 billion trade. It goes out to November 2021 and Merrill Lynch was bookrunner. It has a fixed rate of 3.7% for the first two years, after which the note becomes callable semi-annually and is an FX-linked inverse floater. Elsewhere World Bank made four trades around the ¥1 billion mark that have terms of 20 years and 30 years. New South Wales Treasury Corp did its 16th yen note of 2001: a ¥1 billion 15-year note. And BMW Co-ordination Centre did a ¥2 billion one-year trade. It pays 0.09%.

Triple-As stole the show again in yen. World Bank announced a ¥5 billion ($41.23 million) note and a ¥1 billion note. Both go out to November 2031. Nederlandse Waterschapsbank also did two trades. One was for ¥1 billion and the other was for ¥2 billion. Both have terms of 20 years. CDC IXIS Capital Markets went for a ¥1.1 billion 30-year deal, and Kommunekredit did a ¥2 billion 20-year trade. NIB Capital Bank announced a ¥4 billion 12-year note. Lehman Brothers was the bookrunner, and the note is linked to the TOPIX index. It is callable after 15 months and every quarter thereafter, and is also callable if the TOPIX index reaches a certain ceiling. The coupon is fixed at 1.55% for the first year. Nordic Investment Bank did a ¥5 billion deal that goes out to November 2031. It is likely to be increased however, so the issuer was unwilling to give out further details. Svensk Exportkredit did three notes. Merrill Lynch led a ¥600 million trade for SEK. The note matures in November 2021. The other two notes were for ¥500 million and ¥2.56 billion. They mature in 30 and five years respectively. Westland/Utrecht Hypotheekbank announced its 113th yen note of 2001. It was a ¥500 million deal that goes out to November 2016. And Volkswagen Financial Services did a ¥10 billion one-year trade and a ¥1 billion three-year deal. The first has a fixed coupon of 0.16%.

Hong Kong dollar was again the champion of the market in other currencies on Tuesday and fifteen trades were closed. The only two other trades came in Swedish krona and sterling. Royal Bank of Scotland closed a five-year trade in Hong Kong dollar. Its HK$40 million ($5.13 million) trade pays a fixed coupon of 5% and has one call after the first year. The trade will be issued on November 15 2001 and was led by Mitsubishi Trust. Bank of Scotland Treasury Services closed two deals in the currency. Its HK$115 million note pays a final coupon of 3.475% and goes out to November 2003. The issuer's smaller trade: a HK$15 million three-year note pays a final coupon of 4.09% and will be issued on November 1 2001. Commonwealth Bank of Australia closed the largest deal in Hong Kong dollar. Its HK$500 million ($64.11 million) FRN goes out to October 2003 and pays a final coupon of non-libor + 0.115%. The note was led by the issuer and Hang Seng Bank and was issued at a price of 100%. Spintab was responsible for the only trade in sterling. It went out one-year with its £

Deals in other currencies slipped a little on Friday's figures. Sixteen deals were closed in the market on Monday with more than half of these coming in Hong Kong dollar. Singapore dollar was used in five trades but it was only the Development Bank of Singapore that saw opportunities in the currency. The other two trades in other currencies came in sterling and Australian dollar. Rabobank Nederland closed the longest and largest trade in Hong Kong dollar. Its HK$100 million ($12.82 million) note goes out to December 2002 and pays a single final coupon of 2.875%. The note will be issued on October 29 2001. Lehman Brothers issued two trades off its self-arranged $15 billion Euro-MTN programme. Both the HK$10 million and HK$12 million notes mature on Dec 7 2001. All of Development Bank of Singapore's Singapore dollar trades go out just one month. Its largest offer is S$1.11 million ($610,000) note and its smallest is a S$300,000 ($160,000) trade. Tesco made its second appearance in the market since September 11. It closed a £

The week is winding down for trades in other currencies and only eight trades were closed in the market on Thursday. But despite a relatively quiet day issuers saw opportunities in seven different currency types. Hong Kong dollar showed up in two trades. Anglo Irish Bank went out three years with its HK$70 million FRN, which will be issued on November 1 2001. Commerzbank also went out three years with its HK$78 million issue. The note, which pays interest annually, offers a final coupon of 4.11%. The trade will come to the market on October 31 2001. The largest trade came from Western Australian Treasury. Its A$400 million ($202.96 million) four-year note pays a final coupon of 4.3% and offers interest semi-annually. The note will be issued on November 15 2001. And the day's smallest trade came from Development Bank of Singapore and its S$210 thousand ($110 thousand) one-month note that will be issued on November 7 2001. Rio Tinto Finance made its first issue since New York's attack on the World Trade Centre. The double-A rated issuer saw opportunities in Swiss franc and issued a Sfr20 million ($12.17 million) five-year note that pays a final coupon of 1.75%. The note pays interest annually and will be issued on November 6 2001. Polish zloty made only its eighth appearance in the market since the WTC attack. Inter-American Development Bank issued a Z100 million one-year note that pays a single final coupon of 11.125%. And the last trade comes from Credit Lyonnais Finance. The £

* Deutsche Hypothekenbank Frankfurt-Hamburg AG Rating: Aaa

The Polish gas monopoly Polskie Gornictwo Naftowe i Gazownictwo (PGNiG) has pulled off the biggest ever single issue in euros from an east European corporate, with its debut Eu800m five year offering via ABN Amro. Although the company achieved its borrowing target for the year through the single transaction - despite earlier indications the deal would not come larger than Eu700m - bankers in the syndicate said that at 250bp over swaps, PGNiG certainly paid up for its funding.

* Inter-American Development Bank Rating: Aaa/AAA/AAA

Repsol has finally announced its completed euro5 billion ($4.48 billion) Euro-MTN programme. It was signed on October 5, with Merrill Lynch as the arranger. The dealer panel is BBVA, BSCH, Barclays Capital, BNP Paribas, Goldman Sachs, InverCaixa Valores, Schroder Salomon Smith Barney and the arranger.

David Roberts has left his position as head of debt capital markets at Danske Bank, where he had worked since 1996. "After nearly six years it is with much regret that I have to announce that David Roberts has decided to move on to pursue alternative career opportunities outside Danske Bank," said Angus MacLennan, senior executive, vice president and general manager at Danske Bank, London.