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The agency market got closer to business as usual this week as $6.5bn of Fannie Mae Benchmark bullet issuance hit the market without causing much of a ripple. There were few complaints about the meagre $250m re-opening of Fannie's 30 year bond, as the wide levels in that part of the curve are partly reflective of a lack of demand.

Euro trading was strong on Thursday with a good mix of volumes and maturities. Landswirtschaftliche Rentenbank closed a euro1 billion ($893.18 million) MTN, which was by far the largest trade made. The note pays a final coupon of 4.125% and matures on February 16 2007. Marks and Spencer Finance also looked for volume with a five-year euro550 million MTN that pays an annual coupon of 5.125%. GE Capital Australia closed for euro200 million MTN. The note pays interest quarterly and has a tenor of one-year. Unibail added a euro50 million tranche to a euro130 million fungible trade it closed in July of this year. The note was led by CDC IXIS Capital Markets. Fellow French issuer, La Compagnie Financiere Edmond de Rothschild Banque, did a euro7 million trade that matures on November 2 2004. Centauri Corp closed two euro3.55 million trades. One of the notes matures on November 3 2004 and the other on November 2 2006. And Credit Lyonnais Finance (Guernsey) issued a euro10 million MTN. The note has a four-month maturity and carries a high single coupon of 21.00%. Other issuers looked for maturity. BBVA Capital Funding traded the longest-dated note. Its euro55 million issue goes out to November 2 2016 and pays interest on a quarterly basis. Barclays Bank closed a euro10 million note that reaches out to November 16 2011. And Banque Internationale a Luxembourg did a 10-year euro10 million note.

The first Euro-CP signing in over a year from the German private bank sector happened on Tuesday, October 23. Deutsche Apotheker- und Arztebank's (DAPO Bank) euro1 billion ($893.18 million) programme takes the number of live programmes from that sector to 31. Deutsche Bank is the arranger off DAPO Bank's facility. The lack of recent signings means Michael Grimm, head of funding at DAPO Bank, is confident of being noticed by investors. He says: " We won't do a roadshow but next week we will visit our dealers in London and do a short presentation of what we want." The first trade will be done in early November and most of the outstandings, which will be maintained at around euro300 million to euro500 million, will be denominated in euro, although US dollar and sterling will also be used. Grimm, who is also responsible for DAPO Bank's euro6 billion Euro-MTN facility, adds: "We were able to lower our funding needs last year and have found that in the short term volatility is not so bad. I don't think we will have a problem with issuing what we want." The dealers are the arranger, Barclays Capital, Morgan Stanley and Westdeutsche Landesbank.

GMAC International Finance has upped the ceiling off its euro25 billion Euro-MTN shelf to euro35 billion ($31.33 billion). The programme has $24.10 billion outstanding off 208 trades.

Ford priced a Eu1bn two year FRN, a $1.5bn three year FRN, and $3bn five year and $2.5bn 10 year fixed rate deals this week for Ford Motor Credit Corp (FMCC). At the same time, Ford re-opened the 7.45% July 2031 Global Landmark Security (GlobLS) for Ford Motor Company with an additional $1.5bn. The offering was originally conceived as a $3bn benchmark for FMCC. The borrower typically declines to comment on its derivative business, but large portions of debt offerings on behalf of FMCC are usually swapped back to floating rate dollars to match its assets. It is highly likely that this happened to the offering priced this week. In other words, the two year Eu1bn floater was probably swapped to floating dollars, the $1.5bn three year floater was probably left in floating dollars, the five and 10 year fixed rate tranches were probably swapped to floating dollars, while the 30 year piece would have been left in fixed dollars.

GMAC will today (Friday) join the US corporate rush for historically low all-in funding costs in the high grade fixed income market by launching a minimum $4bn global offering, just days after Ford’s blowout $9.4bn equivalent multi-currency global deal.

HVB Real Estate has announced the dealers off its euro25 billion ($22.55 billion) Euro-MTN shelf. They are Barclays Capital, BNP Paribas, Deutsche Bank, Dresdner KW, Goldman Sachs, HypoVereinsbank, Morgan Stanley, Salomon Smith Barney and UBS Warburg.

GMAC will today (Friday) join the US corporate rush for historically low all-in funding costs in the high grade fixed income market by launching a minimum $4bn global offering, just days after Ford’s blowout $9.4bn equivalent multi-currency global deal.

The Republic of Guatemala and Venezuelan oil concern PDVSA are going ahead with roadshows on Monday, despite signs that Argentina's problems are once again reaching crisis point. PDVSA Finance Ltd, the financing arm of the state owned Venezuelan oil company, is marketing an $800m issue of intermediate and long dated bonds backed by oil receivables.

The Irish covered bond (ICB) market took an important step on Tuesday with the introduction of a parliamentary bill that will define the market and should pave the way for the first offering in 2002. The spotlight is on Rheinhyp and DePfa to issue the first ICB. Either should then be joined by up to eight other issuers, providing total annual issuance of Eu10bn-Eu15bn.

Chile BBVA Securities Inc, Barclays, Dresdner Kleinwort Wasserstein and ING Barings are in the market with a $200m amortising loan for Compania de Telecomunicaciones de Chile SA (CTC).