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* Dexia Funding Netherlands Guarantor: Dexia Bank

Outside of the dominant euro, US dollar and yen, Hong Kong dollar dominated yesterday's trading. Svensk Exportkredit closed a 10-year HK$80 million ($10.26 million) note off its $10 billion Asian MTN programme. The plain vanilla note pays interest annually and carries a final coupon of 6.100%. HSBC (Netherlands) also closed for HK$80 million. The note matures on the November 7 of this year and has a zero interest payment frequency. Credit Lyonnais Finance (Guernsey) went for smaller volume, with a HK$8 million MTN that matures on November 14 2001. Societe Generale Acceptence closed three Hong Kong dollar trades, all for HK$77.50 and all with zero interest payment frequencies. Two of the notes mature on November 16 2001, while the other matures on December 21 of this year. The only other currency traded was Australian dollar. New South Wales Treasury Corp closed a A$200 million ($96.87 million) MTN that matures on October 17 2005. The note has a final coupon of 4.530% and pays interest semi-annually.

* Bayerische Hypo- und Vereinsbank AG

Trades in other currencies hit a low on Friday. Only one transaction was made: a HK$77.50 million ($9.94 million) three-month note issued by Societe Generale Acceptance (SG). The note comes off the issuer's euro30 billion ($27.32 billion) Euro-MTN programme. SG was the bookrunner off the trade. The note will be issued on December 21 2001.

With the effects of the terrorist attack still at the forefront of people's minds, the Republic of the Philippines has started to look with renewed interest at the yen denominated bond market. The Department of Finance (DoF) has asked a number of Japanese and international houses to present yen denominated funding proposals in either the Samurai or yen structured bond markets over the next seven days.

The Eu410m loan for Enterprise Solutions, now renamed Damovo, was launched to a bank meeting yesterday (Thursday), while the Eu2.35bn leveraged deal for Valentia will be launched in the next few days. Bank meetings took place this week for the loans supporting the buy-outs of Dutch bicycle manufacturer Gazelle and jewellery group Marc Orian in France. Next week should see the launch of the credit for the Henderson Private Capital sponsored buy-out of Leisure Link. The Eu180.5m loan for Photo Group is receiving enquiries as it closes from banks that will now have to buy paper in the secondary market. Set against these positive signs for the leveraged loan market is talk of deals delayed and launches postponed, in the wake of falling valuations and a flight to quality from any deals with US exposure. Indeed, arrangers have expressed frustration at some of the snappy decisions being made. "Banks are walking away from deals without making an informed decision," noted a leveraged financier. "We are involved in a deal that is meant to involve four banks that we will probably end up arranging ourselves."

Slovenian issuer, Poslovni Sistem Mercator, has signed a Euro-CP programme for euro100 million ($92.66 million). There were no further details available at the time of publication, but Deutsche Bank is the IPA.

Norway EuroWeek understands that the beleaguered engineering company Kvaerner has secured a NKr900m short term facility to alleviate liquidity problems.

A lengthy bank presentation was held in London yesterday (Thursday) for the sub-underwriting phase of the syndication of the $1.6bn 20 year debt facilities for the $2bn Shuweihat independent water and power project. Mandated lead arrangers of the deal are Abu Dhabi Investment Company, Bank of Tokyo-Mitsubishi, Barclays Capital (joint bookrunner), Citibank/SSSB (joint bookrunner), KfW, National Bank of Abu Dhabi and RBS. At this stage of syndication, banks have been invited at two ticket levels. Arrangers have been asked to underwrite $100m for underwriting fees of 30bp and 60bp in participation fees for targeted final takes of $50m. Senior co-arrangers have been asked to underwrite $75m for underwriting fees of 25bp and 50bp in participation fees with targeted final takes of $40m.

Market report Compiled by Richard Favis, RBC DS Global Markets, Johannesburg.

Silver Tower has added Morgan Stanley and Lehman Brothers as dealers off its euro8 billion ($7.42 billion) Euro-CP programme. The update was completed on September 6 2001. The new dealers join Citibank and Dresdner Bank on the dealer panel. Dresdner Bank arranged the programme. The programme has $2.29 billion outstanding off 91 trades. Seventy-three per cent of the trades are in euro with the rest in US dollar and Swiss franc. In the last month Silver Tower has tapped its shelf 18 times. Its most recent trade was a euro100 million 13-month note. The issuer also has an asset-backed US CP programme with a debt limit of $3 billion and a euro2 billion asset-backed Euro-MTN programme, which has $49.27 million outstanding off one trade. Dresdner Bank is also the arranger off its Euro-MTN programme.

Maarten Stegwee, head of European asset finance at Credit Suisse First Boston (CSFB), is to leave the bank - and the securitisation market - in October. He is not planning to return to investment banking.