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Transactions increased: * European Investment Bank

Suncorp-Metway has signed two programmes: a $7.5 billion Euro-CP shelf and a $7.5 billion MTN programme. The issuer has an existing $2 billion MTN programme signed in 1997 and a $1 billion CP programme signed in 1998.

Domestic issuance: * Pfandbriefbank Schweizerischer Hypothekarinstitute

Issuers, bankers and investors this week struggled to get back to business following the devastation of last week. Liquidity seeped back by the day, and some cheer was provided by large, liquid issues from three of the market's top borrowers: Freddie Mac, the Inter-American Development Bank (IADB) and the World Bank.

As the Republic of Turkey completes its comeback roadshow across Europe today (Friday), investors and bankers alike will be asking themselves how much the country's efforts have been overtaken by events of September 11. The republic will have to issue at least $750m by the end of the year, if it is to complete the $1.5bn issuance target in its economic programme. All those spoken to by EuroWeek agreed that the chances of Turkey launching a Eurobond this side of Christmas were now low. Turkish economy minister Kemal Dervis has said that plans to tap the market as early as this month have been postponed.

Repsol, the spanish utility and Caixa Catalunya, the spanish savings bank, are to sign Euro-MTN programmes. Caixa Catalunya will bring its shelf to the market next Tuesday and Repsol is to sign its facility before the end of September 2001.

The £200m loan for First Choice Holidays plc has received several commitments in general syndication, since last Tuesday's air attacks in New York and Washington. The borrower's sector, leisure with an emphasis on air travel, has become problematic in light of recent events.

The total volume of deals announced on Friday crept back up again after two days at half the usual number. Sixty-eight trades were closed, according to MTNWare, in US dollar, euro, yen and Hong Kong dollar with a volume of over $1.57 billion. US dollar made up 20% of the market with 18 deals. Trades under one year were thin on the ground, while four issuers closed small trades in the 10-year sector via Mizuho. Names at the short end were UBS Australia with a $150 million one-month note and HSBC Investment Bank (Netherlands) with a $20 million 35-day trade. HSBC Bank USA also issued seven notes in the three- to five-year sector for a total of $11.54 million. DaimlerChrysler UK Holding closed two $33.20 million notes that mature in September 2003. Both pay a final coupon of 0.5%. Canadian Wheat Board was present in the seven-year sector with a $10 million note that pays a final coupon of 5.290%. The Aa2-rated issuer did the trade via Mizuho. Danske Bank, Kommunalbanken and Federal Home Loan Banks did $10 million 10-year deals via Mizuho. They pay final coupons of Libor+0.6%, Libor+0.4% and Libor+0.45% respectively. CDC IXIS Capital Markets closed a $13 million 10-year note via Mizuho. It pays 6.4% on its final coupon.

Last week's events are continuing to have a knock-on effect on the volumes of trades closed. US dollar was the currency of just three deals and the overall total was down to 43, the lowest number of trades closed in the past week. IBJ Australia Bank (IBJ), Merrill Lynch and Bayerische Landesbank were the only issuers in US dollar. IBJ closed a $50 million three-month note. Merrill Lynch closed a self-led $7.50 million note that goes out to 2004. And Balaba closed a six-year fixed-rate trade for $300 million that pays a final coupon of 5.375%. The note was led by Dresdner Kleinwort Wasserstein.

Thirteen trades were in US dollar, with investors keeping mainly to the triple- and double-A rated issuers. Bayerische Hypo- und Vereinsbank closed a $100 million vanilla floater out of its Singapore office. The two-year note pays 3m $Libor+2bp and was self-led. Triple-A rated Bank Nederlandse Gemeenten closed a $20 million capped floater via Mizuho. The 10-year note is capped at 7.5% throughout the 10 years and interest is based on $Libor+70bp. The issuer swaps this into Euribor. Bianca Ydema, at the issuer, says: "We did the same structure one week ago - it is possible it is the same investor looking for different issuers. The trade gives us a good level." Deutsche Bank also issued two 10-year deals off its Euro-MTN programme for $5 million and $10 million. Issuance of 10-year US dollar trades has increased during the second half of this year. A total of 266 trades have been issued this year in 10-year US dollar with June and July being the busiest months for this type of note. Mizuho is bookrunner of about one fifth of these notes. Most of these trades have been sold to triple-A and double-A rated issuers.

The market is still holding off on the short-term maturities in US dollar and only Unibanco - Uniao de Bancos Brasileiros closed a $1.5 million two-year trade. Three- to six-year tenors were definitely the flavour of the day. KfW International Finance closed a $150 million three-year floating rate note based on $Libor. The bookrunner was JPMorgan. Other issuers in this sector were BNP Paribas, SGA and Abbey National Treasury Services with $400,000, $2 million and $5 million notes respectively. Five issuers were in the five-year sector and the six-year sector saw four notes from two borrowers: a $3 million trade from BNP Paribas and two $30 million and one $20 million deals from UBS (Jersey). Royal Bank of Scotland closed a flipper. The $20 million note is a 10-year no-call-two and is floating rate for the first two years linked to $Libor. After two years, if it is not called, it becomes fixed rate at 7.25%. The note was self-lead by Royal Bank of Scotland Financial Markets.

* Federal Home Loan Banks Rating: Aaa/AAA