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Triple-A rated issuers KfW, Helaba and International Bank for Reconstruction & Development (World Bank) have each issued a syndicated South African rand trade. Helaba International Finance sold a R150 million ($19.97 million) note that will be swapped back into euro. The trade pays a final coupon of 11.5%. It matures in 2006 and was managed by Toronto-Dominion Bank. World Bank's trade matures in 2001 and pays a final coupon of 11.25%. The lead manager was Royal Bank of Canada Europe. KfW's note pays a final coupon of 11.5% and was managed by Deutsche Bank.

After a quiet start to 2001, the bond markets exploded this week as triple-A rated borrowers and emerging market sovereigns sprang into action. DaimlerChrysler stole the limelight by attracting over $25bn of orders for a $7.1bn multitranche issue in dollars, euro and sterling, proving that investors are still prepared to buy beleaguered corporates if the price is sufficiently cheap. But high grade sovereign, supranational and agency global dollar issuance dominated activity, amounting to some $20bn. Freddie Mac led the charge with a $6bn five year Reference Note on Monday, led by Goldman, Lehman and UBS Warburg. An unusually long premarketing period - the deal was announced last December - did nothing to distract investor focus on the bond, which was oversold to the tune of $8.5bn. IADB followed on Tuesday with a $2bn 5.375% five year deal at 6bp over agency paper, via ABN Amro and Merrill Lynch, but that was trumped by OKB's state guaranteed offering on the same day. Deutsche and JP Morgan led the $1.25bn 5.5% deal, which was launched at 10bp over agencies and tightened to around 8bp. The EIB was also reportedly eyeing the five year global market with aspirations to launch at 3bp over agencies via Morgan Stanley and UBS Warburg. Deteriorating swap conditions, however, saw the deal evaporate. A rare opportunity to buy 10 year agency debt was provided by infrequent issuer TVA. The $1bn deal was well timed to coincide with a steepening in the yield curve and investor demand for duration. Fannie Mae will continue its Benchmark securities programme next Thursday when it prices a $2bn-$3bn reopening of its $5bn 6.625% 10 year notes and a $500m-$1bn tap of its 6.625% 30 year bonds. Both tranches will be lead managed by JP Morgan, Lehman and Merrill Lynch. Province of Quebec's A2/A+ rated $1bn 10 year global bond, which was to be launched yesterday (Thursday) via lead managers Merrill Lynch, CSFB and SSSB, was postponed on news that premier Lucien Bouchard would resign. The global offering is anticipated once the market has absorbed the news with the spread expected to be in the mid to high 90s over Treasuries. Sovereign and bank paper dominated the euro market, the highlight being a Eu3.3bn 10 year RAGB for the Republic of Austria. Next week the Kingdom of Belgium will take advantage of investors' appetite for sovereign debt to launch a Eu3bn-Eu5bn September 28, 2011 OLO via ABN Amro, Fortis and Goldman Sachs. Syndicate officials expect Belgium, as in previous years, to aim for the high end of its size range with pricing in the low 40s over Bunds. Greece is also taking soundings on a euro transaction to mark its entry into the EU. A 10 year maturity is anticipated and launch is expected in the next three to four weeks. The EIB increased its Eu2bn six year EARN deal to Eu5bn via ABN, BNP Paribas and Merrill Lynch. Unusually the mandate was not awarded as a result of a bidding competititon, thereby providing the market with a correctly priced EARN transaction. Commerzbank will price its Eu1bn 10 year issue today (Friday). Led by Commerzbank and SG, the spread is expected to be around 21bp over swaps. The market next week will be dominated by BT's Eu5bn equivalent jumbo bond issue in euros and sterling via Barclays Capital, Deutsche Bank and HSBC. The bond is expected to be priced flat to where the credit trades in dollars. Also in the telecoms sector, A3/A- rated Finnish firm Elisa Communications is due to launch a Eu300m five year transaction via JP Morgan. WestLB meanwhile is set to embark on a European and Asian roadshow ahead of launching an inaugural euro denominated benchmark. And Finance for Danish Industry is said to be readying a five year floater in either euros or dollars. A- rated French real estate and property management company Unibail is intending to launch a five year transaction in fixed rate euros via lead managers BNP Paribas and Merrill Lynch in the near future. Deutsche and UBS Warburg have been awarded the mandate for German reinsurance firm Hannover Re's Eu350m subordinated offering, which is planned for launch in the first quarter.

* General Electric Capital Corp Rating: Aaa/AAA

* General Electric Capital Corp Rating: Aaa/AAA

* ING Verzekeringen NV Rating: Aa2/AA-

Credit derivatives traders were last Friday surprised to see three-year default protection trading on embattled California utilities PG&E and Edison International. Protection on Edison reportedly traded around 825 basis points, and PG&E around 850bps, they added. The trades were unusual because in the near term, units of the companies are likely either to default or be granted regulatory relief, meaning that selling protection on the names is essentially a bet on the near-term outcome of the California power crisis. Each trade was USD5 million. Regulated utility subsidiaries of both companies are facing trouble from their distribution businesses. Operating shortfalls due in large part to structural issues with electricity deregulation in California are forcing the companies to tide themselves over with short-term borrowings. Without regulatory relief, the regulated subsidiaries will have trouble staying solvent, said traders.

The Province of Salta in northwest Argentina is preparing a securitisation worth around $250m backed by future royalties from companies that produce oil and gas in the region. The deal will be the first of its kind in Argentina. Under Argentine law a province has the right to a royalty of 12% of the well-head price of oil or gas from companies granted concessions to extract the commodities on its territory. Salta has one of Argentina's five main hydrocarbon basins, the Noroeste field.