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Brazil was quick off the mark with a $1.5bn five year global yesterday (Thursday), creating a new benchmark for the sector. Bear Stearns and Morgan Stanley Dean Witter joint lead managed the deal, which offers a 10.25% coupon and has an issue/reoffer price of 98.895. The bond - the first emerging market sovereign transaction of the year - looks set to be a blowout success. Coinciding with Federal Reserve chairman Alan Greenspan's announcement of a half point rate cut, and an upgrade of Brazilian sovereign foreign debt by Standard and Poor's (S&P) to BB- from B+, the bond was increased by 50% on the $1bn announced on Wednesday.

Brazil was quick off the mark with a $1.5bn five year global yesterday (Thursday), creating a new benchmark for the sector. Bear Stearns and Morgan Stanley Dean Witter joint lead managed the deal, which offers a 10.25% coupon and has an issue/reoffer price of 98.895. The bond - the first emerging market sovereign transaction of the year - looks set to be a blowout success. Coinciding with Federal Reserve chairman Alan Greenspan's announcement of a half point rate cut, and an upgrade of Brazilian sovereign foreign debt by Standard and Poor's (S&P) to BB- from B+, the bond was increased by 50% on the $1bn announced on Wednesday.

Business Development Bank of Canada issued ¥500 million ($4.23 million) note that pays a final coupon of 2% and pays interest semi-annually. The issuer sold seven trades last year, all but one in yen. Nearly half of all non-syndicated notes issued so far in 2001 have been yen-denominated, although in terms of volume they account for just over 15% of the private market.

* Rabobank Nederland NV Rating: Aaa/AAA/AAA

Farm Credit Corp confirmed its new-found penchant for yen by squeezing out two 11-year deals on the last working day of 2000. The Canadian crown agent, rated Aa2/AA+, issued two ¥500 million ($4.51 million) trades that mature January 11 2011. The final coupon on one is 2.5%, the other has a final coupon of 2%. Both pay interest semi-annually. The issuer, after only accessing the market once in 1999, waited until November 2000 to make its debut in yen. Previously it had relied on Canadian, New Zealand and US dollars. It has $247.29 million outstanding off four issues.

CB-SIRES has signed a euro2.5 billion ($2.32 billion) limited recourse secured debt issuance programme. Merrill Lynch is the arranger and sole dealer on the programme.

* SNS Bank Nederland NV

Dresdner Kleinwort Wasserstein sold a Eu220m block of Dresdner bank shares before 9am on Wednesday, even as markets across the globe underperformed. The deal was almost 10 times oversubscribed, and could be priced at a slim discount to the market price.

Eaton Corp has added Barclays Capital to the dealer panel off its euro250 million ($232.13 million) Euro-CP programme. The only other dealer is Citibank, and the programme is arranged by Eaton Corp itself.

Brazil

The news of Edson Mitchell's untimely death at the age of 47 has cast a pall over the Euromarkets and the entire banking industry. Do not be under any doubt that Edson was the King of the Euromarkets. He wore that particular crown ever since Hans-Joerg Rudloff was toppled by CSFB insiders in March 1993 and exiled to the Siberia of Credit Suisse HQ. The only pretenders to Mitchell's throne were Connie Voldstad at Merrill, Chris Goekjian at CSFB and Robert Diamond at Barclays Capital. Mitchell was the quintessential $20m a year man who looked the part, loved every minute of life and delivered results time after time when his competitors and imitators could make only shallow promises. Edson's greatest success was in building a world class debt capital markets and equities business for Deutsche Bank from grass roots. When he started to lay the foundations in 1995 we were sceptical about his chances of success - silly us. By his charm and sheer force of personality (an open cheque book from Deutsche also helped the process) Mitchell created in four years what JP Morgan had failed to achieve in 15. It was a stunning accomplishment and marked Mitchell as someone who was simply in a different class from his contemporaries. Look at the recent flabby performance of Goldman Sachs or CSFB in fixed income. How much would they have paid to have Mitchell on their side? If he had auctioned himself with a reserve of $50m per annum for a five year contract there would have been no shortage of bidders.

* Deutsche Genossenschafts-Hypothekenbank