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The United Mexican States made a snap decision to hit the dollar markets this week with a $1.5bn 30 year bond, after a rally in Treasuries offered the chance to lock in its lowest coupon ever on a long-dated bond. Led by Bear Stearns and Morgan Stanley, the deal surprised market participants. Mexico was thought to have been considering a euro deal after the success of Brazil's Eu1bn eight year transaction on September 8.

Morgan Stanley was fined $19m by the New York Stock Exchange (NYSE) on Wednesday for failing to deliver prospectuses to customers, as well as other supervisory and operational failures, and will have to pay about $120m in compensation to its clients. The fine settles claims relating to the period June 2003 to August 2004. The settlement will require Morgan Stanley to compensate clients who did not receive prospectuses. The settlement also covers faults in the bank's systems, which led to inaccurate reporting of programme trading information, short sale violations, failure to ensure new employees were not subject to statutory disqualifications and failure to file the NYSE's form RE-3 in a timely manner.

SENIOR

The Euribor-ACI short term paper task force, a sponsor group of the ACI Financial Markets Association, met in Athens on Tuesday this week to discuss and resolve some of the outstanding issues surrounding the short term euro paper initiative (Step).

Rating: Aaa

The Federal Reserve's third interest rate hike of the year was the main event in the EuroMTN market this week. The Fed said it decided to raise the base rate by 25bp to 1.75% because ?output growth appears to have regained some traction, and labour market conditions have improved modestly?. However, any increase would be at a ?measured? pace because the Fed expects inflation to be ?relatively low?.

Ukrainian state owned oil and gas company Naftogaz Ukrainy and Russia's Alfa Bank maintained the steady flow of Eurobond issuance from CIS countries this week, after Norilsk Nickel brought a strongly oversubscribed debut deal last Friday.

Rating: B2/B+ (Moody's/Fitch)

Amount: $1bn, Eu308.4m and A$518m

Car fleet operator LeasePlan has closed syndication of its debut Eu2bn one and two year loan oversubscribed. ABN Amro and JP Morgan are arranging the transaction, which will be signed after the borrower has decided whether or not to take an increase.

Amount: W26.8bn

Guarantor: Land Niederoesterreich