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After taking 65% of volumes last week, private banks were not as active over the last seven days, but still took 43% of the market. Corporates were again busier than usual, with the private corporate financials showing the greatest increase. This issuer type came with 16 notes for just less than $770m, a 7% share of the market. Jackson National Life Global Funding issued the greatest volumes but a number of other borrowers were also busy. Sigma Finance Corp came with two trades for $93m, the larger a Sfr100m trade led by Deutsche Bank. The issue pays annual interest of 0.820% and matures in February 2005.

The over 10 year tenor was the most popular maturity. Just less than $3.2bn was issued in this term, a 28% share of the market. However, the majority of these trades were callable and show investors continuing interest in that type of note. Supranationals issued the greatest volumes in this maturity, coming to market with nine notes for upwards of $450m. The World Bank was especially active, issuing three yen trades. The largest of these was a ¥5bn note that goes out 30 years. Also issuing among the supranationals was the Asian Development Bank, coming with two notes. Its dollar trade was a $100m issue that matures in May 2015.

Triple-A credits issued the lion's share of issuance this week. The top rated names came with over $3.3bn from 126 trades, a 31% share of the market. German borrowers were the most active among the triple-As, coming with 26 trades for over $811m. Kreditanstalt für Wiederaufbau led the charge, issuing 26 notes. The largest of its trades, and the only dollar note, was a $125m trade that matures in May 2028.

Rating: Aaa/AAA Amount: Eu80m (fungible with 10 issues totalling Eu2.037bn first launched 13/03/02)

Rating: Aa3/A+/AA- Amount: $300m (fungible with two issues totalling $700m issue launched 10/01/03 and 26/02/03)

Rating: Aa1/AA-/AA Amount: $750m

Citigroup continues to hold a huge lead in both tables, but unlike last week the US house was pegged back slightly over the last seven days. Citigroup's weekly increase stood at $354m while its nearest rival JP Morgan was active on trades worth $718m. Five houses raised their positions in league table one. Morgan Stanley was the highest climber, moving from fourth to third, principally on the back of an increase in structured note enquiry.