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This week volumes were again highest between one and three years, contributing over 32% of total volume. But 132 trades were also issued over 10 years for $2.6bn. Yen dominated with 76 trades over 10 years, but 12 long dated notes were closed in euros for over $500m. The largest individual euro trade was Banco Espírito Santo's Eu200m note that goes out to February 18, 2028. The trade has a zero coupon. Also active in euros was Dexia Municipal Agency which closed a Eu53m transaction through Goldman Sachs. The FX/inflation-linked bond pays annual interest of 5% until December 7, 2007. Thereafter interest is set at 2% over the French Insee consumer price index. The deal settles in December 2015.

Double-A issuance dominated this week after being eclipsed by triple-A issuance the previous week. Over $3.7bn was issued from the double-A sector with 153 issues. Swedish triple-A borrower Spintab closed the most volume in this rating sector. Its largest individual trade was a Eu200m note via Merrill Lynch. The trade settles on August 23, 2004 and has a coupon of three month Euribor flat. Spintab was also active in Hong Kong dollars with a HK$80m issue and a HK$78m note.

Rating: Baa1

Lead arrangers Bank of America, BNP Paribas, HSBC, Lloyds TSB and Royal Bank of Scotland launched the $6.1bn acquisition facility backing Cadbury Schweppes' takeover of US gum company Adams into general syndication yesterday (Thursday). Banks have been invited to commit $200m for 25bp or $100m for 20bp. This compares to a top ticket of $325m for 27.5bp.

Do we detect some jockeying for position at Barclays Bank, where chief executive, Matt Barrett, may be moving onwards and upwards? The genial Irishman - he has binned his Canadian roots - has had a good run and now has his eye on the office of chairman, Sir Peter Middleton who, at the age of 69, is due to hang up his all-night dancing shoes.

Syndication of PFG (Kunshan) Co's $60m dual tranche facility is progressing well, according to arranger Citigroup/SSB. The deal is scheduled to close next week.

Rating: A2/A/A+ Amount: $1bn (increased from $750m)

Rating: Aa2/A+ Amount: $1bn subordinated debt

CIT Group completed its rehabilitation from the damage done by Tyco International's ownership with this week's blowout $1bn 4.125% three year global bond. The deal, led by Lehman Brothers and Deutsche Bank, was the final part of the curve it needed to return to the funding mix it enjoyed before Tyco's troubles shut it out of the markets early last year.

Citigroup/SSSB this week made the largest jump in Dealogic Loanware's Euromarket mandated arranger league table, leaping from eighth to fifth. This is due to its leading role in the $240m financing for Russia's Norilsk Nickel.

Rating: Aa3/AA/AA Amount: Eu100m

Rating: AAA Amount: Eu250m obligations foncières (fungible with Eu1bn issue launched10/10/02)