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Rating: A1/A+ (Moody's/Fitch) Amount: ¥25bn

Corporate issuance was low last week as most corporates are still to finalise their funding plans for this year. But 23 private corporates did come to market over the past seven days, issuing $735m in total. Among these was Nestlé Finance France's Eu175m Uridashi bond. The trade was led by Tokyo-Mitsubishi International and pays interest on a semi-annual basis. Meanwhile, Morgan Stanley placed a Eu13m note for Banque PSA Finance. The one year note pays interest of 12bp over three month Euribor.

Volumes for trades of 10 years and over made the biggest jump from last week. The move signals that investors are beginning to move from short term deals to longer, more rewarding maturities. Over $2.36bn was issued for 10 years and over, with supranationals being especially active. Eleven of the World Bank's 18 trades this week came in this maturity range. Included in its yen deals was a ¥1bn 30 year note via Tokyo-Mitsubishi International. The FX/capped currency-linked hybrid pays annual interest of 3.5% until January 10, 2004. Thereafter interest is linked to the yen/euro exchange rate.

Issuance from triple-A and double-A borrowers competed neck and neck this week, while single-A issuers closed $1.27bn. Nine autos were active in the single-A category closing just shy of $295m. Volkswagen Financial Services issued a £20m note through Morgan Stanley. The one year trade was rated A1 at launch by Moody's and has a coupon of 3bp over three month Libor.

Rating: A2/A/A+ Amount: £200m

Rating: A2/A/A+ Amount: Eu250m

Rating: Aa3/A+/AA- Amount: $500m

Rating: A1/A+/A+ Amount: Eu500m

Support agreement: from Crédit Agricole SA Rating: Aa3/A+

Banks in the high yield bond market this week proposed a new structure for deals, which could give investors a stronger claim to repayment in the event of default. Credit Suisse First Boston, Lehman Brothers and RBS, which are arranging a Eu600m equivalent high yield bond for Legrand, the French plug and switch maker, have asked Legrand's lending banks to agree to a waiver to allow this.

Rating: Aa3/AA-/AA Amount: A$100m

Rating: Aaa/AAA/AAA Amount: Eu1.5bn obligations foncières