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Rating: A1/A+ (Moody's/Fitch) Amount: $500m

Private corporate issuance picked up this week, with just shy of $1bn issued through 23 notes. EnBW International Finance closed the biggest euro trade. The Eu150m note pays a coupon of 20bp over three month Euribor and settles on February 2, 2005. SG was the lead manager. Toyota Finance Australia looked to dollars with a $50m two year note. The issue has a credit support agreement from Toyota Financial Services and was lead managed by Credit Suisse First Boston. The note carries a coupon of 1bp over three month Libor.

Double-A rated borrowers were the most active in the one year and under bracket and the Hong Kong dollar proved to be a popular currency at the short end of the curve. KBC Financial Products International closed 21 Hong Kong dollar notes and a ¥61.73m trade. The yen note matures in January next year and has a coupon of 10%. Commonwealth Bank of Australia closed the largest Hong Kong dollar trade in this maturity range. The HK$300m issue settles on February 18, 2003.