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Compiled by Holger Kron Deutsche Bank, Frankfurt

The end of September was one of the most active issuing periods in the second half of this year, but the number of deals fell by 56 from last week to 313 this week. Trading in yen was hit, with just 84 notes issued, down from 150 last week. Banque et Caisse d'Epargne de l'Etat Luxembourg (BCEE) boosted yen issuance with five trades. Bank of Tokyo-Mitsubishi was active for BCEE, lead managing a ¥200m 20 year note. Mizuho placed two of BCEE's transactions. One was the borrower's largest trade of the week: a ¥1.1bn deal with a 20 year tenor. The note is an FX/currency-linked hybrid that pays annual interest of 4% until October 7, 2003 and thereafter interest is linked to the ¥/A$ exchange rate. Mizuho was again the most frequent bookrunner in yen. Along with its deals for BCEE, the MTN house led a ¥1bn FX/FRN hybrid for CDC IXIS.

Deutsche Bank has appointed Erik Falk head of global markets division's relative value group sales team in the Americas. Falk will also jointly manage ABS and CMBS sales with Munir Dauhajre, head of cross-rates sales. He reports to Brian Reid, head of institutional clients group. Falk joined Deutsche in 2000 from Credit Suisse First Boston. He started in the global asset securitisation business and was most recently managing director and global head of the bank's asset backed commercial paper conduit and credit products business.

Commentary

The mandate to arrange the new Eu600m five year facility for Finland's forest products company M-Real has been awarded. The mandated arrangers Barclays Bank (bookrunner), HSBC, HVB Group, Nordea and Svenska Handelsbanken will launch the deal into syndication among the borrower's relationship banks today (Friday).

Rating: Aaa/AAA Amount: A$100m

Sole mandated arranger CIBC has approached a small number of relationship banks in an initial sub-underwriting phase of the Eu600m of senior debt supporting the buy-out of Edison's 53.66% stake in animal food company Provimi. The debt supporting PAI's acquisition will also refinance Provimi's outstanding debt.

After four years the latest risk management proposals hammered out by the Basel committee arrived on the desks of 250 banks in 50 different countries on Tuesday. The banks have until December 20 to test the accord and submit recommendations to the committee, which will present the conclusions next spring. The committee hopes to issue the final version of the accord in October 2002 and implement it as standard in 2006.

Hungary Hungarian government debt management agency managing director Andras Laszlo Borbely said this week the Republic of Hungary is likely to issue Eu2bn of debt in the international markets next year to refinance redemptions in 2003 and early 2004.

Mandated arrangers BNP Paribas, Crédit Lyonnais, Citigroup/SSSB, Mediocredito and WestLB have launched the retail phase of the syndication of the $800m of international debt facilities for the $1bn Nigeria LNG project. The market has been offered two tickets: senior co-arrangers with $44m and co-arrangers takings $22m. Fees will be released after a bank presentation in London next Tuesday. The ticket sizes are unusual, but reflect the arrangers' efforts to offer round numbers following a heavily oversubscribed senior syndication.

Rating: Aa3/AA-/AA- Amount: Eu250m (fungible with Eu500m issue launched 24/09/02)

Joint mandated arrangers Arab Banking Corporation (ABC) (facility agent), National Bank of Abu Dhabi (information memorandum) and Bank of Tokyo-Mitsubishi will close syndication of the $120m three year facility for Commercial Bank of Qatar on Monday 7. Two more commitments are due before the deal closes. The deal will be signed in Doha on October 17.