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Rating: AAA/AAA Amount: Nkr500m

Rating: Aa1/AA/AAA Amount: Eu50m

Germany's leading MTN dealers and borrowers have gone party mad. MTNer Volker Bottcher and his friends at Hypo-Vereinsbank entertained 60 of the debt capital markets' leading names at Munich's Oktoberfest. JP Morgan's head of desk, Alex Haidas, was there keeping the bank's drinking traditions alive. Leak just hopes he remembered to remove his Lederhosen before catching his flight home - standards are very high on premium economy class. And Lake Constance certainly knows how to liven up the ABCP market. The borrower invited its dealers to Stuttgart for a wine tasting and was then brave enough to let them get behind the wheels of a Porsche the next morning. Apparently it was difficult finding reverse with a sore head, but Leak can only pray that Deutsche's CP originator, Susanne Louis, did not take any driving tips from her MTN colleague, Chris Jones. He drove the wrong way up a cycle lane at the SNS driving weekend and nearly killed someone.

Lehman Brothers International Europe (LBIE) has mandated Citigroup/SSSB (bookrunner), WestLB (facility agent) and Bank of New York (securities agent) to arrange its 364 day $750m secured repurchase facility. The facility has an extension option at the borrower's discretion.

Rating: AAA (Fitch) Amount: Eu1.5bn Landesschatzanweisung series 104

Volume in euros fell by just under $1bn as only 66 trades were closed. French and German borrowers were the most visible, making up 42% of issuance in the euro market. The biggest French euro trade was Compagnie Financiere du Credit Mutuel's Eu150m deal that was led by SG. The two year trade pays a coupon of 5bp over three month Euribor. BNP Paribas was another active bookrunner in France. The dealer placed a Eu100m three year note for Banque Federative du Credit-Mutuel and a Eu6m five year trade for Caisse Centrale du Credit Immobilier de France.

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