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Supranationals closed more volume this week than any other issuer type outside of banks. The World Bank issued four yen notes and three dollar deals. The biggest dollar transaction was for $30m and goes out 10 years. The capped FRN was lead managed by Mizuho. Daiwa Securities SMBC Europe also placed a ¥1bn FX/currency linked hybrid for the World Bank. The note pays an annual interest of 4% for its first year and thereafter interest is linked to the yen/dollar exchange rate. Daiwa also placed a ¥500m 15 year FX/currency linked hybrid for Council of Europe Development Bank.

Triple-A and double-A issuance were almost identical this week in terms of volume, with just $2,000 separating them. But triple-A volume was up on last week's level. German triple-As were the most active with the Landesbanks closing much of the volume. Landesbank Baden-Württemberg Capital Markets issued a $30m note with a 10 year tenor through HSBC. The range issue pays interest of 6.75% x N/360, where N equals the number of calendar days in the coupon period on which three month Libor falls within range. BayernLB issued five trades, including a $12.8m six year note with Goldman Sachs as the lead dealer.

Sub-underwriting for the $250m five year fundraising for the Ministry of Finance of the Sultanate of Brunei arranged by ABN Amro Bank, BNP Paribas and HSBC has been closed oversubscribed. Over 20 banks committed to the deal and the arrangers are in discussions with the borrower regarding an increase.

Guarantor: Canada Mortgage & Housing Corp Rating: Aaa/AAA

Banco Santander Central Hispano (BSCH) pushed the cédulas hipotecarias market too far last Friday by launching a Eu3bn five year transaction less than two weeks after rival BBVA raised the same amount in the same maturity. After BBVA had leapfrogged BSCH to access the market first, syndicate officials away from the BSCH deal had suggested that the bank opt for a different maturity or scale down its ambitions. However, BSCH persevered with its transaction to the detriment of both itself and BBVA.

Bulgaria yesterday (Thursday) successfully completed its second Brady bond swap of the year with a $759m transaction that was just short of the country's maximum permitted level of $800m. Ten days ago the Bulgarian parliament narrowly voted in favour of a swap of up to $800m of Brady debt into the country's 2015 dollar bond. The transaction was first launched in March this year, when Bulgaria executed a $1.32bn Brady swap and new cash offering which resulted in the issuance of a $510m 8.25% 2015 dollar global and a Eu385m 7.5% 2013 tranche.

Rating: A- (Fitch) Amount: Eu180m non-cumulative capital notes

Crédit Lyonnais chairman Jean Peyrelevade sent the French bank's share price plunging this week when he reiterated his view that the French state should sell its 9.5% stake in the bank. The share price sank 12% between Monday and Wednesday following a radio interview Peyrelevade gave over the weekend. In it he explained that the government should sell its entire stake so as to give the bank an opportunity to pursue possible alliances independently.

The National Association of Securities Dealers (NASD) has fined Citigroup/SSB $5m for publishing tainted and misleading research reports written by Jack Grubman, the disgraced former equity analyst, on Winstar Communications, the US telecoms company. The investigation by NASD shows that while publicly recommending Winstar's stock, Grubman and his assistant Christine Gochuico privately held very different views.

The tickets and fees on offer to banks invited to join syndication of the £135m of debt backing ABN Amro's buy-out of Commodore Ferries are £20m for 85bp and £12m for 65bp. The deal was launched last Friday and replies are due by October 17.

Rating: A+ Amount: Eu150m

Rating: Aaa/AAA/AAA Amount: $500m