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Banks dominated in dollars with over 80% of the 87 trades issued, but other sectors were also active. Federal Home Loan Banks closed a $15m 10 year note and a $10m trade that settles on March 18, 2005. The latter trade pays a step-up coupon of 2.6% for the first year and then an annual coupon of 3%. Tokyo-Mitsubishi International was the bookrunner. Triple-A rated Kommunalbanken issued a $20m 10 year trade via Mizuho. The FRN pays a coupon of 7% over six month Libor and is capped at 7.5%. Mizuho also placed a $5m five year note for Swedish government agency Venantius. The trade has a semi-annual coupon of 4%. And Rio Tinto Finance issued a $4.99m note that pays interest monthly. Goldman Sachs placed more dollar trades than any other MTN house.

Volumes in the euro market rose by almost 50% to just under $3bn. JP Morgan's financial repackaged entity, JECI, issued eight of the 81 trades closed in the currency for a combined Eu500m. Seven other special purpose vehicles issued in euros. Merrill Lynch closed two trades through Argon Capital for Eu30m in total.

September has boosted yearly volumes in the EuroMTN market. Last week was the busiest for some time and issuance this week has topped that with 369 deals closed. The most tapped currency was yen with 150 issues. Nederlandse Waterschapsbank was the most active borrower in yen, closing nine trades, the largest being a ¥1.4bn deal via Citigroup /SSSB. The borrower's other trades included a ¥500m FX/step-up reverse FRN hybrid that goes out 12 years. The trade pays an annual coupon of 1.3% until September 19, 2003, and then rises every six months to a maximum of 4.38% minus six month Libor. Mizuho was the bookrunner.

Compiled by Richard Favis RBC Capital Markets, Johannesburg

Depfa Bank’s ambition to become the European agency of choice with US investors faltered this week when its debut dollar global bond became the victim of continuing market weakness.

Depfa Bank’s ambition to become the European agency of choice with US investors faltered this week when its debut dollar global bond became the victim of continuing market weakness.

UMCi Pte's $600m five year fundraising arranged by Citibank NA (Taipei) has been closed. The facility was oversubscribed but will not be increased. Lead arrangers are Bank of Taiwan, International Commercial Bank of China, United Overseas Bank, ABN Amro, Chang Hwa Commercial Bank and First Commercial Bank.

The five competitors in the auction for Travelodge and Little Chef, which are being sold by Compass, this week submitted proposals in what is thought to be the second to last round of bidding. From that group of five -which bankers say comprise private equity sponsors Apax, Permira and Cinven and trade buyers Starwood and Sun Group - three final bidders will be chosen.Banks backing the sponsors are Barclays, CIBC, HBOS and Royal Bank of Scotland.

The 21 mandated arrangers will sign banks into the $300m facility for Akbank today (Friday). The deal has been oversubscribed and will be increased to $450m. In total 53 banks joined the deal. Al Bank Al Saudi Al Fransi, Bergen Bank, National City Bank and Union Bank of Norway joined as co-arrangers for takes of $10m for 105bp.

Rating: A2/A+ Tranche 1: $35m