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Guarantor: BP plc Rating: Aa1/AA+

Just 14 notes were issued by private corporates, but volumes were large with just under $300m traded. Tesco closed a ¥2.5bn three year note with an annual coupon of 0.36%. Kajima Capital of America issued a ¥2.5bn trade. The borrower's note pays a coupon of 0.625% and settles on April 13, 2004. Elisa Communications' Eu100m trade was the biggest private corporate deal of the week, but other issuers also tapped euros. Beta Finance issued a Eu25m note via Goldman Sachs. The trade pays a monthly coupon of Euribor flat and is secured by the assets of the issuer. Goldman Sachs also placed a Eu34m trade for Centauri Corp.

The under one year sector was busy this week as 86 trades were issued for $745.6m. Both Crédit Lyonnais and KBC Financial Products International closed 16 notes for less than one year in tenor. Much of Crédit Lyonnais' business came in Hong Kong dollars. The biggest was for HK$15m and settles on November 14. All but one of KBC's trades came in Hong Kong dollars. The other was a $6m trade that matures on December 23 and 6% coupon. A greater amount of volume was closed in the one to three year sector. Bremer Landesbank Capital Markets' trade stood out as the borrower issued in the rarely tapped currency of Slovak crown. The Sk500m trade was placed by HypoVereinsbank and has an annual coupon of 7.625%.