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Private corporates traded $572.83m from 13 issues, making them the fourth biggest issuer type this week by volume. Yen was the choice of many private corporates. Orix USA issued a ¥2bn two year note via Credit Suisse First Boston. The Baa3 rated trade carries an annual coupon of 0.565%. Sumitomo Corp Capital Europe closed a ¥1bn trade. The FX/FRN hybrid pays interest of 1.5% per annum until November 8, 2003, and thereafter interest is linked to the constant maturity swap rate. Daiwa Securities SMBC Europe was the lead manager.

The biggest volumes in the EuroMTN market this week were in the one and three year area. Over $1.85bn was closed in this maturity range from 43 trades. German borrowers were responsible for over $1bn in this term. Sachsen LB Europe's Eu250m trade was the largest deal. The note was led by JP Morgan and settles on May 14, 2004. Sachsen LB Europe also closed a Eu100m note that matures on the same date.

Triple-A borrowers cleaned up this week launching over 45% of total issuance. The dollar, euro and yen proved the most popular currencies with high quality credits, but other currencies were also tapped. The World Bank tapped the Australian dollar sector twice among its 10 trades this week. The largest deal was a A$150m issue that has a three year tenor. The note pays a first coupon of 4.23% and a final coupon of 4.7%, both of which are paid on a semi-annual basis. Tokyo-Mitsubishi International was the bookrunner.

Guarantor: Caixa d'Estalvis de Sabadell SA Rating: A- (Fitch)

Chile took advantage of more stable US bond markets this week to complete its 2002 funding requirements with a $100m re-opening of its outstanding 7.125% 2012 global bonds. The deal, lead by Citigroup/SSB, was done at tight levels of 215bp over Treasuries, right on top of secondaries.

Citigroup this week appointed Sallie Krawcheck to head up its newly reformed equity research department. As chairman and chief executive of the new unit encompassing equity research and private client brokerage, Krawcheck will attempt to restore some credibility to a department that has been badly damaged by Eliot Spitzer's IPO spinning investigation. Krawcheck, who comes from the buy-side, is a highly respected analyst in her own right and as a known advocate of research independence Citigroup hopes that the discussion on the topic will finally end. To further highlight the new group's independence it will operate under the Smith Barney name.

For most of this year German borrowers have dominated the investment grade loan market, but in the last quarter the focus has shifted to corporate France. A number of mandates have already been awarded, deals have been launched in quick succession and more French borrowers are due to tap the market, say bankers.

Sole mandated arranger Royal Bank of Scotland has signed banks into £135m of debt facilities backing ABN Amro's £150m buy-out of UK-based ferry company Commodore Group. Lloyds and Bank of Scotland have committed tickets of £20m as co-arrangers. GE Capital, Allied Irish Banks, Rabobank and KBC have come in with £12.5m apiece as lead managers. Rothschild and Duke Street Capital have also joined the deal.

Rating: A1/A Amount: Eu700m lower tier two capital

Japan's equity-linked new issue market has experienced a renaissance in the past year. More deals are being sold into the price-leading Euroyen market, while local investors are prepared to accept terms that have become almost as enticing as those available offshore. Mark B Johnson reports on a funding tool that is again moving back into the mainstream. Trillions of yen of long dated Japanese convertible bonds are due to mature in the next three years. Almost all will expire deeply out of the money and in most cases will need refinancing.