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The dollar sector was the only one of the major currencies to see a slight dip in issuance on last week's levels. But 82 trades were still executed, with UK and French borrowers being particularly strong.

Over $2bn was traded in the euro market this week and Dutch borrowers were the most active, issuing 10 of the 71 trades. Fortis issued four notes from its recently updated EuroMTN programme (see MTN news page) Fortis Finance closed one of these four notes: a Eu20m one year note via Citigroup/SSSB. Fortis's three notes totalled Eu73m. ING Bank, Rabobank Nederland and SNS bank all closed Eu10m deals.

Trading in the EuroMTN markets was stronger this week than for some time, and this was reflected in the yen market as 116 trades were issued. Repackaged entities were especially busy issuing a fifth of the week's overall yen volume. Goldman Sachs was particularly active, closing four trades off its Signum $10bn secured note programme. The trades, issued through Signum, Signum Amber and Signum Hazel, total ¥3.02bn. Nomura SPV, Rosetta, closed the largest yen trade from this issuer type: a ¥3.3bn note that reaches out to March 1 2017.

Compiled by Richard Favis, RBC Capital Markets, Johannesburg Tel: +27 11 784 5065

The United Mexican States this week priced a stunning $1.75bn 8% 20 year trade at one of the lowest yields the sovereign has ever achieved. Some are already calling it the bond deal of the year.

The United Mexican States this week priced a stunning $1.75bn 8% 20 year trade at one of the lowest yields the sovereign has ever achieved. Some are already calling it the bond deal of the year.

The Merrill Lynch fund manager survey published this week shows that investors are starting to regain some confidence in the equity markets with a net balance of 48% of investors expecting the global economy to be stronger in 12 months' time. Investors have had 12 months to ruminate on the events of September 11, 2001 and, on the whole, the assessment is that conditions can only improve.

Goldman Sachs has appointed Peter Oppenheimer as head of pan-European strategy. He will report to Neil Crowder and Anthony Ling, co-heads of European equity research. Oppenheimer moves from HSBC, where he had been chief investment strategist since 1998. He joined HSBC in 1993 as a global strategist, and was chief European strategist from 1994 to 1998. Before HSBC he was chief investment strategist at Hambros.

Barclays Capital (bookrunner), Citigroup/SSSB, Deutsche Bank (bookrunner) and JP Morgan this week launched German utility RWE's Eu5bn revolving credit into syndication. The company, as bankers had expected, commanded a fine pricing from its lead relationship lenders. But with the pull of a A1/A+ rating, RWE will no doubt capture the audience of banks it needs to sell its first widely syndicated loan.

Bank of Scotland is one of the banks backing a private equity sponsor bidding for Scottish Media Group's (SMG) newspaper publishing business. SMG wants to raise around £200m from the sale.

Guarantor: Shell Petroleum Co Ltd, Shell Petroleum NV Rating: Aaa/AAA

The S$300m three year term loan for Unicorn Square has been completed. Arrangers are Development Bank of Singapore and OCBC committing S$77.25m each, Maybank providing S$42.5m and Crédit Lyonnais contributing S$31.5m.