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The number of euro trades fell slightly on last week's level, but Germany kept overall volume relatively high. Landesbank Sachsen did the biggest trade - a Eu200m note that settles on December 12, 2004. Merrill Lynch placed a Eu163.09m trade for Kreditanstalt für Wiederaufbau. The note pays long first and last coupons of 15bp under Euribor and pays interest on a monthly basis, maturing in February 2011. Wüerttembergische Hypothekenbank also boosted volume with a Eu100m three year deal. The note carries an annual coupon of 3.75% and was led by Commerzbank. DaimlerChrysler UK Holding also closed for Eu100m. Lehman Brothers was active as the lead dealer on RWE's Eu50m note. The trade has short first and final coupons. Lehman Brothers was also the bookrunner on Spintab's two year Eu50m trade. The note pays a first coupon of 3bp over Euribor and a final coupon of 3bp over three month Euribor.

Yen trading rose substantially this week as $1.28bn was issued off 128 deals. Four autos tapped the currency this week. while Banque PSA Finance issued the largest trade - a ¥10bn one year note. Citigroup/SSSB was the bookrunner. UBS Warburg placed a ¥6bn two year trade for BMW US Capital. Volkswagen Investments also closed for ¥6bn, after its trade was increased by ¥1bn. The note pays an annual coupon of 0.9% and Deutsche was the bookrunner. American Honda Finance Corp was the other auto active in the yen sector. Its note pays interest semi-annually and has a five year tenor.

Local banks in the Middle East are continuing to soak up bank debt as the mandate to arrange the $120m facility for Commercial Bank of Qatar was awarded yesterday (Thursday). Arab Banking Corporation (ABC), National Bank of Abu Dhabi and Bank of Tokyo-Mitsubishi will jointly arrange the deal. The facility will be launched into syndication next week.

Compiled by Richard Favis RBC Capital Markets, Johannesburg

Institutional investors have lost faith in the global recovery, according to the results from Merrill Lynch's monthly fund manager survey published this week. The report will make uncomfortable reading for bankers placing their faith in a recovery in the near term, but the news from fund managers was not all negative.

Moody's Investors Service has raised its ratings for both Qatar and Bahrain, reflecting progress by both states in implementing reforms. The US rating agency has increased Qatar's long term foreign currency rating to A3 from Baa2, and at the same time has boosted Bahrain to Baa3 from Ba1.

Neale Goldston-Morris, formerly a head of strategy at Deutsche Bank, has joined Credit Suisse Asset Management to focus on equity strategy and asset allocation. He becomes a director and portfolio manager. Tanya Branwhite, who worked with Goldston-Morris on the quantitative side, follows in September. She is to head the CSAM quantitative team.

Koninklijke Ahold (Ahold) has overhauled the dealer panel on its EuroMTN programme. Deutsche Bank, Lehman Brothers and UBS Warburg have been axed and Barclays Capital, Banc of America, Commerzbank, Dresdner Kleinwort Wasserstein, Fortis Bank, Merrill Lynch, Rabobank and Royal Bank of Scotland have been added. There are now 15 named dealers on Ahold's panel and Andre Buitenhuis, treasurer, finance and fiscal affairs at the issuer, told EuroWeek: "This is the first time that we have changed our dealers.

Table one: Non-syndicated deals for less than $250m excluding SPVs, self-led deals and issues with a term of less than 365 days Table two: Non-syndicated deals for less than $250m

Sole mandated arranger Sumitomo has launched the Eu97m five year facility for Slovak Telekom into the market and commitments are due by the end of August. The deal has an EIB guarantee and pays a margin of 85bp over Libor. (For details of tickets and fee see EuroWeek 765). Sole mandated arranger Bank of Tokyo-Mitsubishi will launch the Eu75m five year facility for Slovenske Elektrarne into syndication at the end of the month. The deal pays a margin of 150bp over Libor. The borrower last tapped the market in April 2001 with a Eu69.161m five year facility.

State owned Slovene Railways has invited banks to submit bids for a new facility which is thought to be between Eu40m-Eu50m. The mandate is not expected to be awarded until September. The mandate to arrange the Eu50m five year club-style facility for Slovenia Export Corporation (SID) is due to be awarded by today (Friday). Bank Austria, Citigroup/SSSB, Sumitomo and WestLB are on the shortlist. The margin is understood to be 25bp-30bp over Libor. The facility will be launched in the next two weeks.

HSBC and UFJ have been awarded the mandate to arrange a $60m one year trade financing for Bank of Ceylon. The last deal for the borrower was the $105m 364 day credit arranged by HSBC and Sanwa Bank last year which paid an all-in of 145bp over Libor.