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Commentary JP Morgan continues to top table two and HSBC has overtaken Citigroup/SSSB to move into second spot. JP Morgan was prominent in the dollar business over the last seven days, but it was also active in many other currencies. The US bank placed two Hong Kong dollar deals for Royal Bank of Scotland and a HK$100m five year trade for Westpac Banking Corp. JP Morgan's biggest sterling deal was a £20m note for ING Verzekeringen that settles on September 9, 2004. HSBC's climb up table two is largely due to its high proportion of self-led deals, but it did place bonds for other issuers. These included a $10.26m range issue for Crédit Commercial de France and a Eu10.24m four year trade for Caisse Nationale des Caisses d'Epargne et de Prévoyance. UBS Warburg leapfrogged Barclays Capital into eighth place in table one as a result of a Sfr100m trade for Münchener Hypothekenbank. The note has an issue price of 100.07 plus 47 days' accrued interest and is fungible one day after the payment date with a Sfr150m note launched on December 12, 2001. BNP Paribas re-enters the top 10 in table one. The French house's biggest trade was a Eu200m trade for RWE. It was increased from its original size of Eu150m.

Czech Republic Moody's this week published its annual ratings report on the Czech Republic, which the agency rates Baa1 with a stable outlook. Moody's said that the rating reflected: "A modest external debt, a trade and current account deficit that has been contained and sizeable foreign direct investment that easily covers any trade imbalances."

The mandate to arrange the new Eu100m five year facility for Nordlandesbanken has been awarded to Danske Bank, DnB Markets and HVB. The deal will be launched into senior syndication today (Friday) and will carry a margin in excess of 23.5bp over Euribor.

The government of Peru is expected to quickly mandate lead banks for its $630m of financing using a $100m guarantee from CAF, after having this week received all proposals and signalling that it wants to hit international markets by the end of October. The deal is the most hotly contested in the Latin American new issue market. There has been little sovereign issuance out of the region in recent months, and both dedicated and cross-over investors are sitting on large cash positions.

Amount: $160m (fungible with $500m issue launched 13/11/01) Maturity: November 20, 2006

Rating: Aa2/AA Amount: $500m

Markets stood still to remember the events of September 11 on Wednesday. There was little movement in dollar swap spreads, and flows remained light as the market awaited Alan Greenspan's testimony to Congress and US economic data today (Friday). As expected, many borrowers were ready to spring into action yesterday (Thursday), predominantly from the high grade sector.

Amount: A$30m Rating: A1+

Termoelectrica has been advised by a number of banks that its request for a $200m six year facility may be unrealistic. As a result the borrower has been advised to consider a five year tenor. However, one banker at a European house told EuroWeek that it had submitted a proposal backing the facility.

Mandated arrangers Citi-group/SSSB and Deutsche Bank have not yet launched the $100m 18 month facility for Vneshtorgbank into syndication. The arrangers are still deciding on the structure for the loan before launching it. The deal carries a margin of 275bp over Libor.

Rating: AAA Amount: Eu250m Öffentlicher Pfandbrief series 307

Amount: A$200m Legal maturity: October 12, 2033