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* Kommunalbanken AS Rating: Aaa/AAA

Just under 150 deals were closed in other currencies and more than half of these came in Hong Kong dollar. The currency also saw the largest volumes but Swiss franc had an unusually strong week and $406 million was closed off 10 trades. ABN Amro self-led an Sfr300 million ($178.38 million) 10-year deal that pays a coupon of 4% and Landesbank Schleswig-Holstein closed three deals in the currency. The largest was an Sfr150 million three-year note that pays an annual coupon of 3.125%. Issuance in Czech koruna was busy and eight trades were issued. Norddeutsche Landesbank issued one of the largest deals: a Ckr1 billion ($28.21 million) 10-year MTN that was led by Deutsche Bank. The zero coupon trade was issued at a price of 57.53% and will come to the market on April 23 2002. Volkswagen Financial Services closed the weekÆs only Polish zloty trade: a Z100 million ($24.31 million) five-year note that pays an annual coupon of 9% and was led by Morgan Stanley. And European Investment Bank issued the only Norwegian krone deal. The Nkr250 million ($28.31 million) note reaches out to March 2008 and was led by Deutsche Bank. The note offers a coupon of 6.5% and was issued at a price of 101.855%.

* Bayerische Hypo- und Vereinsbank AG Rating: Aaa/AAA (Moody's/Fitch)

The French state took the market by surprise on Tuesday when it launched a Eu1.56bn accelerated bookbuild in Renault, the French car manufacturer. Investors had not expected this deal to come until after the French elections which begin later this month. "The French state has decided to make a quick and smart move," said ABN Amro in a research report, "thus seizing the opportunity provided by the current cyclical rally and Renault's impressive outperformance."

The Royal Bank of Scotland has added Commerzbank as a dealer to its Euro-MTN programme. Commerzbank has executed at least 14 deals for The Royal Bank of Scotland since the beginning of 2001. The £

The Republic of South Africa has demonstrated its preference for banks that show local market commitment, as well as international capability, by appointing Barclays Capital alongside JP Morgan as joint lead managers for a $500m plus 10 year global bond. Standard Bank will be a senior co-lead for the deal. Banks that lost out will be desperately hoping that the selection of Barclays, a rare name in the EMEA region as an emerging market lead manager, is a one-off and does not signal that yet another big player is weighing into an overbanked sector.

Finland Bankers focused on the Nordic region expect Finland to offer some juicy business in the second quarter of 2002.

The French state took the market by surprise on Tuesday when it launched a Eu1.56bn accelerated bookbuild in Renault, the French car manufacturer. Investors had not expected this deal to come until after the French elections which begin later this month. "The French state has decided to make a quick and smart move," said ABN Amro in a research report, "thus seizing the opportunity provided by the current cyclical rally and Renault's impressive outperformance."

Market report Compiled by Richard Favis, RBC Capital Markets, Johannesburg

Eurosterling secondary market report Compiled by Stephanie Weedon, HSBC Bank plc, London

* ABN Amro Bank NV Rating: Aa2/AA/AA