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Brazil * Banco BBA Creditanstalt (Nassau)

As emerging markets investors across the globe nervously want to discover the full scale of their losses in Argentina, one group in particular will have deep wounds to lick - Italian retail. The impact on the euro market this year could be dramatic, with many predicting an accelerated transition to a more institutional market. "At least half of [Argentina's] Eu29bn of euro bonds were held in retail accounts," estimated a strategy report from Commerzbank this week. "According to estimates of the Italian Banking Association, Italian retail investors alone held Eu10bn."

* Agence Française de Developpement Rating: Aaa/AAA/AAA

* Allgemeine Hypothekenbank Rheinboden AG Rating: A2/A-/A

European Credit Luxembourg is certainly the busiest borrower this week and has again issued four euro trades. It closed trades for euro2 million ($1.74 million), euro6 million, euro10 million and euro30 million. The two larger trades settle on February 15 2012. Elsewhere, just seven other issuers came to the market. Crediop Overseas Bank closed for euro100 million. The trade goes out for 30 years and has a single interest payment frequency. Italian bank, IntesaBci, did the largest trade - a euro150 million note via Goldman Sachs. The note has a four-year tenor and pays interest quarterly. Toyota Motor Finance Netherlands did a two-year euro60 million note. BBVA's financial repackaged entity, Atlanteo Capital, closed a euro2.56 million note that reaches out to February 25 2042. The trade pays a final coupon of 5.312%.

Just 10 trades were closed in euro for $703.79 million. European Credit (Luxembourg) was responsible for half the number done. It closed trades for euro1 million ($874.57 million), euro2 million, two for euro3 million and one for euro5 million. All five notes mature on February 21 2007. Fellow Luxembourg issuer, Banque Generale du Luxembourg, did a nine-month euro7.82 million note. It carries a coupon of 17.400%. BNP Paribas led a seven-year euro3.50 million trade for Compagnie de Financement Foncier. It carries a semi-annual payment frequency. Abbey National Treasury International go out to March 1 2004 with its euro6.50 million trade. And ING Bank closed a euro25 million deal that matures on March 15 2005. Renault Credit International SA Banque closed the largest trade - a euro750 million deal that has a tenor of six years. The note pays a semi-annual coupon of 4.400%.

Euro trading was again quiet but was up from the close of last week. Thirteen trades were closed in all. Casino Guichard-Perrachon closed the largest note - a euro400 million ($349.36 million) trade that has a tenor of ten-years. The note pays an annual coupon of 6.000% and was led by Credit Lyonnais, JPMorgan, Natexis Banques Populaires and SG Investment Banking. Fellow French issuer, BNP Paribas, did a five-year euro20 million note. And Credit Lyonnais Finance (Guernsey) is set to issue a euro1 million trade that settles on March 4 2003. The note pays a single coupon of 12.250%. German issuers closed three notes. Morgan Stanley led a euro100 million deal for Landesbank Sachsen. The floater pays a coupon of 3m Euribor flat and matures on August 25 2003. Bayerische Hypo-und Vereinsbank did a euro13 million public pfandbrief deal via Goldman Sachs. The note matures on December 14 2006. European Credit (Luxembourg) was the busiest issuer. It closed four notes for euro140 million in total. The notes range in maturity from 2003 to 2010. Investor, the Swedish corporate, closed the smallest and longest-dated trade - a euro0.50 million note that reaches out to March 12 2012. The trade pays an annual coupon of 6.000%. And GMAC International Finance did a euro150 million trade that matures on April 26 2004.

Kirsty Jenkinson Thomas, who spent six years at Goldman Sachs as a European corporate bond analyst before departing in mid-summer 2001, has joined Friends Ivory & Sime's governance and socially responsible investment (SRI) team. Between leaving Goldman Sachs and joining FIS, Jenkinson Thomas conducted a research project into foreign direct investment in Myanmar and the associated risks to companies and investors, which underpinned a shareholder-led initiative known as Business Involvement in Myanmar (Burma) - A Statement from Institutional Investors.

* Merrill Lynch is in the early stages of preparing an arbitrage collateralised loan obligation (CLO) for French insurance company Groupama. The deal is expected to total around Eu300m, but officials at Merrill said that the issue is not imminent. * Bear Stearns is in the final stages of pre-marketing for FAB CBO 2002-1 BV, a Eu300m collateralised bond obligation (CBO) from Gulf International Bank (GIB). FAB is the first cash funded CBO with a portfolio of European asset backed securities. It is expected to launch at the end of the month.

The first securitisation of UK student loans is in trouble. The £1.03bn deal, THESIS No 1 plc, was launched by Greenwich NatWest in March 1998 to finance the parent bank's acquisition of a similar quantity of loans from the government's Student Loan Co. Moody's this week downgraded the 'A3' and 'A4' tranches, originally rated Baa3, to Ba2. The tranches were also rated BBB by Fitch. Moody's confirmed its Aaa ratings on the 'A1' and 'A2' tranches.

The fixed rate ABS sterling market kicked off this week as Canary Wharf Group plc, owner of the high rise office development in London's Docklands, launched a tap of its second securitisation of around £1.25bn. Lead managed by Citigroup/SSSB, Lehman Brothers, Morgan Stanley and RBS, the deal adds four new office buildings to the existing pool of assets. The buildings - located at Heron Quays - will be occupied by leads Lehman and Morgan Stanley, as well as Northern Trust and Clifford Chance.