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* Aareal Bank AG Rating: A+

Twenty-one euro trades were closed and some large volumes from US borrowers took the total to $1.09 billion. National Rural Utilities Cooperative Finance Corp did the largest note - a euro500 million ($434.85 million) trade that has a five-year tenor. The note pays an annual coupon of 6.500% and has a spread of 173 basis points over the mid swaps. JPMorgan and Lehman Brothers were the bookrunners. And Monumental Global Funding did a seven-year euro400 million trade. The note pays an annual coupon of 5.375%. JPMorgan led a euro100 million deal for its financial repackaged entity, Corsair (Netherlands). The note has a five-year maturity. Bank Nederlandse Gemeenten traded a three-year euro25 million note. It pays a semi-annual coupon of 3.200%. Caisse Centrale du Credit Immobilier de France closed a short-dated note. Its euro9.75 million equity-linked deal matures on September 6 of this year. Only KBC Ifima traded with a shorter maturity. Its euro5 million deal settles on June 11 of 2002.

DGZÀDekaBank Deutsche Kommunalbank (DGZ) has put its name to a euro10 billion ($8.66 billion) Euro-CP programme. DGZ has won the arrangership. It is the first German issuer to sign a programme in 2002. The last German issuer to sign was Deutsche Borse, which brought its euro2.5 billion multi-currency CP programme to the market in December 2001. The issuer will change its name from DGZÀDekaBank Deutsche Kommunalbank to DekaBank - Deutsche. The change is due on July 1 2002. The dealers on the facility are the arranger, Barclays Capital, CDC IXIS Capital Markets, Citibank, Dresdner Kleinwort Wasserstein and UBS Warburg.

Sentiment in the corporate bond markets improved considerably this week on news that the US economic recovery is gathering momentum and a positive speech from Fed chairman Alan Greenspan. High grade issuance picked up in dollars, but remained at a low ebb in euros. US corporates are keen to return to the market, but in Europe only a handful of deals have been added to the pipeline.

HBOS took the market by surprise on Wednesday when it launched a £1.28bn share placement. The bank, formed by the merger of Halifax and Bank of Scotland last year, launched the offering on the back of good year end results for 2001 in an attempt to strengthen the company's capital reserves.

JP Morgan has brought in two new faces to fill positions in its Asia Pacific technology equity research. Bhavin Shah joins as managing director and head of Asia Pacific technology equity research, and Kota Nakako comes on board as managing director and head of media and telecoms research. Shah has a strong reputation, having been ranked number one technology analyst in Asia by Institutional Investor for two years running. He joins JP Morgan from Credit Suisse First Boston (CSFB). Shah, who will be based in Hong Kong, reports to Peter Redhead, head of Asia Pacific Industry Research.

Landesbank Sachsen has added Barclays Capital and JPMorgan as dealers to its euro3 billion ($2.60 billion) Euro-CP programme. BNP Paribas has been dropped as a dealer.

After several months' absence, Rod Sykes has surfaced in the Asian fixed income markets as a managing director and head of Asia Pacific debt capital markets at ING. He starts in mid-March. At ING, Sykes will help develop the bank's primary debt business, and will also work closely with the loan and securitisation businesses. He will report in to David Hudson, chairman and CEO of ING's wholesale corporate and investment banking business in Asia, and Tim Hall, global head of debt products.

ABN Amro has had to postpone the payment date for Kazakhoil's recently priced Eu125m Eurobond to March 12, following the surprise amalgamation of the state owned company with TransNefteGaz, holding company for the Kazakh government's oil and gas pipeline assets including KazTransOil (KTO). The delay will allow necessary amendments to the Eurobond offering circular, as well as the inclusion of a put option in the case of a ratings downgrade. The put will last 180 days, enabling the ratings agencies to straighten out the general confusion over the credit implications of the merger.