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Thirty deals came in other currencies. And the range of currencies was quite large. Goldman Sachs closed the largest trade of the day: a £

Stock in Orange and KPN is expected to hit the market over the next few months after the two telecoms operators concluded separate negotiations over shareholdings. On Tuesday, France Télécom said that it had reached an agreement with E.ON, the German utility, over its $865m stake in Orange. E.ON acquired the 103m shares when France Télécom purchased its holding in Orange Communications Switzerland in November 2000.

Nineteen trades were closed in other currencies but only three currencies were transacted. Hong Kong dollar was the most popular currency choice with 19 trades closed. Barclays Bank issued the largest note in Hong Kong dollar: an HK$100 million ($12.82 million) one-month note. Credit Agricole Indosuez self-led three MTNs. The largest was an HK$5 million trade that goes out 6 weeks and will be issued on March 28 2002. HSBC Investment Bank (Netherlands) was also active in the currency and self-led three HK$80 million trades that go out to April 2002. The issuer also self-led the day's only Singapore dollar issue: a S$10 million ($5.45 million) six-week trade. Compagnie de Financement Foncier went out the furthest in Hong Kong dollar with its HK$62 million nine-year MTN that pays a coupon of 6.25%. Eksportfinans also saw opportunities at the longer end and issued an HK$71 million note that goes out to February 2010 and offers a coupon of 6.24%. The largest volumes came in sterling: $223.91 was closed off 4 trades. Credit Lyonnais Finance (Guernsey) closed the largest trade: a £

Peru yesterday (Thursday) launched its first global bond, a $500m 10 year offering which is part of a Brady bond exchange that could create a $1.5bn benchmark for the sovereign. The deal, lead managed by JP Morgan and Citigroup/Salomon Smith Barney, will have a maximum cash component of $500m and a maximum Brady bond exchange portion of $1bn.

* Inter-American Development Bank Rating: Aaa/AAA/AAA

Petrobras, the Brazilian oil concern, won approval from investors and underwriters alike this week when it successfully sized, priced and executed a $400m five year political risk insurance (PRI) backed issue, its third such structured deal in the past 12 months. The transaction, lead managed by Morgan Stanley and UBS Warburg, was officially announced as a $300m offering, although Petrobras's original hope was to raise $500m.

The Asian Development Bank launched its joint largest ever deal this week, a $2bn global bond that met with a strong reception from its loyal Asian investor base, but was hampered by ambitious pricing against agencies. The bond was expected last week, but the issuer wanted the full attention of the market for its strategic issue, so decided to hold off until Italy, L-Bank and Fannie Mae had visited the five year sector. Bookrunners HSBC and Nomura had take the ADB on a roadshow in Asia last year, and the third bookrunner, Morgan Stanley, sponsored a US roadshow early this year.

* DePfa Deutsche Pfandbriefbank AG Rating: Aaa/AAA

BNP Paribas created a storm in the European convertibles market this week when it accidentally revealed the term sheet for a convertible issue to the International Insider screenservice before formally launching the deal.

BNP Paribas created a storm in the European convertibles market this week when it accidentally revealed the term sheet for a convertible issue to the International Insider screenservice before formally launching the deal.

Norway EuroWeek understands that Citigroup/SSSB and Nordea are arranging a Eu350m seven year revolving credit facility for Norske Skog.

Schlumberger, the oil field and technology services company, will be signing a $2 billion Euro-CP programme before the end of next week. Barclays Capital has been given the role of arranger. The programme will start trading shortly after it is signed, according to Philippe Petre, a member of the group's treasury in Paris. Total outstandings will not go above $1.5 billion and the issuer will be concentrating its paper in the euro and sterling markets. Standard & Poor's recently assigned an A-1+ short-term credit rating to Schlumberger's facility, and Petre expects that Moody's will soon assign its P-1 rating to the programme. Petre says: "The Euro-CP market is great if you have a good rating, and with our ratings we have no reason not to get the prices we expect. It is going to offer good liquidity for our needs." The issuer also has access to a revolving bank credit facility until 2007, which will provide additional liquidity for the Euro-CP shelf. These two instruments are the final stages of the company's refinancing strategy, introduced after the acquisition of Sema last year. No roadshow is planned, as much of the issuer's marketing and research has already been done. Petre says: "We have been preparing for this market by calling investors, touring the different dealers and talking with credit analysts we know from the issue of our other bonds." The dealers are the arranger, Deutsche Bank and Royal Bank of Scotland.