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The dollar market was this week awash with three year supranational issuance, with the EIB and IADB together adding $5bn to a sector already pressured by the $3bn World Bank transaction last week. The next supra into the arena is expected to be the Asian Development Bank, which this week conducted a non-deal roadshow, sponsored by Morgan Stanley, in the US. It followed an ADB roadshow in Asia at the end of last year via HSBC and Nomura. ADB's borrowing requirement for 2002 is set to grow from $2bn in 2000 and 2001 to $7.5bn.

* Landesbank Baden-Württemberg Rating: Aaa/AAA/AAA

EuroWeek understands that Vivendi Universal is planning a raid on the loan market over the next couple of weeks for a large facility - possibly as much as Eu2.5bn - that will be used for refinancing and general corporate purposes. The holding company, which has a diverse portfolio of businesses that operate around the world in numerous sectors, is believed not to have officially awarded a lead arranger mandate.

A bank presentation was held this week for the syndication of the £85m five year loan facility for Gullane Entertainment. The deal, arranged by Barclays Capital, is structured between a £60m term loan and a £20m revolver. The loan carries a margin of 175bp over Libor for the first 12 months, and ratchets thereafter in line with a net debt to Ebitda grid.

Scotiabank has dropped UBS Warburg (UBS) as a dealer from its $8 billion Euro-MTN programme and replaced it with ABN Amro. UBS has led one trade for the issuer since the beginning of 2000, according to MTNWare.

United Utilities has added three dealers to its recently updated $1.5 billion Euro-CP shelf. The added houses are Deutsche Bank (also arranger), Citibank and Royal Bank of Scotland.

Institutional investors may have to adopt hedge fund trading strategies if they want to make gains in 2002, according to stock market data from the last two months. As stock markets turn the corner into recovery, investors are expected to be hesitant about the prospects for growth, unwilling to see the market rise too quickly.

Over $6,877.96 million was raised in US dollar. Freddie Mac was responsible for the majority of this volume. It launched a $6 billion two-year deal off its unlimited global debt programme. The issuer already has $184 billion outstanding off the shelf. Republic of Austria closed a one-year $220 million note via Deutsche Bank, which was swapped into euro. KfW International Finance issued a one-call $10 million 10-year trade via Tokyo Mitsubishi International. The trade is callable after two years and until the call it pays a coupon semi-annually linked to 6m $Libor +65pbs. If the note is not called, it will pay a fixed coupon of 7.5% annually.

Globals * Bear Stearns Co Inc

Ten trades were issued in US dollar, the largest of which came from European Investment Bank. The triple-A-rated supranational closed a $200 million five-year uridashi deal via Daiwa Securities. The note pays a fixed rate of interest at 4.75% semi-annually. It was aimed at retail investors. Landesbank Sachsen issued a $35 million one-year trade via UBS Warburg. The note pays a fixed coupon of 2.39% at maturity. Royal Bank of Scotland closed a $5 million two-year note. The note is self-led and pays a coupon at redemption that is equity-linked to the S&P500 index. KfW International Finance announced a $22 million 10-year note, although the deal is open until January 16 and could be increased. It is due to settle on January 28.

Over $2.73 billion was raised in US dollar off 15 trades and Bank Nederlandse Gemeenten issued a substantial part of this with its $1.5 billion fixed rate public deal. The five-year note is not syndicated and the joint-lead managers are ABN Amro, HSBC and UBS Warburg. Council of Europe Development Bank also went for volume with a $750 million five-year public deal. The trade is non-syndicated and pays a fixed rate of 4.875% annually. The joint-lead managers are Dresdner Bank and BNP Paribas. Den norske Bank issued a $400 million trade via Salomon Smith Barney. The five-year note pays a floating rate of 3m $Libor +15 basis points. Other smaller trades came from Unibanco - Uniao de Bancos Brasileiros (two six-month notes for $1.27 million and $2.80 million); Commonwealth Bank of Australia (a three-year $14.10 million note and a five-year $5 million note); and Banque et Caisse d'Epargne de l'Etat Luxembourg (with a seven-year $5.50 million range accrual note).