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Over $100 million was traded in US dollar off nine notes. HSBC Investment and Barclays Bank were at the short end with 34-day trades of $10 million and $20 million. In the four- and five-year sector were Development Bank of Singapore with a $4 million trade; UBS (Jersey) with a $20 million note; World Bank with a $10 million; and also Royal Bank of Scotland with a $10 million deal that goes out to February 2007. Going out slightly further were Banque et Caisse d'Epargne de l'Etat Luxembourg with a $7 million seven-year trade and CDC ISIX Capital Markets with a $10 million 10-year note.

* Axa SA Rating: AA- (Fitch)

JP Morgan and UBS Warburg are gearing up to launch a $150m-$200m three to five year deal for Russian mobile company VimpelCom in February, following the successful $250m three year deal for rival operator Mobile TeleSystems (MTS) in December. The leads have not decided yet whether to issue in dollars or euros, or whether to go for a 144A or a registered rights documentation. MTS took the registered rights path for its bond via Dresdner Kleinwort Wasserstein and ING Barings.

Volkswagen has upped the limit off its euro3 billion ($2.67 billion) debt issuance programme to euro10 billion. Barclays Capital, BNP Paribas and Morgan Stanley have been added as dealers. Goldman Sachs and Lehman Brothers have been dropped. Volkwagen Financial Services has increased the size of its programme from euro5 billion to euro10 billion. Goldman Sachs and Royal Bank of Scotland were dropped as dealers and HypoVereinsbank and Schroder Salomon Smith Barney were added to the dealer panel.

Deutsche Bank and Goldman Sachs became the victims of their own ambition as they failed to complete the sale of Eu3.3bn of Vivendi Universal's stock on Monday. This is not the auspicious start to 2002 that the European equity capital markets would have wanted. After a disastrous 2001, ECM bankers had been hoping that the new year would see a turnaround in their fortunes. But the Vivendi issue only serves to highlight the fact that investors remain extremely cautious.

Deutsche Bank and Goldman Sachs became the victims of their own ambition as they failed to complete the sale of Eu3.3bn of Vivendi Universal's stock on Monday. This is not the auspicious start to 2002 that the European equity capital markets would have wanted. After a disastrous 2001, ECM bankers had been hoping that the new year would see a turnaround in their fortunes. But the Vivendi issue only serves to highlight the fact that investors remain extremely cautious.

Dairy products and fruit juices company Wimm Bill Dann is set to become the first of a raft of Russian corporates to tap the international equity markets in 2002, with its debut on the New York Stock Exchange through an initial public offering (IPO) expected in the next few weeks. Under the ING Barings-led offering, which is tipped to hit the markets in early February, Wimm Bill Dann is set to sell 25%-30% of its shares in American Depository Receipt form.

David Wong, ABN Amro's head of global financial markets (GFM) Asia, has told EuroWeek that he is upbeat on fixed income prospects in the region this year, after being promoted to managing director rank. Wong's new title is regional head of GFM Asia, Singapore, and he will report to Wilco Jiskoot, the Netherlands-based board member who oversees the wholesale clients division.

South Africa The $100m one year deal for BoE Bank has been signed, after a good response from the market that attracted over $130m in commitments.

A flood of water company debt is expected to reach the market in the next few months. Two UK water companies are preparing corporate restructurings based on structured finance techniques. Two others are considering securitisations and a further company may be sold, which could lead to another asset backed deal.

With European MBS trading well in the secondary market, syndicate desks are braced for a busy pace of mortgage backed issuance this year. Credit Suisse First Boston, Lehman Brothers and Morgan Stanley will lead the third securitisation from the Canary Wharf Group, owner of the landmark London office development. The £1.2bn deal is expected by the end of January.

Annington Homes Ltd, the company through which Nomura acquired the UK Ministry of Defence (MoD) housing estate in 1996, expects to tap one of its securitisations by the end of the first quarter. The deal will be sized by Fitch and Moody's, and it is expected to be at least £600m.