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Bank of Tokyo-Mitsubishi, BNP Paribas, Barclays, HSBC, National Australia Bank and Royal Bank of Scotland have arranged a £900m 364 day bridge facility for London Electricity Group, the UK subsidiary of Electricité de France. The deal is split between a £750m revolver and a £150m revolver.

US dollar was traded in 33 deals on Friday, over double the daily average since January 1 2001. Sigma Finance Corp announced five of the day's trades, one of which was a $20 million three-year trade. The others were between $3.3 million and $5.65 million and have terms of between three and five years. HSBC Bank USA did four dollar deals. It stayed primarily at the short end, going for a $500,000 two-month note, a $300,000 three-month note, a $2.27 million one-year trade and a $1.3 million six-year trade. KfW International Finance announced a $30 million 15-year deal. It starts next year, but is the issuer's 71st dollar note since January 1 this year. Its volume raised since the beginning of the year is just over $15 billion. Bank Nederlandse Gementeen has also raised the majority of its funds in US dollar. It announced a $10 million 10-year note on Friday. And AIG SunAmerica Institutional Funding did a $150 million two-year trade via Deutsche Bank. The size was matched by National Australia Bank, announcing its 20th dollar note of 2001. It goes out to December 2003. But Freddie Mac stole the show with its 14th $5 billion and over deal of 2001. The note matures in December 2003 and has a fixed part of the coupon of 3.25%.

Globals * Federal Home Loan Banks

Volvo Treasury was the only pure corporate involved in US dollar yesterday. It announced a $50 million six-month trade. And the only financial repackaged issuer in the market was Windermere Corporation I, the JPMorgan-arranged conduit, with a $45 million three-month note. The only trades bigger than these last two were the $150 million deal issued by UBS (Jersey), and the $50 million note done by Banco ABN Amro Real. UBS's goes out to July 2006 and Banco ABN's goes out to January 2003. Landwirtschaftliche Rentenbank announced a $30 million deal that goes out to January 2017. It has a fixed-rate part of the coupon of 6.24%. Most of the other of the day's trade were for less than $5 million. BNP Paribas and Credit Lyonnais Finance (Guernsey) each announced two deals. BNP's were for $4.54 million and $3 million and have respective terms of three and five years. Credit Lyonnais's are for $970,000 and $1 million and go out to November 2003 and December 2005. Diversified European Credit and European Credit (Luxembourg) went for identical trades. They both announced $1 million 10-year notes.

The US dollar market is a popular one for issuers needing to place paper before the end of the year. Twenty-five notes were denominated in the currency yesterday, well above the daily average for the year. HSBC Bank USA was responsible for six of them, ranging between $250,000 and $1 million and with terms from three months to six years. And private banks made up most of the dollar market. UBS and ABN Amro Bank both went for $10 million trades. UBS's goes out to December 2005 and ABN Amro's goes out to June next year. Landesbank Schleswig-Holstein announced one of the bigger trades of the day. It did a $35.37 million five-year deal with a fixed part of the coupon of 4.9%. NIB Capital Bank announced a $4.28 million one-year trade. And Development Bank of Singapore did its 37th dollar deal since the beginning of 2001 with a $500,000 one-month trade. European Investment Bank was the only supranational in the dollar market, and it announced the biggest dollar trade of the day. The $200 million 5-year note has a fixed part of the coupon of 4.75%. Two financial repackaged issuers were also doing business. Spices Finance did a $6 million 5-year deal and a $25 million deal with the same term. Helix Capital (Jersey) did a $20 million five-year trade. KfW International Finance announced a $68.41 million 20-year note.

Federal Home Loan Banks and HSBC Banks USA did eight of the 22 US dollar trades announced yesterday. There were two $50 million deals, a $30 million deal and a $13.85 million deal from Federal Home Loan Banks, and three deals less than $1 million and one deal for $1.2 million from HSBC. The maturities for both issuers ranged from three months to eight years. But there were some rarer names doing business too. ING Verzekeringen announced its second note of the period from January 1 2001 to date. It was a $50 million five-year trade. Kommuninvest I Sverige announced a $1.4 million one-year note. It has a fixed coupon of 8.5%. Merrill Lynch and Deutsche Bank (London) both went for $5 million five-year trades. Anthracite Rated Investments and Windermere Corporation I, the only financial repackaged issuers in the dollar market yesterday, went for a $100 million seven-year note and a $55.5 million one-year note respectively.

France Mandated arrangers BNP Paribas (joint bookrunner, documentation and facility agent) and Commerzbank (joint bookrunner) have completed a Eu595m 364 day revolver for automotive parts company Faurecia.

World Bank boosted US dollar volumes early in 2002 with a $3 billion syndicated deal via Goldman Sachs, Salomon Smith Barney and UBS Warburg. The fixed rate note pays a coupon of 4% semi-annually and matures in January 2005. But in the private placement market just $202.73 million was traded. Spintab was quick off the mark with two trades for $15 million and $30 million. Both are one-year notes and were managed by Goldman Sachs. The $15 million note pays one final coupon of 2.45% and the $30 million trade pays a quarterly coupon linked to $Libor flat. Commonwealth Bank of Australia closed a $26 million three-year note that pays a final coupon of 3.723%; Credit Lyonnais Finance (Guernsey) did a $1 million five-year note; and Federal Home Loan Banks did a $12.10 million seven-year trade. Rabobank Nederland closed a $10 million 10-year range accrual note via Morgan Stanley. The 10.25% coupon is paid for every day that 3m$Libor falls within a certain range.

Lazard's Gerardo Braggiotti and George Ralli, who had been linked in the press with a move to UBS Warburg, have accepted posts in a restructured Lazard. Bruce Wasserstein, the M&A wizard who left Dresdner Kleinwort Wasserstein for Lazard in November after 15 years of on and off discussions, launched a wide scale restructuring of the conservative investment bank's management structure on his first official day in the job.

The World Bank caused controversy this week with the launch of the first global bond issue of the year, a $3bn January 2005 transaction via Citigroup/SSB, Goldman Sachs and UBS Warburg, which was criticised for its pricing and timing.

The Hungarian forint denominated Eurobond market burst back into life this week after a five month hiatus in new issue activity. Bankers expect that the market, which first opened in June last year, will see increased issuance this year as investors look for an alternative to the more risky Polish zloty Eurobond market. The World Bank started the ball rolling yesterday (Thursday) with a Huf10bn 18 month issue, lead managed by TD Securities. Featuring a 7.75% headline coupon, the triple-A rated transaction was priced at a discount to give a 345bp pick-up over similarly dated euro zone government bonds. TD Securities reported a strong take-up from continental European retail buyers looking for high coupon product from a top tier supranational.

The World Bank caused controversy this week with the launch of the first global bond issue of the year, a $3bn January 2005 transaction via Citigroup/SSB, Goldman Sachs and UBS Warburg, which was criticised for its pricing and timing.