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Trades in yen have been small recently, but Societe Generale Acceptance announced two ¥8 billion ($60.25 million) notes yesterday. They are short-dated, both maturing in April this year, and pay fixed coupons of 8.33% and 8.1%. Vorarlberger Landes- und Hypothekenbank also announced a ¥1.8 billion trade, with Nomura as bookrunner. The power reverse dual currency note (PRDC) pays 4% for the first year then is linked to the US dollar - yen exchange rate. It is callable after a year and then semi-annually. Nomura had a busy day on the dealing side yesterday. It also did three trades for KfW International Finance, all of which were for ¥1 billion. One matures in February 2022 and after three years paying 5.5% it becomes callable and linked to the US dollar - yen exchange rate. One matures in March 2022 and is a step-up note, starting at 0%, and linked to the Australian dollar - yen exchange rate. The other matures in February 2032 and is linked to the US dollar - yen exchange rate and is Bermuda-callable annually. And Nomura led a ¥1.3 billion 20-year deal for Bank Nederlandse Gemeenten. It pays 3.5% for the first year and is then linked to the Australian dollar- yen exchange rate. Kommunalbanken did a ¥1 billion 29-and-a-half-year trade via Salmon Smith Barney. It pays an initial coupon of 5%. Pacific Life Funding announced a ¥3 billion five-year-and-two-month trade. It pays an initial fixed coupon of 0.81%. And Statoil announced its first deal of 2002: a ¥500 million five-year deal that pays an initial coupon of 0.87%.

Twenty trades were announced in yen on Friday, worth the equivalent of $172.61 million. The biggest deal was done by Pfandbriefstelle der Osterreichischen Landes- Hypothekenbank. It was a ¥5 billion ($37.66 million) 15-year trade with Tokyo-Mitsubishi International as bookrunner. The coupon is set at 1.85% for the life of the note, and there are annual calls at the option of the issuer. It was good day for triple-A issuers all round, with eight of the 20 notes being announced by that credit bracket. African Development Bank went for a ¥1 billion 30-year deal with an initial fixed coupon of 4%. CDC IXIS Capital Markets did two trades, one for ¥200 million the other for ¥1.1 billion. They go out to February 2012. And World Bank did a ¥1.7 billion 20-year deal. KfW International Finance announced a ¥1 billion 30-year note via Tokyo-Mitsubishi International. After a year paying a fixed coupon of 5% it becomes linked to the US dollar-yen exchange rate. The note is callable annually. Kommunalbanken did a ¥300 million 30-year deal also via Tokyo-Mitsubishi International. And Landwirtschaftliche Rentenbank went for a ¥1 billion 10-year note with Mizuho as bookrunner. It is callable after six months, and the coupon is fixed at 1% for the first two years and then steps up each year by 47 basis points. Svensk Exportkredit did a ¥300 million 30-year deal with an initial coupon of 5%.

The yen market this year has yet to see many trades over ¥5 billion, but the triple-As are keeping volumes ticking over until the market finds top gear. CDC IXIS Capital Markets, KfW International Finance, Kommunalbanken, Lloyds TSB Bank and World Bank were all involved yesterday, announcing a variety of trades from ¥500 million to ¥5 billion. Salomon Smith Barney led a ¥5 billion 30-year deal for World Bank, which also did four other deals for ¥1 billion (10-year), ¥2.5 billion (20-year), ¥1 billion (30-year) and ¥3 billion (30-year), and Salomon also helped Lloyds TSB Bank place its ¥1 billion 15-year note. CDC IXIS Capital Markets did three ¥500 million trades, two with terms of 30 years and the other with a term of 10 years, and also did a ¥700 million 29-year-and-10-month trade. Cadbury Schweppes announced its first yen note of the year: a ¥1 billion three-year deal with a fixed coupon all the way to maturity of 0.35%. ING Barings/BBl was the bookrunner. Nikko Bank (Luxembourg) did the smallest note of the day: a ¥100 million three-month trade with Salomon as bookrunner. Salomon also led a ¥1 billion three-month deal for Sumitomo Chemical (UK), and Nippon Oil (USA), the only other private corporate in the market, announced a ¥1 billion six-month trade. Private corporate finance issuer Suntory Capital went for a ¥1.2 billion six-month note, also via Salomon. Svensk Exportkredit did a ¥300 million trade and a ¥250 million trade, both with terms of 30 years. Earls Seven announced a ¥1 billion two-year-and-one-month deal.

Power reverse dual currency (PRDC) trades and CMS-linked notes were back as favourites in the yen market yesterday, after a couple of weeks of inverse step-up floating rate notes. Bank Nederlandse Gemeenten announced a ¥1 billion ($7.53 million) 20-year PRDC trade with Nomura as bookrunner. It is immediately linked to the Australian dollar-yen exchange rate, with a coupon of 8% multiplied by a certain time period, divided by 67.8 and minus 5%. Kommuninvest I Sverige did a ¥300 million 25-year PRDC deal with Mizuho as dealer. It pays an initial fixed coupon of 4% for the first year. The issuer also did another ¥300 million 25-year trade. Vorarlberger Landes- und Hypothekenbank did two trades. One was a ¥500 million 25-year note that pays an initial coupon of 4%. It is then linked to the Australian dollar-yen exchange rate and is callable after a year, semi-annually thereafter. Its other deal was a ¥500 million 30-year trade with the same structure, except for an initial fixed coupon of 5%. Also issuing 30-year deals was Kommunalbanken with an ¥800 million note that goes out to February 2032. Kokusai was the bookrunner. Hypo-Alpe Adria Bank announced its second trade of 2002: a ¥500 million 20-year deal with Credit Lyonnais as bookrunner. The note is CMS-linked (20-year rate minus the 6m ¥Libor rate). Oberosterreichische Landesbank also went for a CMS trade. The ¥900 million deal was led by Mizuho and goes out to February 2017. The first year's coupon is fixed at 2.5%, and then it is linked to the 20-year rate minus the two-year rate, plus 55 basis points. It is callable after the first year and annually thereafter. Eksportfinans self-led a ¥1.1 billion 20-year note. And Svensk Exportkredit did the day's biggest yen deal: a ¥2.07 billion six-month trade.

South Africa Absa Bank is looking for a one year rollover of its March 2001 $360m 364 day loan. The borrower has approached banks in the existing syndicate to negotiate the one year extension.

Lehman Brothers has set up a $9.7 billion asset-backed CP facility backed by Abbey National's paper. James Peterson, at Lehman Brothers's short-term ABS origination department, says: "This is an extremely innovative conduit - it is the first totally synthetic conduit and is the first vehicle to take advantage of a variety of new technologies available to sponsors." He continues: "This conduit is unique for several reasons: first the credit exposures are all done via a credit default swap. Second ,because the proceeds from the issuance of commercial paper are held in cash instruments, there is no need for a liquidity facility. This makes the conduit sympathetic to the proposed changes to the Basle Accord. The third benefit is the funded credit enhancement in the form of rated notes that were sold to market." The paper was signed on January 18 and the dealers are Abbey National Treasury Services, Goldman Sachs and Lehman Brothers (also the arranger).

ABN Amro has underlined its confidence in the Asian semiconductor industry with the appointment of Eric Wang to the new position of head of client coverage for technology semiconductor firms in the region. Wang had been working in Taipei as head of global semiconductor research for ABN Amro equities. He has already moved to Hong Kong to take up his new role, at the level of senior vice president. The firm has yet to replace Wang in Taipei.

Dublin-based Anglo Irish Banks launched a Eu64m equity placing on Wednesday to provide cash for future acquisitions. Davy Stockbrokers lead managed the deal, which comprised 15.25m shares sold at Eu4.25 each, a discount of 2.8% on the previous day's close. The deal was four times oversubscribed and the stock rose to Eu4.45 later in the day as investors showed their enthusiasm for the bank.

Hong Kong The HK$4.5bn five year facility for Kerry Properties has been completed.

Uridashi * European Bank for Reconstruction & Development

Australia Lead arrangers ANZ Investment Bank, JP Morgan, National Australia Bank and National Bank of New Zealand have launched the A$850m acquisition financing for APN News & Media through special purpose company Biffin Pty.

Asia Pacific * Oracle Epsilon Funding