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Ten trades were closed in other currencies and Hitachi settled the biggest deal. It went out five years with its £

The market picked up for issuance in other currencies. Fifteen deals were closed in the sector but it was issuance in Hong Kong dollar that led the way. Just over $110 million was closed in Hong Kong dollar with the largest volumes coming from National Australia Bank, Britannia Building Society and Royal Bank of Scotland. National Australia Bank closed a two-year HK$200 million ($25.64 million) FRN that will be issued on December 14 2001. Britannia Building Society also went out two-years with its HK$190 million offer and Royal Bank of Scotland went out 10 years with a HK$150 million MTN that pays a coupon of 7.1% and will be issued on December 21 2001. Rheinhyp Rheinische Hypothekenbank closed the single largest trade of the day: a £

Deutsche Asset Management (DeAM) warned in a report this week that future equity returns will be much lower than many investors are expecting. The report, entitled "What can we expect for asset returns in the long term?", comes at a time when many investors have increased their exposure to equities in the expectation that 2002 will see bumper returns from the asset class.

Trading is good for other currencies. Twenty-eight deals were closed in the sector but it was an unusually large number of deals in Hong Kong dollar that led the way. Eighteen trades came in Hong Kong dollar. Compagnie de Financement Foncier was responsible for the largest trade: a HK$150 million ($19.23 million) seven-year FRN that pays a final coupon of 6.06%. Rabobank Nederland closed five trades. The largest was a HK$85 million four-year note that pays a final coupon of 5.26% and pays interest annually. Two deals were done in Australian dollar. Treasury Corp of Victoria closed the biggest: a A$800 million ($412.97 million) three-year note that was issued at a price of 99.98% and led by Nomura. The note pays a coupon of 4.45% and will be issued on December 20 2001. UBS AG (Jersey) issued a A$10 million five-year note. UBS Warburg was also busy on the issuing side and led a Swf150 million ($90.37 million) trade for Commonwealth Bank of Australia. The note pays interest semi-annually and will hit the market on December 19 2001.

* Allgemeine HypothekenBank Rheinboden AG Rating: Aa1/AAA

Italian fashion house Prada sold a Eu700m going-public bond yesterday (Thursday) to repay debt after postponing its IPO twice this year. Deutsche Bank lead managed the deal, which uses a similar structure to the deal the bank launched in April for EnBW, the German utility.

The Italian region of Tuscany is to sign a euro1.5 billion ($1.35 billion) Euro-MTN programme. Deutsche Bank, Merrill Lynch and UBS Warburg have been mandated as joint arrangers off the programme. The region is rated Aa3 by Moody's. Ten Italian regions have signed Euro-MTN facilities since 1997, seven of which are also rated double-A. Merrill Lynch has been arranger or joint arranger on six Italian region shelves. Deutsche Bank and UBS Warburg have arranged one programme each. Italian regions are not the biggest issuers in the market, using their facilities mainly for big public deals. This year the sector has issued over $1.5 billion-worth off six euro trades. Merrill Lynch led two trades for City of Florence and one for Region of Abruzzo. Merrill Lynch and Deutsche Bank joint-led Autonomous Region of Valle d'Aosta's debut euro413.17 million 20-year trade in May 2001, while USB Warburg has not done a trade for an Italian regional borrower since it joint-managed Region of Sicily's euro568 million deal with Unicredit Banca Mobiliare last year.

Rheinhyp has upped the limit off its note programme from euro15 billion ($13.48 billion) to euro20 billion. Deutsche Bank has been added as a dealer.

Rounding off an excellent year for Russian borrowers in the syndicated loans markets, Alfa Bank of Moscow signed in banks to its $20m six month pre-export financing at the end of last week and released the identities of its relationship banks this week. Joining the deal are Amsterdam Trade Bank, Donau-Bank, Dresdner Bank, Russian Commercial Bank, Baden Württembergische Bank, Bank Brussels Lambert, ING Bank and Natexis Banques Populaires.

MTS and Gazprombank proved that the bond market is still very much open for business for Russian corporates with the launch of two modestly sized, but ultimately successful, debut issues.

MTS and Gazprombank proved that the bond market is still very much open for business for Russian corporates with the launch of two modestly sized, but ultimately successful, debut issues.

Sanpaolo IMI has increased the limit off its Euro-MTN programme to euro12.5 billion ($11.23 billion) from euro7.5 billion.