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Austria Arrangers Bank Austria (joint bookrunner), Citigroup/SSSB (joint bookrunner) and Dresdner Kleinwort Wasserstein (joint bookrunner, facility and documentation agent) have confirmed that the Eu500m five year revolving credit facility for OMV that was launched into syndication last week has been warmly received by the market.

Twenty-two trades were announced in yen on Friday, one of which was the second-biggest deal so far this year. The ¥15 billion ($111.63 million) two-year note was issued by General Electric Capital Corp and was later increased to ¥20 billion. Deutsche Bank (Luxembourg) led the deal which pays 3m ¥Libor flat. And triple-As made up the bulk of the volume on Friday again. CDC IXIS Capital Markets did four trades between ¥200 million and ¥1 billion that had terms between 12 and 30 years. Dorada Corp went for a ¥500 million three-year-and-eight-month trade that pays an initial fixed coupon of 0.01%. European Investment Bank announced a ¥1.7 billion 30-year deal. Republic of Austria made its sixth note of 2002 a ¥1 billion 20-year deal with Nomura as bookrunner. After an initial coupon of 3% it becomes linked to the Australian dollar-yen exchange rate in the typical power reverse dual currency (PRDC) structure, and is not callable. Single-A issuers also did some business though. Britannia Building Society announced a ¥500 million three-year-and-eight-month trade via Morgan Stanley. It has a fixed coupon of 0.01% for its duration and is not callable. BTM (Curacao) Holdings did a ¥2 billion 13-year trade. And Deutsche Apotheker- und Aerztebank did an identical deal to Britannia Building Society's. The ¥500 million trade has a term of three years and eight months, and the coupon is fixed at 0.01%. The only difference is that Merrill Lynch was the dealer. Hypo Alpe-Adria Bank did a ¥700 million 20-year deal with Nomura in the lead-manager's seat. The PRDC note pays 2.7% for the first year after which it is callable and is linked to the US dollar-yen exchange rate.

It was a busy day in the yen market yesterday, with 45 trades announced worth $352.33 million. Salomon Smith Barney acted as dealer on several of these, including four deals for KfW International Finance. The notes varied between ¥1 billion ($7.47 million) and ¥1.9 billion, and all had terms of 30 years. African Development Bank also used Salmon Smith Barney for two trades. The ¥3 billion and ¥3.6 billion notes go out to February 2027. And Salomon was used as bookrunner for Toshiba Capital's ¥500 million 10-year trade, Travelers Insurance Co Institutional Funding's ¥3 billion five-year trade and Volkswagen Financial Services ¥2 billion one-year trade. Landwirtschaftliche Rentenbank did a ¥1 billion 10-year deal with Shinkin Bank as bookrunner. The step-up multi-callable note has a coupon of 1.2% for the first two years and then increases by 30 basis points semi-annually. NIB Capital Bank did a ¥1 billion 20-year note via Mizuho. It is CMS-linked after an initial coupon of 3%. The issuer also announced a ¥2.5 billion three-year trade. Depfa Deutsche Pfandbriefbank announced a ¥500 million 20-year CMS-linked trade via Mizuho. And it used Mizuho for a ¥1 billion 30-year callable power reverse dual currency trade as well. Royal Bank of Scotland did a ¥500 million 20-year deal.