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The week has started strongly for deals in other currencies. Thirty-four trades were closed in the sector and business in Hong Kong dollar led the way. Royal Bank of Scotland went for Hong Kong dollar and issued a HK$470 million ($60.28 million) three-year note via HSBC Hong Kong that pays a fixed annual coupon of 4.82%. Credit Agricole Indosuez was especially busy in Hong Kong dollar. It closed 17 trades that all go out between 34 days and 52 days. The largest trade was a HK$12.50 million ($1.60 million) issue that matures in February this year. All the deals were self-led. Bayerische Landesbank saw opportunities in Swiss franc and added an 11-year Sfr150 million ($89.35 million) bond to its existing Sfr350 million issue. The note pays a coupon of 4% and was led by Credit Suisse First Boston. Landesbank Hessen-Thuringen closed the only sterling trade: a £

Other currencies had another strong day in the market. Thirty-five deals were closed with trades in Hong Kong dollar still remaining the favourite. Three deals came in sterling and it was Cadbury Schweppes Finance that issued the largest trade: a £

Trading in other currencies continues to be strong in 2002, as 29 notes were closed for $822.33 million. Hong Kong dollar is still the most tapped other currency. Of the 11 trades closed in the currency, the largest was a HK$300 million ($38.47 million) note from Australia and New Zealand Banking Group. The note has a three-year tenor. Fellow Aussie issuer, Bank of Western Australia, also went for three-years with a HK$100 million note that pays an annual coupon of 4.610%. The biggest volumes were done in Swiss franc. Pfandbriefstelle der Osterreichischen Landes-Hypothekenbanken closed a Sfr600 million ($362.45 million) note that goes out to January 19 2009. The note has a coupon of 3.000%. Among the four other trades in the currency, Munchener Hypothekenbank did a one-year Sfr60 million note that pays a coupon of 1.930%. Two sterling notes were done in short maturities. Svensk Exportkredit did a six-month £

The Republic of the Philippines made a successful foray into the international debt markets this week, launching a $750m 15 year global issue to a rapturous reception. Rather than courting controversy — as have previous deals for the republic — this latest deal was applauded by all corners of the market.

The Republic of the Philippines made a successful foray into the international debt markets this week, launching a $750m 15 year global issue to a rapturous reception. Rather than courting controversy — as have previous deals for the republic — this latest deal was applauded by all corners of the market.

* Landesbank Rheinland-Pfalz Girozentrale Rating: Aa1/AA/AAA

Norway EuroWeek hears that Citibank/SSSB is underwriting a Eu1bn five year loan facility to support Norsk Hydro's acquisition of E.ON's aluminium unit, VAW. The sale was recently completed for a total consideration of Eu3.1bn including assumed debt. Few details of the loan have yet been disclosed.

Publicis, the French advertising company, rook advantage of strong investor momentum in the equity-linked markets this week to sell Eu600m of convertible bonds via BNP Paribas and Deutsche Bank. There was no shortage of appetite in the market as investors clamoured for the bonds. One banker close to the deal said that the only thing that would disappoint investors would be the size of their allocations.

Schneider Electric has upped the size of its euro1.25 billion ($1.11 billion) Euro-MTN programme to euro2.95 billion. The facility has $386.76million outstanding off one trade.

Scottish Power has increased the ceiling off its $4 billion debt issuance programme to $7 billion. Merrill Lynch has been dropped as a dealer and Commerzbank and Schroder Salomon Smith Barney have been added to the dealer panel. The facility has $2.93 billion outstanding off 41 issues.

ING (co-ordinating bookrunner) and SG (co-bookrunner and facility agent) have won the mandate to arrange a $175m 3-1/2 year pre-export financing for Sibneft, the Siberian exploration and production company. This is the third deal the company has done through these two banks in recent times and the third to feature the same offtaker - Vitol. However, this time Stasco, part of the Shell group, is also involved.

SG this week appointed Richard Hopkin as managing director and deputy head of European securitisation, based in London. SG has a strong securitisation franchise in France and Spain but is keen to broaden this into other markets where it has been active more sporadically.