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The United Mexican States surprised the markets on Monday by issuing a $1bn addition to its $1.5bn 8.3% 2031 global bond, after receiving what is believed to have been a $700m-plus reverse enquiry order from one of the world's biggest corporate bond investors. The deal, led by JP Morgan, was priced at 95.00 or half a point below outstandings, to yield 8.774%, lower than the 9.02% yield at which it launched the original deal.

* Merrill Lynch has sold its private client business in South Africa only a week after announcing the sale of its Canadian private client and asset management division. The Johannesburg and Durban units - with over 5,600 clients - has been acquired by local firm Sanlam Private Investments, a subsidiary of Sanlam Investment Management.

Finland Sonera received strong demand for its Eu1.1bn rights offering, which was closed yesterday (Thursday). Take-up for the offering was 99.79%. This means that the underwriting syndicate of Goldman Sachs and Deutsche Bank will not have to subscribe for any shares.

* Fortis Finance NV Guarantor: Fortis (B), Fortis (NL) NV

Olivetti, the Pirelli controlled owner of Telecom Italia, completed its Eu3.9bn capital increase last Friday with an impressive 99% take-up from shareholders. The deal was split between Eu1.5bn in equity and Eu2.4bn in convertible bonds. The price for the convertible premium and the new shares was set at Eu1, representing a significant discount to the market price on Friday of Eu1.38.

Hong Kong dollar dominated trading in other currencies, with nine of the 10 trades closed. Only Credit Lyonnais Finance (Guernsey) went elsewhere with a Sfr1.5 million ($910,000) note that has a two-year tenor. Union Bank of Norway closed the largest Hong Kong dollar trade - a HK$160 million ($20.52 million) issue with a five-year maturity. Bayerische Landesbank did a seven-year HK$100 million note that carries a quarterly coupon of 5.910%. Credit Agricole Indosuez was the busiest issuer. It closed three notes - one for HK$4 million and two for HK$6 million each. All three notes mature on January 24 of next year.

Bank names dominated in Hong Kong dollar, mainly with Asian or Australian names such as BOS International (Australia), HSBC Investment Bank and MSDW Asia Securities Products. Credit Lyonnais Finance (Guernsey) issued a $76 million 30-month note that is due on November 30. Alliance & Leicester issued a £

Commerzbank International issued a Sfr5 million ($3.01 million) one-year note. The trade is due to be settled on December 20 and pays a final coupon of 10.500%. Volkswagen Financial Services closed s £

Other currencies saw trades in Hong Kong dollar and sterling, but nothing else. Spintab closed a £

* Berlin-Hannoversche Hypothekenbank AG Rating: AAA

The Republic of the Philippines returned to the euro bond market in fine style this week, doubling the size of its intended Eu250m bond to Eu500m on the back of robust demand. But while almost all market commentators praised the amount of demand for the 144A Reg S deal, many also criticised the actual levels that the Ba1/BB+ rated republic had to accept to manage its second issue in the euro currency.

Bankers were nervously calculating their exposures to Enron Corp this week as the fallen US energy company’s spiral towards bankruptcy accelerated, the rating agencies cut its debt to junk status, potential buyer Dynegy withdrew its rescue bid, and Enron revealed further debt payments due before year end.