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There were nine trades issued in euro on Friday, totalling $138.23 million. And nine different issuers were involved. Gallaher Group made its sixth trade of the year with a euro40 million ($35.41 million) trade that goes out to December 2004. The UK issuers' last deal was made at the end of October. BNP Paribas and SGA were the two French borrowers getting involved. BNP did a euro5.7 million deal that matures in five year's time and SGA announced a euro20 million seven-year deal. Deutsche Bank did a euro3 million 25-year trade, while fellow-German Volkswagen Financial Services did a euro40 million six-month trade. Meanwhile BCL International Finance did its 46th euro transaction of the year. It was a euro2.15 million trade with a maturity date of December 1 2004. Banque Generale du Luxembourg did a euro2.5 million one-year deal. And ING Bank did a euro10 million five-year trade that pays a coupon of 1%.

The euro market had a busy start to the week, though most of the 18 trades had terms of two years or under. Banesto Finance and Banesto Issuances, the Banco Espanol de Credito vehicles, both came to the market with one-year notes. Their sizes were euro3 million ($2.65 million) and euro3.17 million respectively. They have fixed coupons of 10.67% and 10.8%. Banque Generale du Luxembourg also announced a couple of small trades. It did a euro5 million one-year trade and a euro2 million 21-month trade. Their respective fixed coupons are 10.5% and 13%. Lafarge announced a euro250 million trade that matures in March 2005. But German issuers were busiest. Norddeutsche Landesbank did a euro250 million 18-month note with JPMorgan as bookrunner. It pays 6m Euribor flat. Deutsche Bank went smaller, with a euro5 million 18-month trade that pays 4.6%. And Volkswagen Financial Services did two trades. One was a euro10 million nine-month deal, with BNP Paribas as bookrunner, and that pays a coupon of 3m Euribor +8 basis points. The other a euro15 million deal with the same maturity done via Merrill Lynch. It has a fixed coupon of 3.352% and an issue price of 99.986091%. Sigma Finance Corp, the Gordian Knot conduit, also went for a floating rate note. It was a euro0.8 million five-year-and-four-month trade that pays 6m Euribor flat. The only non-European issuer was Unibanco, with a euro0.63 million one-month note, and a euro1.42 million one-year note.

Just eight euro trades were closed on yesterday amid one of the quietest days for trading in some time. Compagnie de Financement Foncier boosted volume with a two-year euro1 billion ($888.51 million) MTN that pays interest quarterly. Kommuninvest I Sverige did two trades for euro400 million combined. It did a euro200 million note that matures on June 10 2013. The note pays interest quarterly and has a final coupon of 9.545%. The other note for euro200 million goes out to September 10 2013 and has a coupon of 9.722%. UBS (Jersey) closed a six-month euro10 million note that carries a high single coupon of 26.400%. Credit Lyonnais Finance (Guernsey) went even shorter with a euro1 million note that matures on February 5 of next year. Deutsche Bank did a euro10.86 million issue. Elsewhere, FGH bank did a 10-year euro7.50 million note and GMAC International Finance closed a euro8 million trade that matures on June 11 2003.

France Télécom hammered out an agreement at a bank meeting in Paris on Wednesday, attended by a group of 17 banks, for a Eu15bn loan to refinance the Eu30bn credit it signed last year for the acquisition of Orange. The mandated arrangers and bookrunners of the jumbo are five of the six banks that led last year's credit - Barclays, BNP Paribas, Citigroup, CSFB and SG.

Compagnie de Credit Mutuel de Bretagne this week signed a euro3 billion ($2.66 billion) Euro-MTN programme, using HSBC as the arranger. It is the ninth programme that has been signed by a French issuer this year, making France the fourth-busiest country in 2001 in terms of Euro-MTN programme origination. The UK comes first with 14 facilities signed. It is the fifth programme that HSBC, or its Singaporean subsidiary, has had a hand in arranging, and the second in the space of two weeks (see MTNWeek, issue 256). The dealers off Compagnie de Credit Mutuel's new facility are thought to include the arranger, the issuer, ABN Amro, BNP Paribas and Deutsche Bank.

France Télécom hammered out an agreement at a bank meeting in Paris on Wednesday, attended by a group of 17 banks, for a Eu15bn loan to refinance the Eu30bn credit it signed last year for the acquisition of Orange. The mandated arrangers and bookrunners of the jumbo are five of the six banks that led last year's credit - Barclays, BNP Paribas, Citigroup, CSFB and SG.

Deutsche Bank and Merrill Lynch took advantage of perfect market conditions this week to complete a well received Eu250m exchangeable issue. The three year notes were issued by Franz Haniel, a privately owned German diversified holdings business, and exchangeable into Gehe, the German healthcare company. The issue is a timely response to complaints from outright convertible investors that the market has been swamped with large issues in liquid stocks that were designed with only hedge funds in mind.

Huntington has dropped Deutsche Bank as a dealer off its $2 billion programme for the issuance of debt instruments. Goldman Sachs has been added to the panel.

Hysan, the Hong Kong property developer, is set to sign a $1 billion Euro-MTN programme on December 7. The facility has been joint-arranged by Merrill Lynch and Morgan Stanley. The signing of the programme further boosts the real estate sector following the signing of HVB Real Estate's euro25 billion ($22.25 billion) Euro-MTN programme last month. And issuance in the sector has been particularly strong since September, considering the relatively small number of real estate issuers - just eight. Collectively they have raised $757.03 million. Unibail, the most frequent issuer in the sector, has seen its issuance soar since September 11 (see MTNWeek, issue 257). Mitsui Fudosan International Capital closed a ¥4 billion ($32.51 million) note and fellow Hong Kong issuer, Sun Hung Kai Properties Capital Market, has also been active since September. One dealer spoke to MTNWeek last month and said: "The real-estate sector has proven itself by holding in the market very well in an unsettled period." The dealer panel comprises the arrangers, BNP Paribas, Deutsche Bank (also the IPA), Goldman Sachs, HSBC, Standard Chartered Bank and UBS Warburg.

British Land, the UK's third largest property company, this week launched the long awaited £825m whole business securitisation of the Meadowhall shopping centre near Sheffield. Lead managed by Morgan Stanley, RBS Financial Markets and Schroder Salomon Smith Barney, the deal is the second sterling denominated UK commercial mortgage backed securitisation this week, following the £547m European Loan Conduit 8, also arranged by Morgan Stanley.

Kvaerner's restructuring efforts were given a boost yesterday (Thursday) by the successful completion of a NKr2bn (Eu251m) accelerated equity issue. The capital increase, which was sold at the top of the initial range of NKr4-NKr8, will reinforce the restructuring proposals from Kvaerner's largest shareholder Aker Maritime.