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Uruguay * Republica Oriental del Uruguay

Emirates Airlines' promise to boost the airline industry with aircraft orders has been kept. The national carrier this week chose Crédit Agricole to arrange a debt facility supporting the purchase of a A330-200 aircraft from Airbus.

Despite the Thanksgiving holiday in the US shortening the week, there was plenty of movement and volatility in the dollar swap market before the early close on Wednesday. The five year mid-market swap had moved out to 64.5bp over Treasuries, while the 10 year was out to 67.5bp over. The five year is about 6.5bp wider than a week ago and the 10 year 8.5bp wider.

After some intensive premarketing, joint mandated arrangers Goldman Sachs (joint bookrunner), JP Morgan (joint bookrunner), Citigroup and HypoVereinsbank have launched the Eu1.6bn loan for the buy-out of speciality chemicals group Cognis to two tiers of sub-underwriters. The loan is split between a Eu505m seven year 'A' loan that carries a margin of 225bp over Euribor. The eight year 'B' loan is split between a $132.5m tranche and a Eu265m tranche that both carry margins of 275bp over Libor/Euribor. The nine year 'C' loan is split between a $132.5m tranche and a Eu110m tranche, and carries a margin of 350bp over Libor/Euribor.

Deutsche Postbank, the financial arm of Germany's post office, has signed a euro5 billion ($4.40 billion) Euro-CP programme. The facility was signed on November 20 and Deutsche Bank scooped the arrangership. Hartmut Schlegel, press officer at Deutsche Postbank, says: "We would like to increase our range of products for institutional clients and reach new circles of investors." Schlegel could not give an exact figure of the amount to be raised off the programme in its first year, but he says: "We can start to issue straight away. We expect competitive pricing upon entry to the European money markets. And we expect that the programme will be widely used, subject to market conditions." Deutsche Postbank does not have a Euro-MTN programme at present, although the issuer has not ruled this out for the future. This is the 10th Euro- or global CP shelf to be signed by a German issuer this year. Five of these have been banks. The dealers are the arranger, Deutsche Postbank's Luxembourg subsidiary, Deutsche Postbank International, Citibank, JPMorgan, UBS Warburg, and the issuer itself.

EuroWeek hears that France Télécom is coming back to the market early in the first quarter of 2002 to refinance up to Eu20bn of the Eu30bn loan it signed last year for the acquisition of Orange plc. Details are scarce, but the borrower is thought to be sounding out its house lenders and is likely to tap the six banks from the original deal.

* AyT Cedulas Cajas II Fondo de Titulizacion de Activos Rating: Aaa/AAA/AAA

Despite the Thanksgiving holiday in the US, issuance continued at a lively pace in Europe, with both the euro and sterling investor bases welcoming old and new corporates to their markets. And such has been the success of recent transactions that steady issuance is set to continue towards the year-end. French telecoms equipment manufacturer Alcatel (Baa1/BBB) is to launch a benchmark euro issue next week via ABN Amro, BNP Paribas, JP Morgan and SG. A three or five year maturity is being explored with investors, but a five year is thought to be preferred. Unofficial price talk for a five year is 250bp-275bp over mid-swaps.

Euro is trading aggressively at present, as 21 notes were closed on Monday. After a quiet end to last week, German issuer's returned in force, closing five trades for euro455 million ($400.17 million) in total. Landesbank Sachsen Girozentrale did an 18-month euro200 million MTN that pays interest quarterly. And Deutsche Telekom International Finance also looked for volume with a euro150 million note that matures on August 28 2003. The note carries a coupon of 4.625%. The Swedes were also active. Volvo Treasury closed a euro60 million MTN that carries a tenor of six months. The note was led by Banco Bilbao Vizcaya Argentaria. And Svensk Exportkredit closed two notes. It did a four-year euro100 million note via Nomura. The note pays interest semi-annually and has a coupon of 3.450%. And it closed a euro5 million note off its $10 billion Asian MTN programme. The note goes out to February 23 2010. Elsewhere, National Rural Utilities Cooperative Finance Corp closed a euro400 million FRN through BNP Paribas and Credit Lyonnais.

* Assa Abloy AB Rating: A-

The Federation Internationale de Football Association (FIFA), football's world governing body, this week launched a $420m private securitisation backed by marketing revenues from some of its key events. These include the 2002 World Cup in South Korea and Japan, the 2006 tournament to be held in Germany, as well as other events organised by FIFA, such as the women's football World Cup, to be held in China in 2003.

Trading in euro continued to climb as twenty-four trades were closed on Tuesday. ABN Amro led two notes for Bank Austria via the German schuldscheine market. Both notes were for euro10 million ($8.83 million) and go out to December 3 2021. Unibanco - Uniao de Bancos Brasileiros was by far the most frequent issuer closing five trades for euro4.63 million in total. The largest of the trades was for euro1.43 million and has a six-month maturity. BNP Paribas closed a one-year euro2.70 million note that pays a coupon of 22.200%. Sabadell International Finance did a euro150 million MTN that pays interest on a quarterly basis. The note has a three-year tenor. And FCE Bank closed a two-year euro400 million note via Bear Stearns. The note has a coupon of 3m Euribor+85.7bp and a discount margin of Euibor+90bp.