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* Bremer Landesbank Capital Markets plc Guarantor: Bremer Landesbank Kreditanstalt Oldenburg Girozentrale

Fifteen trades were closed in other currencies on Friday. And again it was Hong Kong dollar leading the way with eight deals closed in the currency. But five other currencies were active and volumes in Canadian dollar and Australian dollar were the highest behind Hong Kong dollar. SEK issued the day's only Canadian dollar trade. It went out five years with its C$100 million note that pays a coupon of 4.75%. The note was issued at a price of 101.29% and was led by CIBC World Markets. European Investment Bank was also busy in the five-year sector. It added R100 million ($9.77 million) to its existing R400 million note. The note pays a coupon of 9% and was led by The Royal Bank of Canada. Bank of Queensland closed two deals in Australian dollar. The largest trade was a A$30 million ($15.52 million) note that pays a coupon of 4.23% and its smallest trade was a A$20 million offer that pays a coupon of 4.24%. Both trades go out one year. Rabobank Nederland closed the largest and longest trade in Hong Kong dollar. It went out five years with its HK$200 million ($25.64 million) FRN. It also closed a HK180 million three-year FRN that pays a coupon of 4.36% and will reach the market on December 7 2001. Credit Agricole Indosuez was also busy in the currency and issued three one-year notes that range in value from HK$3 million to HK$7 million.

Fourteen trades were done yesterday and the usual currencies dominated. Fifty percent of trades were closed in Hong Kong dollar. CIBC World Markets closed the largest trade in the currency - a HK$200 million ($25.64 million) note that has a five-year tenor. Most volume was done in sterling. Deutsche Bank led a £

Hong Kong dollar was dominant as nine trades were closed yesterday outside of euro, US dollar and yen. Abbey National Treasury Services issued a three-year HK$50 million ($6.41 million) MTN. HSBC was the bookrunner. All four other notes in the currency were for HK$100 million. The issuers were Commerzbank, MSDW Asia Securities Products (who closed two trades) and Norddeutsche Landesbank. And Commerzbank was busy elsewhere, closing a R100 million ($9.64 million) MTN that matures on August 31 2004. The note has a coupon of 9.000%. Norwegian kroner made a rare appearance. Bremer Landesbank Capital Markets did a Nkr400 million ($44.67 million) note that pays an annual coupon of 6.000%. Development Bank of Singapore closed a S$0.36 million ($0.20 million) note that matures on January 18 of next year. And UBS (Jersey) went for sterling with a £

* HVB Real Estate Bank AG Rating: Aaa/AAA/AAA

Investors are warning that the convertibles market is becoming too focused on the growing hedge fund investor base, with not enough attention being paid to the outright convertible investor base. "The market has been in denial for some time about hedge funds," said one convertibles market observer, "but that seems to have changed. This market is now dominated by demand from hedge funds so bankers are really just bringing out deals for them."

Investors are warning that the convertibles market is becoming too focused on the growing hedge fund investor base, with not enough attention being paid to the outright convertible investor base. "The market has been in denial for some time about hedge funds," said one convertibles market observer, "but that seems to have changed. This market is now dominated by demand from hedge funds so bankers are really just bringing out deals for them."

* DePfa Bank Europe plc Keepwell agreement: from DePfa Deutsche Pfandbriefbank AG

Prudential plc this week mirrored the recent success of its UK peer CGNU in the euro and sterling markets, with a two tranche subordinated issue that was increased on the back of high levels of oversubscription in both currencies. Such was the strength of demand that bookbuilding was curtailed. "We closed the book a day early to avoid a ridiculous allocation process," said a syndicate official at UBS Warburg, joint bookrunner with Goldman Sachs.