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Thirty trades were announced in yen yesterday for a total of $240 million. Volvo Treasury did its 26th yen note of 2001. It was a ¥5 billion ($40.74 million) trade with Mizuho as bookrunner. The note goes out to September next year and has a zero-coupon structure. Fellow Swede Svensk Exportkredit did two notes: a ¥1 billion 30-year trade that pays an initial fixed coupon of 5.5%, and a ¥200 million 30-year not with an initial coupon of 4%. KfW International Finance announced four notes, three of which were for ¥1 billion, the other was for ¥1.5 billion. They have terms of 15 years and over. Deutsche Bank was the other German borrower in the market, announcing a ¥700 million 15-year trade, with Deutsche Bank as dealer. Export Development Corp was the only North American issuer doing business. It announced a ¥1 billion 15-year trade via Daiwa SMBC Europe. It has an initial fixed coupon of 2% for a year, then is callable, semi-annually thereafter, and becomes a CMS-linked trade. It is linked to the 20-year US dollar rate minus the 2-year US dollar rate, plus 28 basis points. Linde Finance did its 13th yen note of the year. The ¥1 billion deal was led by Salomon Smith Barney and pays 3m Libor flat for its duration. And SNS Bank Nederland made a rare venture into yen yesterday, for such a busy issuer, with a ¥1 billion 18-month trade. Credit Suisse First Boston was the bookrunner and it is a floating rate note linked to the 3m ¥Libor flat rate. It is also a listed trade.

Zurich Financial Services officially launched this week the long awaited IPO of Converium, its reinsurance unit. The deal followed the resounding success last week of Swiss Re's $3.3bn fundraising exercise. But it is clear that Converium will not be such an easy sell.

Prudential, the UK insurance company, is to launch a £

Repsol-YPF will today (Friday) launch a minimum Eu1bn two tranche transaction, testing investor appetite for the oil and gas company, which is struggling to reduce its debt burden against a background of declining oil prices. The deal will be structured as a minimum Eu500m 18 month floating rate note paying Euribor plus 100bp, and a minimum five year fixed rate bond priced at mid-swaps plus 140bp. The lead managers are BBVA, BNP Paribas, Goldman Sachs, Invercaixa and Merrill Lynch.

Sibneft hopes to issue its $150m-$250m three year bond next week, perhaps as early as Monday according to some bankers. "We are full steam ahead," said an official at Sibneft. "We hope to get the deal off next week. We would have liked to have done it this week were it not for some of our potential buyers having to wait until after Thanksgiving to get the all clear from their New York offices."

Soitec, the French semiconductor wafer manufacturer, joined the trend of issuers taking advantage of investor demand in the convertibles market to raise opportunistic financing this week. The £115m deal, which will finance organic growth, was sold by Morgan Stanley on Tuesday morning.

Market report Compiled by Richard Favis, RBC Capital Markets, Johannesburg

A £250m transaction from Southern Electric Power Distribution (SEDP), an operating subsidiary of Scottish & Southern Energy, highlighted yesterday (Thursday) the strength of the long end of the sterling market and the desperate search for product by the UK investor base. The company conducted a three day roadshow this week with bookrunners Royal Bank of Scotland and UBS Warburg, expecting to launch an issue next week, but, as Gregor Alexander, treasurer of the Scottish & Southern Energy group, told EuroWeek, demand for the bond was so high that the launch process was accelerated.

A £250m transaction from Southern Electric Power Distribution (SEDP), an operating subsidiary of Scottish & Southern Energy, highlighted yesterday (Thursday) the strength of the long end of the sterling market and the desperate search for product by the UK investor base. The company conducted a three day roadshow this week with bookrunners Royal Bank of Scotland and UBS Warburg, expecting to launch an issue next week, but, as Gregor Alexander, treasurer of the Scottish & Southern Energy group, told EuroWeek, demand for the bond was so high that the launch process was accelerated.

Barclays Bank (Miami) has completed a $150m one year USCP back-up facility for CABEI. The risk participation fee is 45bp and upfront fees are 20bp for $20m, 15bp for $10m-$19m and 10bp for $3m-$9m.

After a comprehensive pan-European roadshow, TPG NV, the Dutch post, express and logistics company, this week made a glowing debut in the euro market with a Eu1bn, seven year issue. Joint bookrunners ABN Amro, ING Barings BBL and Schroder Salomon Smith Barney were able to build an impressive Eu4bn book, the majority of it in the Netherlands and Germany.

Treasury Corporation of Victoria (TCV) has signed an A$2 billion ($1.04 billion) multi-currency Euro-CP programme. The Government of Victoria is the guarantor for the shelf. TCV already has a $500 million Euro-CP programme that currently has $384.96 million outstanding off 11 trades. The issuer is rated Aa2 by Moody's and AA+ by Standard & Poor's. The dealers are BA Asia, Citibank, Commonwealth Bank of Australia, Deutsche Bank, Macquarie Asia and Royal Bank of Canada.