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Turkey has stormed back to the dollar market, with a $500m Eurobond issued on Monday via Morgan Stanley and Salomon Smith Barney, its first dollar issue in over 14 months.

Some Eu750,000 was too much to turn down for the two banks that joined the Eu2.5bn loan for telecoms group KPN in retail. HypoVereinsbank and ScotiaBank take an upfront fee of 75bp on their Eu100m commitments to the three year multi-currency revolver. They join the eight bookmanagers and mandated arrangers ABN Amro, Bank of America, Citigroup, CSFB, Deutsche Bank, ING Bank, JP Morgan and Rabobank.

Globals * Fannie Mae

Double-A rated issuers dominated US trading on Friday with 15 trades. Twenty-four notes were closed in all for $4.34 billion. Commonwealth Bank of Australia (CBA) dominated the overall volume with a six-year $4 billion MTN. It also did a $8.90 million note and a $12 million note. All three notes pay interest on a quarterly basis. CBA has a AA- programme rating from Standard & Poor's. Also in the double-A sector are Royal Bank of Scotland, who self-led a seven-year $5 million note that is capped at 7.250%. And HSBC Bank did four notes for $5.71 million combined. Elsewhere, Bank Nederlandse Gemeenten did a $100 million note via Credit Suisse First Boston. The trade was plain vanilla and pays a single coupon of 3.750%. And Landwirtschaftliche Rentenbank closed a four-year $10 million MTN that was lead-managed by Mizuho. The note is non-call one and pays an annual coupon of 4.100%.

Trades closed in US dollar were significantly up from last week's close. Monday saw 32 trades made in all. But volumes were low, as those trades totalled just $275.22 million. Deutsche Bank closed the largest trade - a $50 million MTN that pays a coupon of 3.560%. The note has a three-year tenor. Deutsche Bank also closed trades for $3.80 million and $20 million. AA- rated Royal Bank of Scotland closed two dollar trades - for $5 million and $10 million. The smaller note matures on November 16 2006. The other trade pays interest on a semi-annual basis and goes out to December 5 2011. Other issuers were particularly busy. HSBC did eight trades for $6.28 million and Abbey National closed three notes for $26.30 million. Also issuing was KfW International Finance who closed a $20 million note that matures on December 1 2003. The note carries a coupon of 3.420%.

Rabobank Nederland dominated US dollar trading on Tuesday as it closed four notes for $75 million in total. The largest note was a six-year $30 million trade via UBS Warburg. The range-accrual note pays interest on a singular basis. It did a $15 million note that has a five-year maturity. The note is a callable reverse-floater and was led by Morgan Stanley. The same dealer also placed a seven-year $15 million note for the issuer. And Nomura led a seven-year $15 million trade for the issuer. The note is a bermudan callable range-accrual. Elsewhere, CDC IXIS Capital Markets did a five-year $20 million callable note that carries a fixed-rate. The note is non-call for the first six months and callable every six months after. And ABN Amro led a $27.50 million note for Bank Austria that goes out to December 15 2046.

Assa Abloy, the world leader in the manufacture and supply of locks, yesterday (Thursday) took advantage of the low yields available in the euro corporate market with a Eu600m five year debut bond issue via bookrunner ABN Amro and joint leads Deutsche Bank and SEB Merchant Banking. The A- company, headquartered in Sweden, launched the first deal off its global MTN programme into a market buoyed by strong demand for credit product. The transaction was increased from Eu500m after the book was three times oversubscribed.

Africa * Thekwini Fund 1 Limited

Australia JP Morgan is contacting relationship banks to join the A$950m five year credit for APN News & Media as lead arrangers.

* Council of Europe Development Bank Rating: Aaa/AAA

In a busy week on the European equity capital markets Credit Suisse First Boston and Enskilda completed two of the largest block trades since September 11. Credit Suisse First Boston sold a Eu270.6m stake in Thales, the French electronics company, on behalf of French telecoms firm Alcatel.