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Yesterday was a comparatively good day for corporates in the euro sector. Corporates and corporate finance vehicles made up over 74% of the volume announced. Renault Credit International announced a euro300 million ($272.5 million) note, with a maturity date of September 2004. And Volvo Treasury did two notes, one for euro22 million the other for euro38 million. They go out to September next year and March 2003 respectively. The only supranational doing business was European Investment Bank with a euro50 million trade. It matures in September 2003 and pays a final coupon of 4.17%. There were three SPVs announcing trades: BRV with a euro15 million 20-year trade, ELAN with a euro3 million six-year note and Zenith Investments with a euro20 million five-year deal. The private banks brought up the rear. HypoVereinsbank euro20 million 10-year note. It pays a final coupon of 5.01%. Crediop Overseas Bank did a euro10 million two-year trade and SNS Bank Nederland announced its 47th euro trade in 2001. It was a euro5 million five-year note.

UK tobacco firm Gallaher Group this week announced interim results that were broadly in line with market expectations, ahead of its planned euro benchmark transaction, which should be launched later this month. A fortnight ago, Gallaher awarded the mandate for the five year deal to BNP Paribas, Dresdner Kleinwort Wasserstein and JP Morgan, and a European roadshow will start on Monday.

The European equity-linked market is fully open for business again after the summer lull as three new issues were launched this week. Two of them came from Ergo International, the German insurance company, which sought to exit positions from two non-core assets and refinance recent acquisitions. Morgan Stanley raised a combined Eu645m as it led a dual tranche offering for Ergo International, exchangeable into Aventis and E.ON. Both issues were launched just before noon on Tuesday and the books were well covered three hours later.

India Mandated arrangers ANZ Investment Bank, Citibank/SSSB and Standard Chartered signed in the banks on the oversubscribed syndication of the $250m loan facility for Reliance Petroleum last Friday.

Japanese investors have discovered the Euro-CP market. The amount of outstanding yen in the market has shot up by 300% since the beginning of the year, from $5.6 billion-worth to $22.5 billion-worth. It is a sign of Japanese money funds being forced to look outside their domestic market to get the yields they want. John Delaney is in fixed income, currencies and commodities at Goldman Sachs. He thinks the growth of yen paper in the market may have surprised a few people, but that now it has the attention of issuers it should continue to progress. He says: "It's something that has developed this year, but I don't see why it shouldn't continue." Yen had a 2.5% share of the market's outstandings in January this year, and this has expanded to almost 9%. Delaney continues: "There is a lot of liquidity in Japan at the moment. Investors are looking around for products to buy and some issuers can provide the yield they want."

JP Morgan has poached six asset repackaging specialists from Deutsche Bank in a bid to catch up with the market leader in this secretive field. Repackagings are mini-securitisations, backed by a single asset and often bought by a single investor. The aim is to use derivatives to fashion a bond with the exact credit, maturity, regulatory and interest rate characteristics desired by the investor.

Landsvirkjun and Islandsbanki made it a week to remember as they took a select group (about 40 in all) of MTN and CP dealers on a fishing expedition in western Iceland. Landsvirkjun's Stefan Petursson and Islandsbanki's Ingvar Rangarsson were the perfect hosts and handed out waterproof coats and gloves (welcomed by all except for Deutsche's Chris Jones who, in good boy scout style, insisted on wearing shorts on the trip). Barclays's Nabil A-booze-a-lot proved to have a talent for reeling in the giant cod, but Stefan Petursson wasn't so lucky - he only caught the one that got away. Paul Jones at UBS Warburg especially enjoyed hacking off the fish's heads and gutting them afterwards. Nice boy. And Morgan Stanley's Klaus Svendsen only managed to catch a tiddler (see photo). But it was about the only thing he did manage to catch. Poor Klaus missed the plane on the way home and hasn't been happy since. But he wasn't the only one... Antoine Loudenot from Barclays also missed the flight, and had to forego a wedding in Paris on Saturday afternoon... luckily not his own. And the nightlife lived up to its reputation. Merrill's Anthony Everill managed to keep upright until 3.45am (to be exact), but others kept on going until six. Gayle Turner at Commerzbank has been all at sea too - she's been sailing for a week off England's south coast. But things got a bit out of hand for Merrill's MTN originator, Rodolfo Diottalevi, this week when he left his palm computer in the back of a cab.

The Republic of Turkey will embark on a publicity blitz on Monday to break back into the international bond market. Morgan Stanley and Salomon Smith Barney will host a two week non-deal roadshow for the republic spanning both sides of the Atlantic.

The Republic of Turkey will embark on a publicity blitz on Monday to break back into the international bond market. Morgan Stanley and Salomon Smith Barney will host a two week non-deal roadshow for the republic spanning both sides of the Atlantic.

Chorion, a night club operator and intellectual property rights owner, has mandated Royal Bank of Scotland and Barclays Bank to arrange a £40m revolving credit facility. The arrangers have fully and equally underwritten the deal which is divided into two tranches.

US dollar was high in both number of trades and volume on Friday. Thirty trades were issued and it took over 60% of the market by volume. The figures were kept high partly by HSBC Bank USA and HSBC Investment Bank. The former closed 11 notes, while the latter issued a $2 billion trade maturing in 42 days. This is the largest trade under one year in 2001. The next largest amount was from Royal Bank of Scotland and Deutsche Telecom, both of which issued ¥100 billion ($841.30 million) notes in June. Other trades in the short term were ABN Amro Bank's $10 million one-month note, HSBC Bank's two $300,000 trades, also for one month. Credit Lyonnais Finance's $10 million five-month deal was the only other note done under two-and-a-half years. It pays a final coupon of 7.5%. The mid-term was the most busy maturity sector. Severn Trent Water Utilities closed a $10 million three-month trade that pays a final coupon of 4.710%. Royal Bank of Scotland was in the four-and-a-half year sector with a $10.68 million note. And Dexia Municipal Agency's $750 million trade has a coupon of 5.125% and goes out to 2006, as does Hamburgische LB Finance's $35 million five-year note. KfW International Finance closed a six-year trade for $30 million. Freddie Mac closed three seven-year notes, all for $15 million. And there were two issuers with 10-year trades: Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden's $3 million note that pays a final coupon of 5.520% and Links Finance Corp's $20 million FRN.

US dollar took a dip yesterday after an exceptionally heavy day on Friday. Only 13 notes were closed in the currency, compared to 12 in Hong Kong dollar and 28 in yen. The volume was $250.12 million, or 13% of the whole market. The short end dropped off completely except for one 10-month $850,000 note by Lehman Brothers Treasury. Brazilian issuer Banco Cidade closed a $1.20 million one-year note. The issuer's last note was a $3.54 million one-year note, issued in January this year. Issuance was largely contained within the medium term maturity sector. Merrill Lynch and Credit Lyonnais Finance issued three-year notes for $9.40 million, paying a final coupon of 2.5%, and $12 million respectively. KfW International Finance went out to four years with a $123.54 million note. And Hypo Alpe-Adria Bank's five-year $40 million note pays a final coupon of 3.88% and pays interest semi-annually.