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Estonia The Republic of Estonia has announced that its Eu100m Eurobond via Credit Suisse First Boston could be postponed to October.

France Cinven will float its newly acquired press unit in the next three to five years. According to a spokesman for Vivendi Universal Publishing, which sold the unit to Cinven for $2.2bn last week, Cinven's plan is to develop the business with a view to floating it in the future.

Nomura this week hired Tariq Rafique as head of securitisation and asset finance. The move was foreshadowed in EuroWeek last week, when Rafique left ABN Amro, where he had been global head of securitisation.

Hong Kong dollar and Singapore dollar were the only other currencies to be traded yesterday and accounted for under 2% of the market. Eight Hong Kong dollar notes were closed and only two in Singapore dollar. Maturities in the Hong Kong dollar sector were nearly all under two months. HSBC Investment Bank (Netherlands) closed a HK$80 million ($10.26 million) note due on September 6 and maturing in 56 days. And Development Bank of Singapore issued two HK$1 million one-month notes. Only Dresdner Bank issued a mid-term note: a HK$100 million FRN that matures in 2006. Maturities in Singapore dollar again did not venture very far over the one-month mark. Development Bank of Singapore closed a S$1.62 million ($927,460) note due on September 12 and maturing on October 12. HSBC Investment Bank's S$10 million note matures in 43 days.

Hong Kong dollar led the way again with seven trades, most of which were in the short end. Lehman Brothers Treasury closed a HK$53 million ($6.80 million) 25-day note. And HSBC Investment Bank issued four HK$80 million notes, all due on August 31 and maturing on October 12, 19 and 24. MSDW Asia Securities Products was the other issuer at the short end with its HK$99.36 million trade, while National Australia Bank closed a HK$160 million issue that goes out to 2004. BNP Paribas issued in two currencies: Swiss franc and in Swedish krona (in addition to its trades in US dollar, euro and yen). Both trades mature in one year. The Sfr1.80 million ($1.08 million) note pays a final coupon of 9.250% and the Skr25 million ($2.44 million) trade pays a final coupon of 8.350%. Singapore dollar was the only other currency issued. Development Bank of Singapore's S$210,000 ($120,206) note is due on September 7 and matures on October 5.

* Landesbank Baden-Württemberg Rating: Aaa/AAA

Hong Kong Shanghai Industrial Investment (Holdings) Co has awarded a mandate to BOCI Capital, Hang Seng Bank, HSBC Industrial & Commercial Bank of China, SG and WestLB to arrange a $250m five year fundraising.

Europe * ARES Finance Srl

Just to prove to those doubters, including our editor, who didn't believe that we were ever coming home, we have arrived safely back from Sotogrande. August is a dangerous month, but the markets somehow managed to lurch through. Russia went bust in August and a decade ago it was in August that Salomon Brothers was caught rigging the US Treasury auctions.

BNP Paribas has made nine appointments to its high grade and debt capital markets groups in New York. It has been building out its US operations throughout the year. Three of the new recruits have joined the institutional fixed income sales group and will report to the head of high grade sales, August Wolf. They are Jim Breitman, formerly a director in institutional sales at Credit Suisse First Boston; Tom Hogan, who joins from from JP Morgan where he was a director in corporate bond sales; and Jerry Levy, who was previously a senior salesperson at PaineWebber in London.