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The US Federal Reserve lifted spirits early this week when it cut interest rates by 25bp, but hopes of further easing fell afterwards when comments released by the FOMC and economic data suggested an end to the current cycle. But although the global market dollar market was limited to a $9bn two part Benchmark Note financing by Fannie Mae this week, which was healthily oversubscribed, bankers expect a wall of issuance to hit the market after Labor Day.

Belgium Sole arranger Citibank has launched a Eu500m revolver for the European subsidiaries of AON Corp, the Chicago-based insurance brokerage.The dual tranche deal is split between a Eu250m 364 day revolver and a Eu250m five year revolver.

Barclays, Citibank and WestLB have won the mandate to arrange the acquisition loan to support WPP Group's cash offer for Tempus Group. The £360m credit is structured as a 364-day term loan with a one year term out option.

* Pfandbriefstelle der Österreichischen Landes- und Hypothekenbank Rating: Aaa

Issuance looked up again on Friday compared to the lacklustre trading of the previous two days. Spintab did a ¥30 billion ($246.18 million) deal that goes out to August next year. It is the issuer's biggest note in the currency. And Renault Credit International Banque kept itself in view with a ¥20 billion trade that also matures in August 2002. It pays a final coupon of 0.2%. The supranationals were doing things on a slightly lesser scale. African Development Bank did two ¥500 million trades with tenors of 25 and 30 years. And European Investment Bank and World Bank both announced ¥1 billion notes with respective terms of 20 and 15 years. The only corporate announcing deals, except for Renault Credit International mentioned above, was Konica Finance USA Corp. It did two trades, one for ¥1 billion and one for ¥1.6 billion. They both mature in a year's time. France Telecom announced a ¥3 billion one-year trade that pays interest quarterly. Yen accounts for almost 70% of the volume raised this year off the issuer's MTN facility. And Caixa Geral de Depositos was the only Portuguese issuer to announce a trade on Friday. It did a ¥500 million 25-year trade.

France, often the leading nation for yen issues, only announced one deal in the currency yesterday. The 30-year note from BNP Paribas was worth ¥100 million ($830,000) and pays a final coupon of 5%. Germany was the busiest country in yen. It did four trades, including the day's biggest. Commerzbank's ¥10 billion note matures in September 2013 and pays a final coupon of 2%. KfW International Finance announced two trades. One was a ¥1.1 billion note and the other a ¥1 billion note. Both mature in 30 years' time. The last German issuer was DePfa Finance with a ¥800 million trade. The 15-year note is the issuer's third in yen, and its second issue this year. It pays a final coupon of 2.5%. In Sweden, Volvo Treasury continued its penchant for yen. The ¥1 billion 10-year trade pays 1.5% and is the issuer's 20th yen note in 2001. The currency makes up over 60% of its funds (see MTNWeek feature, issue 244). Svensk Exportkredit and Kommuninvest I Sverige issued ¥500 million 30-year and ¥600 million 25-year notes respectively. The only UK issuer in yen was AN Structured Issues. It is one of four named issuers off the Abbey National Treasury Services $15 billion programme. The ¥500 million note has a term of 30 years. And Kommunekredit, from Denmark, announced a ¥500 million and a ¥300 million note, both with 15-year maturities. Kommunekredit has issued 13 notes this year, the majority of which have been in yen.

Monday was a busy day for issuers doing yen trades. Forty-five of the 86 notes announced yesterday were in the currency. Merrill Lynch & Co did eight trades, between ¥500 million ($4.16 million) and ¥1.2 billion. Merrill Lynch was the bookrunner for all of them, and their maturities vary between 12 and 26 years. Merrill Lynch was also dealing for other issuers. Kommuninvest I Sverige did a ¥500 million trade via the US bank, which goes out to August 2026. And Svensk Exportkredit did a trade that was identical in terms of size and term via Merrill Lynch. World Bank went for a ¥1 billion 25-year note with Merrill as bookrunner. DaimlerChrysler UK Holding did the biggest yen trade. The ¥10 billion note matures in August next year and pays a final coupon of 0.31%. There have not been many issues from borrowers rated below single-A recently, but yesterday triple-Bs and two non-investment grade borrowers were doing yen business. Sumitomo Chemical (UK), the Baa1-rated Japanese corporate, did a ¥500 million trade and a ¥2.5 billion trade, both of which mature in one month's time. Konica Finance USA Corp, rated Baa2 by Moody's, did a ¥960 million one-year trade that pays a final coupon of 0.115%. And Mitsubishi Motors Credit of America and MMC International Finance (Netherlands), both rated Ba3, both went for ¥500 million notes that go out to the end of November this year.

Thirty-one issuers came to the market using yen yesterday, making it another solid day for the currency. Pfandbriefsteller der Osterreichischen Landes-Hypothekenbanken did the biggest trade of the day: a ¥50 billion ($415.7 million) non-syndicated nine-and-a-half year trade. The rest were all below $40 million. Japanese issuers were the busiest. Five of them issued seven trades altogether, including a ¥4.97 billion note from Tokai Bank Europe. It matures in December this year and pays a final coupon of 0.5%. MMC International Finance did a ¥800 million trade that also matures in December this year, and a ¥1.5 billion trade that matures in November this year. Konica Finance USA Corp issued ¥3.1 billion in two trades. They mature in February and May next year. Three issuers from the UK were doing trades too. St Michael Finance announced a ¥2 billion three-year deal via Mizuho. It pays Libor+25 basis points. Abbey National Treasury Services and Barclays Bank were also involved with smaller but longer-dated trades. Mizuho also led a ¥1.1 billion deal for Rabobank Nederland. The 10-year note has an FX/Step up reverse FRN hybrid structure. And Kokusai Europe did a trade for Bank of Tokyo-Mitsubishi. It was a ¥2 billion FX/FRN hybrid trade that matures in August 2011.

Ghana EuroWeek understands that Barclays, BHF Bank, Commerzbank, Crédit Lyonnais, DG Bank, Dresdner Kleinwort Wasserstein, Ghana International Bank, Natexis Banques Populaires, Royal Bank of Scotland and Sanwa have been mandated to arrange a $300m debt facility for the Ghana Cocoa Board (Cocobod).

Banco Espirito Santo has been added as an issuer to BES Finance's Euro-MTN programme. The ceiling off the programme has been raised to $6 billion from $4 billion. Barclays Capital, Goldman Sachs and Societe General have been added as dealers. Sanwa Australia Finance has raised the ceiling off its Euro-CP programme from A$700 million ($372.87 million) to A$2 billion. Credit Suisse First Boston Europe, ING Barings, Macquarie Asia, National Australia Bank and Sanwa International were added as dealers, while BT Asia and Banque Nationale de Paris were dropped from the dealer panel. Groupe Casino has raised the limit off its Euro-MTN programme from euro2 billion ($1.82 billion) to euro4 billion. Lehman Brothers has been added as a dealer, while Credit Lyonnias and Salomon Smith Barney have been dropped from the dealer panel. Pharmacia Treasury Services is the new issuer name given to the $500 million Euro-CP programme previously under the name of Pharmacia & Upjohn Treasury Services. In addition to this change, the issuer has slim-lined its dealer panel. It no longer has a separate Deutschmark dealer panel and arranger, but has one dealer panel for all purposes. The revised panel comprises SEB Merchant Banking (also arranger) Deutsche Bank, Goldman Sachs and Barclays Capital. DePfa Deutsche Pfandbriefbank has been added as an issuer alongside DePfa-Bank Europe on its $15 billion Euro-CP and Euro-CD programme. The Royal Bank of Scotland, Financial Markets has been added to the dealer panel.

Anglo Irish Bank Corporation (AIBC) signed a euro1.5 billion ($1.37 billion) Euro-MTN programme on 15 August. Deutsche Bank is the arranger. The signing comes at the end of a hectic year for the issuer, as John Bowe, head of debt capital markets at AIBC, explains. He says: "The programme has been in the pipeline for about 12 months now, but it's been a busy year for us, with both tier one and tier two fund raising and a syndicated loan in June. It has only been in the last few months that we have begun to work in earnest on the MTN facility." But now the MTN shelf is in place, Bowe can already see the advantages. He says: "The MTN product is one that very much appeals to us. It will allow us to diversify our funding and reach new investors. We have traditionally only used the capital markets to raise regulatory capital. The programme will also give us added flexibility and facilitate lengthening the maturities on our liabilities side." With limited experience in the market, AIBC will tread cautiously. Bowe says: "We have no debut trade planned but will look to private placements initially. We would certainly consider a public transaction in the future but it is currently not on the agenda." Mike Bransford, vice president, Euro-MTNs at Deutsche Bank, believes that AIBC have all the right qualities needed in order to succeed in the MTN market. He says: "They have issued stand-alone subordinated debt already and are looking to become more active and visible in senior debt. The issuer understands the mechanics of the Euro-MTN market and so they should be responsive and consistent with trade enquiry." The arranger is joined on the dealer panel by ABN Amro, Banc of America Securities, Barclays Capital, BNP Paribas, Commerzbank Securities, Davy Stockbrokers, JPMorgan, Merrill Lynch, Royal Bank of Scotland, Tokyo-Mitsubishi International and Westdeutsche Landesbank.

Asia * Ford Credit Receivables Trust 2001-1