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* Nomura Global Funding plc Guarantor: Nomura Securities Co Ltd

It's a bit up and down in the yen sector at the moment. Having appeared to pull through last week's drama without much effect, yesterday the number of deals dropped to one of the lowest numbers in the last two months. Just 16 trades were announced, and only one of them was for more than ¥3 billion ($25.58 million). Morgan Stanley Dean Witter Japan issued a note for ¥20 billion, which continues the borrower's run in big yen deals. It goes out to October 4 this year and pays a final coupon of 0.045%. Ricoh Finance Nederland announced the next biggest trade: a ¥3 billion one-year note. It pays a final coupon of 0.06%. Nippon Oil Finance did a ¥2 billion deal with a five-year tenor, and CDC IXIS Capital Markets announced a ¥1.4 billion 20-year note. It was a non-call three PRDC, with an additional trigger call that takes effect if the interest goes above a set limit. Hypo Alpe-Adria Bank announced a ¥600 million note. The bookrunner was Shinkin International, and the structure was a reverse floating-rate note. The first year has a fixed coupon of 2.5% and thereafter there is a step-up coupon minus 6m ¥Libor. Kommunalbanken did a ¥300 million trade via Mizuho. It matures in October 2026 and pays a final coupon of 4.5%. And Commerzbank International announced a ¥300.74 million note that matures in March next year and pays a final coupon of 9.6%.

The yen market has not suffered nearly as much as other areas since last Tuesday's terrorist attacks. Trades are still being done and yesterday saw some big deals go through. John Hancock Global Funding announced a ¥40 billion ($341.04 million) five-year trade that pays a final coupon of 2.8%. Nomura Global Funding did a syndicated ¥60 billion trade via Nomura International. Credit Suisse First Boston and UBS Warburg were the co-managers. It matures in October 2006 and pays an annual coupon of 0.8%. And Morgan Stanley Dean Witter (Cayman Islands) did a ¥83 billion transaction with a term of just two weeks. It pays a coupon of 0.45%. French issuers were back on top in terms of number if trades. Credit Agricole Indosuez di a ¥1 billion deal that goes out to October 2011. It has a fixed rate and a floating rate structure to its coupon. The fixed part pays 1.7%, and the floating rate part is linked to the 6m Libor rate. Louis Vuitton Moet Hennessy Japan did its debut trade. The ¥3 billion note goes out to March next year and was managed by HSBC. It pays a fixed rate of 0.16%. Olivier Seux says this should be the start of an active life for the new issuer. And BNP Paribas and CDC IXIX Capital Markets were also involved with deals ranging from ¥100 million to ¥500 million. Most of the maturity dates went past 2016. The one Dutch issuer, Nederlandse Waterschapsbank, announced a ¥1 billion 25-year trade. Nomura was the bookrunner and the note had a non-call two power reverse dual currency FX-linked structure.

Pirelli has renegotiated its purchase of Olivetti, the holding company which controls Telecom Italia, through a complex exchangeable bond. The Italian cable and tyre company sold a Eu1bn exchangeable to Bell, the investment vehicle controlled by Roberto Colannino, former chief executive of Olivetti and Telecom Italia. Pirelli gained control of Olivetti and Telecom Italia on July 30 when it bought 1.55bn shares from Bell at an 80% premium.

Croatia The Republic of Croatia issued a Eu200m three year domestic offering yesterday (Thursday) via Zagrebacka banka and Privredna banka. The deal has a 6.5% coupon, and was priced at 99.33 to give a yield to maturity of 6.75%.

Förvaltnings AB Framtiden, a municipal housing company owned by the City of Gothenburg, yesterday (Thursday) launched its third securitisation, becoming just one of two European issuers to launch an asset backed bond since last week. Originally billed as a Eu275m deal, it was reduced to Eu260m, owing to the weakness of the Swedish kronor. The deal is backed by five year loans to three of Framtiden's multifamily housing subsidiaries.

The European asset backed markets slowly inched towards normality as this week wore on, but it is still far from business as usual. It took until yesterday (Thursday) for a new issue to come to market with Förvaltnings AB Framtiden launched via SEB Merchant Banking and Svenska Handelsbanken and Crédit Agricole Indosuez bringing their Italian deal for five co-operative banks.

Royal Bank of Canada's trading and syndication team has moved to Greenwich, Conn. RBC was based in One Liberty Plaza, which is deemed still structurally sound but requires some repair. An RBC official said RBC has more than 500 employees in Manhattan. Those located at One Liberty Plaza were evacuated safely, he added. He could not provide a timeframe for returning to the downtown Manhattan location. A couple of trades have now been executed, he said.

In the wake of the terrorist attack, banks were taking extra measures to protect back-up systems and monitor activity coming in and out of the buildings. Midtown banks like Credit Lyonnaise had locked all doors except the main door. Other banks, such as FleetBoston Financial, were having employees sign in and out and packages were subject to inspection. The concern went well beyond New York City, as Boston area banks noted that the hijacked planes had taken off from Logan Airport. Dealers feared for Boston high-rises like John Hancock and Prudential buildings. "This isn't L.A. or New York, but [the attacks] hit home," said a Boston area dealer. Dealers said the extra security was to be expected and a small price to pay in light of the recent tragedy.

New York, September 21, 2001 - As expected, last week's tragedy did affect the syndicated loan market. Not unusual in times of financial and political stress, the secondary loan market became more volatile and uncertain. However, the market reacted with great composure and restraint on the first normal day of trading. Furthermore, the volatility lessened on Tuesday and Wednesday, as buyers and sellers became more comfortable with the market and its prospects. There are several ways in which the increased volatility and subsequent stabilization can be seen.

BANK ONE and Union Bank of California are set to launch Thursday, Sept. 20, deals for Coraopolis, Pa.-based DQE Capital and its unregulated subsidiary Duquesne Light. According to bankers familiar with the situation, the bank meeting will be done via a conference call and IntraLinks, a secure online environment for project and document management used for large leveraged capital markets transactions. The deals were originally set to launch last Thursday at the Millennium Hotel in downtown New York. IntraLinks is a secure meeting room on the Web, where project and relationship management teams schedule, conduct and manage business interactions online.

In the wake of the terrorist attack, banks were taking extra measures to protect back-up systems and monitor activity coming in and out of the buildings. Midtown banks like Credit Lyonnais had locked all doors except the main door. Other banks, such as FleetBoston Financial, were having employees sign in and out and packages were subject to inspection. The concern went well beyond New York City, as Boston area banks noted that the hijacked planes had taken off from Logan Airport. Dealers feared for Boston high-rises like John Hancock and Prudential buildings. "This isn't L.A. or New York, but [the attacks] hit home," said a Boston area dealer. Dealers said the extra security was to be expected and a small price to pay in light of the recent tragedy.