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Sterling issuance was the top currency choice on Friday. Just over $1.5 billion was issued off five trades with two big deals coming from ING Bank and Lafarge. Lafarge went out 11 years with its £

Six different currencies were active in the market yesterday and 11 deals were closed. Issuance in Hong Kong dollar was down on the last few days: only four deals were closed. And a rare appearance was made in Norwegian krone. Bayerische Landesbank was responsible for the Norwegian krone deal. Its NKr400 million ($44.85 million) two-year note was issued at a price of 101.838% and pays a coupon of 6.5%. The trade, which was led by Fortis Bank, will be issued on December 11 2001. Inter-American Development Bank saw opportunities in Polish zloty and issued a Z100 million ($24.44 million) one-year trade that pays a single final coupon of 11.125% and will be issued on November 15 2001. European Investment Bank added R100 million ($10.76 million) to an original deal launched in July 2001. The five-year deal now totals R400 million and was led by Royal Bank of Canada. Hong Kong dollar was again the most popular currency choice with four deals transacted. BOS International closed the largest deal: a HK$100 million ($12.82 million) note that goes out to August 29 2003. The trade pays a final coupon of 3.15% and will be issued on November 2 2001. HSBC (Netherlands) closed two HK$80 million notes. One note goes out to December 2001 and the other matures on February 20 2002. Singapore dollar showed up in two trades. Development Bank of Singapore closed a S$250 thousand ($140 thousand) one-month note and Landesbank Schleswig-Holstein went out four years with its HK$73.94 million trade.

Fifteen trades were closed in other currencies on Tuesday but two-thirds of these came in Hong Kong dollar. Away from Hong Kong dollar Nordic Investment Bank saw opportunities in Norwegian krone. Its NKr400 million ($44.85 million) note goes out to November 2006 and was issued at a price of 101.928%. The trade was led by Fortis Bank and pays a coupon of 6%. Morgan Stanley Dean Witter plumped for Swiss franc. It issued a Swf1.50 million ($910 thousand) one-year note off its self-arranged $16.26 billion global MTN programme. The note pays a single final coupon of 8.25% and will come to the market on November 7 2001. Sterling was active in three trades. Portman Building Society closed the largest trade: a £

* Berlin-Hannoversche Hypothekenbank AG Rating: AAA

Spanish media entity Ente Público Radio Televisión Española (RTVE) launched a Eu500m three year FRN this week, its first ever floating rate note issue. The deal, rated AA+ by Standard & Poor's (S&P) and Baa3 by Moody's with positive outlook, was eagerly received by European institutional investors attracted by the 0% risk weighting. The paper was largely pre-sold into bank portfolios in France, Germany, Luxembourg, the Netherlands and Ireland.

Rosneft looks set to issue its $200m-$300m bond at the beginning of next week, despite speculation that Russian mandates may be off for the year. Price talk has been heard at 12% for the 144A listed issue, and interest at the roadshow was said to be strong. The maturity will be between three and five years, with one banker suggesting four years is the most likely. "The issuer would like a three year, but investors prefer five," he added.

Norway BayenLB and DnB Markets have been mandated by Finansbanken to arrange a Eu50m term loan.

Global fast food operator McDonald's Corp was cut to Aa3/A+ from Aa2/AA on Monday after the company announced a new $5bn open-ended share repurchase scheme. The news surprised some analysts as McDonald's has been repurchasing its stock for more than 10 years, but the rating agencies also cited changing industry pressures as a key factor in their decision.

Shinsei Bank, the former Long-Term Credit Bank (LTCB), began a roadshow this week for a ¥1.4tr ($11.5bn) vehicle that will securitise its loans to Japanese corporates. Shinsei aims to establish a reliable means of funding that would remain open even if there was a serious credit crunch in Japan.

* European Investment Bank Rating: Aaa/AAA

* Compagnie de Financement Foncier Rating: AAA (Fitch)

* DePfa Deutsche Pfandbriefbank AG Rating: Aa3/AA- (Moody's/Fitch)