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Swap spreads were compressed early this week in anticipation of a further unplanned auction from the Treasury - this time of $6bn five year notes. The possibility of new supply pushed Treasury yields higher, compressing swap spreads. However, the Treasury did not auction five year notes after all and dollar swap spreads recaptured a bid. The lack of new issuance and sell-off in the market pushed spreads off lows. By yesterday's close (Thursday) the five year mid-market was 75.5bp and the 10 year was 72bp. Mid-week these two markets were at 71bp and 68.5bp, respectively.

Bulgaria The Eu10m EIB guarantee facility for the First Investment Bank will be signed by power of attorney next week.

Chile * Republic of Chile

* Achmea Hypotheekbank NV Amount: Eu50m (increase to Eu200m issue launched 03/10/01; fungible with Eu500m issue launched 04/05/01)

* CIF Euromortgage Rating: Aaa/AAA (Moody's/Fitch)

* Caisse de Refinancement Hipotécaire Rating: AAA

Euro volume remained low yesterday, with no trades going out beyond euro50 million ($45.65 million). Abbey National Treasury Services closed a one-year euro50 million MTN that pays interest quarterly. Goldman Sachs lead-managed the trade. Also closing for euro50 million was BBVA Capital Funding. Its note has a 15-year tenor and pays interest quarterly. Fellow Spanish issuer, Banesto Issuances, concluded a five-year euro30 million MTN that pays interest on an annual basis. The note carries a final coupon of 4.500%. SPV, Atlanteo Capital, kept up its busy issuance of late with two trades. It closed a euro3.11 million note that has a final coupon of 5.000%. The note matures on September 30 2003. It also traded a euro2.12 million note that carries a final coupon of 5.445%. The note goes out to October 31 2041. Another SPV, Trident Securities, also looked for maturity. It closed a euro2.80 million MTN that reaches out to September 19 2041. Landwirtschaftliche Rentenbank is set to issue a five-year euro19 million MTN. The note pays interest on a semi-annual basis and carries a final coupon of 3.83%. Deutsche Bank was the principal paying agent. HSBC (Netherlands) closed the shortest-dated trade - a euro20 million note that matures on December 6 of this year. And Svensk Exportkredit concluded a euro5 million MTN that matures on January 6 2010.

Euro saw some strong trading yesterday with a few large trades boosting volume. Westfalische Hypothekenbank dominated volume with two trades. It closed a euro150 million ($136.51 million) note that matures on November 15 2003. The note carries a final coupon of 2.650%. The issuer also closed a euro250 million note that matures on November 17 2003. Both notes are plain vanilla in structure and were lead-managed by Morgan Stanley. The automotive sector had a strong showing with three notes issued all at the short-end. Fiat Finance & Trade concluded a euro200 million issue that carries a final coupon of 3.838%. DaimlerChrysler Co-ordination Center and Volkswagen Financial Services are both set to issue notes for euro25 million. Hypo Alpe-Adria Bank concluded a five-year euro18 million note that pays interest on an annual basis. The note is linked to a credit portfolio and carries a final coupon of 5.840%. JPMorgan was the bookrunner. Fellow Austrian issuer, Kommunalkredit Austria, closed a 10-year euro15 million note that pays interest annually and has a final coupon of 5.270%. And DePfa-Bank Europe went for maturity, issuing a 30-year euro10 million note.

Euro trading was quiet yesterday with just ten trades being closed. The auto sector was busy once again. Volkswagen Financial Services closed a two-year euro150 million ($135.81 million) note that pays interest quarterly. And Ford Motor Credit traded the largest note - a three-year euro1 billion MTN that carries an annual interest payment frequency. Some other issuers were looking for volume. Bayerische Landesbank (London) traded a euro250 million note that carries a quarterly interest payment. The note matures on April 22 2003. And European Community concluded a euro225 million MTN that has a tenor of 15 years. The note pays interest on a semi-annual basis. Three issuers closed trades for euro10 million. Nomura SPV, Angus, issued a five-year euro10 million MTN and Banque Internationale a Luxembourg concluded a six-year euro10 million note that pays interest annually. European Credit (Luxembourg) also issued for euro10 million. The note, which pays interest singularly, matures on March 17 2004. BBVA Global Finance is set to issue a euro50 million MTN. The note reaches out to October 15 2016. Hypo Alpe-Adria Bank also went for maturity, closing a 10-year euro100 million note that pays interest quarterly. And BNP Paribas was also in the market, issuing a euro23.08 million note that matures on February 9 2004.

Euro had a fairly healthy end to last weeks trading as 14 notes were issued. Landesbank Schleswig-Holstein was the only issuer looking for large volume with a euro750 million ($690.44 million) MTN that pays interest singularly. The plain vanilla note was lead-managed by Merrill Lynch. The next largest note was closed by Dexia Credit Local de France - a euro56 million MTN that matures on October 5 2007. Caisse Centrale du Credit Immobilier de France was the busiest issuer closing two six-year notes - for euro5 million and euro7.5 million. Both notes are fund-linked and Barclays Capital was the bookrunner. Bayerische Hypo-und Vereinsbank self-led a euro4 million note that pays interest singularly. The note, which matures on December 11 next year, is a range-accrual. Banque et Caisse d'Epargne de l'Etat Luxembourg concluded a three-year euro10 million MTN. The note carries a capital guarantee of 65.00% and is linked to the performance of the Nasdaq 100 index. Banca di Roma (London) closed a five-year euro15 million note that pays interest singularly. Banque Generale du Luxembourg concluded a euro7.35million trade that pays interest annually and carries a final coupon of 3.500%. And Societe Generale Acceptance closed the longest-dated trade - a euro25 million MTN that goes out to February 22 2010.

Euro trading was down from Friday's levels in both number of issues and volume as $205.46 million was closed off 11 trades. Two issuers traded notes for euro50 million ($46.05 million). Rabobank Nederland closed a euro50 million MTN that matures on November 1 2008. The note carries a zero interest payment frequency. BNP Paribas closed a euro50 million trade. The note pays interest singularly and matures on May 2 2002. The same issuer also concluded a euro4 million note that matures on February 11 2003. The note pays interest on a semi-annual basis and carries a final coupon of 5.500%. Fellow French issuer, Societe Generale Acceptance, closed a euro10 million MTN that goes out to November 29 2013. Atlanteo Capital went for lengthy maturities with two trades. It issued a euro25.64 million MTN that reaches out to September 25 2031. The note has a final coupon of 5.488% and pays interest singularly. The issuer also closed a euro6.34 million note that matures on December 31 2031. The note carries a final coupon of 5.000% and has a single interest payment frequency. Lehman Brothers self-led a six-year euro16 million MTN that pays interest annually. And Beta Finance Corp closed a one-year euro11 million note that carries a final coupon of 5.000%.

FCE Bank (formerly Ford Credit Europe) has increased the debt ceiling off its Euro-MTN programme from $8 billion to $10 billion. Banc of America has been added as a dealer.