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UK Cazenove and Goldman Sachs completed a £20m secondary placing in Western Medical, the UK medical supplies company, this week.

Dealers reported a lot of demand for Hong Kong dollar last Thursday and this was reflected in Friday's trades. Hong Kong dollar was traded 10 times - the largest of which being a HK$200 million ($25.65 million) MTN from Dexia Credit Local de France. The note pays interest quarterly. Morgan Stanley Asia Securities Products and Australian and New Zealand Banking Group both closed HK$100 million trades. The first note has a zero interest payment frequency; the second pays interest quarterly and has a final coupon of 4.650%. Italian lira made only its seventh appearance in the market this year. It was Deutsche Bank who traded the currency for the third time in 2001 with a L50 billion ($22.73 million) note that has a tenor of five years. Also making a relatively rare appearance was Canadian dollar. General Motors Acceptance Corp of Canada's C$100 million ($65.40 million) MTN was the 30th traded in the currency this year. France Telecom concluded a Kr500 million ($13 million) note to be issued on August 20. The three year-note pays interest quarterly. Credit Lyonnais Finance closed a Sfr1.52 million ($0.89 million) note that pays interest singularly and has a final coupon of 8.530%.

US dollar, euro and yen predominated yesterday and took 92% of the market share. The remaining 8% was left to Hong Kong dollar and Australian dollar. Eurofima issued the only Aussie dollar trade. The A$200 million ($102.48 million) note goes out to 2011 and is due on August 22. It pays a final coupon of 6.5% and pays interest semi-annually. Hong Kong dollar attracted the usual bank names, although Development Bank of Singapore was conspicuous by its absence. NIB Capital Bank issued a three-year HK$75 million ($9.62 million) trade that pays a final coupon of 4.95% and pays interest annually. It was the longest-dated trade in the currency. Other bank names in Hong Kong dollar were Lehman Brothers Treasury, MSDW Asia Securities Products and SGA with two notes: a one-month HK$77.5 million note and a nine-month HK$77.5 million.

Development Bank of Singapore issued seven Singapore dollar trades yesterday. No other borrower was present in the sector. The amounts ranged between S$2 million ($1.12 million) and S$200,000, and all had a maturity between 27 days and 31 days. Hong Kong dollar attracted bank issuers. All were in the medium to short end of the maturity spectrum. Swedish bank Spintab's HK$200 million ($25.65 million) three-year note was the longest-dated HK dollar trade. It pays a final coupon of 4.85% and pays interest annually. Australia and New Zealand Banking Group issued a HK$200 million one-year note that pays a final coupon of 3.74%, and a HK$100 million two-year FRN. Portman Building Society issued for the first time in the market this year. It chose sterling for its first two trades of 2001. Its £

Parkland Finance Corporation has signed a euro3 billion ($2.64 billion) Euro-MTN programme a month after signing a euro3 billion Euro-CP programme. Deutsche Bank is arranger off both the facilities. The Cayman Islands-based investment company does not intend to launch its MTN facility until September however, according to a Deutsche Bank spokesperson. It is Deutsche Bank's 16th MTN programme arrangership this year, and its sixth Euro-CP arrangership. Parkland Finance Corporation was set up in June this year for the purpose of investing in debt securities of all kinds. It has also set up a euro2 billion capital note programme. The dealers for the Euro-MTN programme are the arranger, Barclays Capital, Lehman Brothers, Merrill Lynch and Morgan Stanley. The dealers for the Euro-CP programme are the arranger and Lehman Brothers.

* Düsseldorfer Hypothekenbank AG Amount: Eu100m (fungible with Eu900m issue first launched 13/07/98) Öffentlicher Pfandbrief series 30

* Ford Motor Credit Company Rating: A2/A/A+

Royal Bank of Canada has increased the ceiling off its programme for the issuance of notes from $10 billion to $12 billion. The programme has issued 30 trades since signing in July 1997, 20 of which are still outstanding and worth $4.84 billion.

* European Investment Bank Rating: Aaa/AAA

* Pacific Life Funding LLC Rating: Aa3/AA+

Domestic issuance: * Aargauische Kantonalbank

Tower Holdings (Australia) helped cement the expanding high grade sector of Australian bonds when it launched only the second ever triple-B rated bond to firm investor interest last Friday. The $100m two year transaction was sole lead managed by National Australia Bank (NAB) and was priced at par, with a coupon of 69bp over BBSW. Tower Holdings (Australia) is the Australian arm of the New Zealand insurance company.