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Bahrain Syndication of the $100m three year term loan for Bank of Bahrain Kuwait (BBK) was closed oversubscribed on Monday.

Mexico this week illustrated the distance it has placed between itself and major Latin American peers when it launched a $1.5bn 30 year benchmark global bond that was increased from $1bn after attracting $3bn of orders.

Morgan Stanley this week launched a Eu394m securitisation backed by loans made to public sector bodies in Italy originated by Credito Fondiario e Industriale (Fonspa), a bank specialising in real estate lending that Morgan Stanley bought last year.

Morgan Stanley this week launched a Eu394m securitisation backed by loans made to public sector bodies in Italy originated by Credito Fondiario e Industriale (Fonspa), a bank specialising in real estate lending that Morgan Stanley bought last year.

* Nomura, the Japanese investment bank, is believed to be on the verge of signing a senior asset backed official in Europe. The bank has so far refused to reveal the identity of the person, and speculation is rife about who it might be. The appointment will plug the gap left by Henry Cooke and Robert Palache, the former co-heads of securitisation at the bank who both departed earlier this year.

The European equity capital markets were caught off guard this week as Deutsche Bank sold Eu1bn of Deutsche Telekom (DT) shares in an accelerated bookbuild. No one other than Deutsche Bank and the vendor itself knew that the sale was coming or who sold the stock. The 44m DT shares were sold on Tuesday at Eu23.6 each, offering a 3% discount to Monday's closing price of Eu24.34. Since the sale, the share price has fallen even further, closing yesterday (Thursday) at Eu20.44 - its lowest level for more than three years.

The European equity capital markets were caught off guard this week as Deutsche Bank sold Eu1bn of Deutsche Telekom (DT) shares in an accelerated bookbuild. No one other than Deutsche Bank and the vendor itself knew that the sale was coming or who sold the stock. The 44m DT shares were sold on Tuesday at Eu23.6 each, offering a 3% discount to Monday's closing price of Eu24.34. Since the sale, the share price has fallen even further, closing yesterday (Thursday) at Eu20.44 - its lowest level for more than three years.

The National Bank of Kuwait is poised to announce details of its inaugural transaction in the international bond markets. A mandate for the $300m-$500m five year floating rate note is said to have been awarded to JP Morgan and Morgan Stanley and launch is expected in early September. The bank is rated A3/BBB+ and is a 100% risk weighted entity. Unofficial spread talk of Libor plus the mid to high teens has received mixed reviews.

Yen has dropped off this week, and the back end of the week has been worse than the first half. Only the French issuers kept the market respectable yesterday, issuing 55% of the volume that was announced. BNP Paribas, Credit Lyonnais and Societe Generale Acceptance were doing the usual two or three small trades, while France Telecom continued its issuing spree with a ¥10 billion ($81.02 million) note that goes out to August next year. It has a final coupon of 0.38%. Banque PSA Finance did the biggest trade though: a ¥20 billion note that goes out to September next year. Its final coupon is 2%. The US was responsible for three trades. One came from Pacific Life Funding. It was a ¥5 billion note, maturing in August 2006 and pays interest quarterly. And Rabobank Nederland, the only Dutch issuer to announce a yen trade yesterday, did three trades. They were all ¥1 billion 15-year notes.

There were only 25 yen trades announced on Friday, which meant the most conspicuous names were those we see every day. Caixa Geral de Depositos, KfW International Finance, Landwirtschaftliche Rentenbank, Vorarlberger Landes- und Hypothekenbank and World Bank all issued trades around the ¥1 billion ($8.08 million) mark. The shortest of these was LW Rentenbank's note that matures in August 2011 and pays 1.3%. World Bank had the longest with two deals that mature in 20 years and 30 years. DaimlerChrysler and SNS Bank both issued ¥5 billion one-year trades. SNS Bank's note pays a final coupon of 0.11%. And Kommunalbanken and Linde Finance were both issuing yen too. Kommunalbanken went for a ¥500 million 20-year trade that pays 3%, and Linde issued a ¥2 billion note that matures in a year's time and pays 0.2%.

The week started well for yen-denominated trades. There was a good spread of notes across the maturity curve and a couple of bigger-than-normal issues too. Banque PSA Finance did a ¥20 billion ($162.04 million) deal via BNP Paribas that pays a fixed coupon of 0.20%. The trade matures in a year's time, and Laetitia de Charentenay, head of private placements at Banque PSA, says they want to start looking at slightly longer-dated issues. She says: "We are quite active in yen but I don't want to do any more one-year trades. We have enough of those already so unless we can swap it back into sterling we are going to be issuing 13 or 14 month trades now." Banque et Caisse d'Epargne de l'Etat Luxembourg did a ¥10 billion trade also maturing in one year. It pays a final coupon of 3.5%. And there was a number of ¥2 billion trades from Deutsche Bank, Dexia Credit Local de France, International Finance Corp and Toyota Motor Finance Netherlands. They are all between 10 and 15 years in length and pay around 1.5%, except IFC's note that pays 4.1%. Tokyu Corporation issued its seventeenth trade of 2001. All have been in yen, and this ¥1 billion note goes out to 2011.

Another even spread of maturities, but fewer large deals were announced yesterday. The biggest was a ¥3.9 billion ($31.6 million) trade issued by Apollo Spires that goes out to October 2004 and pays interest semi-annually. French issuers were the busiest, issuing nine of the 41 trades. Credit Lyonnais Finance was responsible for three. It did a ¥1 billion five-year trade, and two small short-dated deals. Its ¥133 million trade has a six-week tenor and pays 13.47%, and its ¥200.36 million note matures in November this year and pays 5%. BNP Paribas followed a similar pattern, with a ¥1 billion, a ¥500 million and a ¥100 million trade, but they have 12-, 30-, and 20-year terms respectively. AN Structured Issues, the United Arab Emirates-based issuer off the Abbey National programme, did a ¥1 billion 12-year note. It pays 1.2%. And Hypo Alpe-Adria Bank and Vorarlberger Landes- und Hypothekenbank, two Austrian issuers, did ¥1 billion and ¥500 million notes respectively. The former has a 12-year tenor, the latter a 20-year tenor and pays 3%.