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The Kommunalbanken funding machine cranked out five yen trades yesterday, two at ¥500 million ($4.05 million), two at ¥600 million and one at ¥1 billion. All will mature in 20 years and pay varying amounts of interest between 3% and 6.2%. The only other local authority to announce a trade yesterday was Kommuninvest I Sverige, with a ¥1 billion 20-year note that pays 3.5%. Islandsbanki did a ¥1.5 billion trade, as did Great Belt from Denmark. They mature in five and 20 years respectively. Japanese issuers were busiest yesterday however. They accounted for almost 25% of the day's funding in yen, and included deals from Daiwa Securities SMBC Europe, Hitachi Credit (UK) and Mitsubishi Corporation Finance. Marubeni Europe did its fourth note of 2001. It was a ¥2.5 billion note that matures in June next year. Salomon Smith Barney was the bookrunner.

* Ford Credit Canada Ltd Guarantor: Ford Motor Credit Corp

Cardine Banca has increased the debt ceiling off its euro3 billion ($2.64 million) debt issuance programme to euro5 billion.

Commerzbank has dropped Lehman Brothers as a dealer off its euro25 billion ($21.94 billion) Euro-MTN programme. The facility is close to its ceiling, with $20.98 billion outstanding off 223 trades.

The dollar market enjoyed another robust week of new issuance this week as corporates such as Amerada Hess, Coca-Cola Enterprises and Hertz moved quickly to take advantage of the buoyant tone in the high grade market. Although US corporate bond spreads backed up slightly yesterday (Thursday), after a large 10 year Treasury auction and amid some profit taking, the bulk of new deals were oversubscribed, increased in size and priced at the tight end of guidance.

The dollar market enjoyed another robust week of new issuance this week as corporates such as Amerada Hess, Coca-Cola Enterprises and Hertz moved quickly to take advantage of the buoyant tone in the high grade market. Although US corporate bond spreads backed up slightly yesterday (Thursday), after a large 10 year Treasury auction and amid some profit taking, the bulk of new deals were oversubscribed, increased in size and priced at the tight end of guidance.

Will John Mack open the floodgates?" This was the question being asked along the Sotogrande cocktail party circuit this week as the new CSFB supremo was reported to be asking certain key executives to take a voluntary pay cut. Those high on the list were said to include CSFB's high tech banking genius, Frank Quattrone, some investment bankers from DLJ and the bond group headed by Jack Dimaio who threatened to move to Barclays Capital. The confrontation between John Mack and the CSFB high-rollers promises to be one of the most interesting in years. What is already clear is that Mr Mack has the total support of Lukas Muhlemann, the chairman of Credit Suisse. Mack has been given a mandate to "clean house" and if that means breaking a few bones, who cares?

Council of Europe Development Bank has increased the debt capacity off its euro10 million ($8.80 million) Euro-MTN programme to euro15 billion. It has also dropped Merrill Lynch as the arranger and has appointed BNP Paribas to the post instead.

Deutsche Bank in London has lost its second senior equity syndicate member since April with the departure of Tom Kennedy this week to BNP Paribas. Kennedy will join BNP Paribas in September as a senior member of the equity syndicate desk. His departure will be a blow to Deutsche Bank, as it comes just a few months after the retirement of Dawn Singleton, the former head of London's syndicate desk.