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Dexia Crediop (previously known as Crediop) has redenominated and increased the debt capacity off its $3 billion Euro-MTN programme to euro8 billion ($7.04 billion). UBS Warburg and Dexia Banque Internationale a Luxembourg have been dropped as dealers, while Goldman Sachs and SG have been added to the dealer group.

Even at the height of the summer season, the international swap markets enjoyed a relatively busy week. In the dollar sector, the combination of low rates, tight corporate spreads and a vertiginous yield curve proved irresistible to corporate borrowers. A large portion of the debt seen was also swapped to floating rate. In the euro market, there has been considerable interbank trading in the hope that the European Central Bank (ECB) will soon cut rates. At the same time, the market learned this week that the Danish Central Bank has been active in the cross-currency swap market converting Danish krone to euros.

Hungary The $50m dual currency loan for the Hungarian Export-Import Bank has been closed oversubscribed and the borrower is considering an increase.

Mexico * United Mexican States

* Autonomous Region of the Azores Rating: A1

Thursday's announced deals in euro were issued primarily from French and German borrowers. Societe Generale Acceptance did two trades for euro2.7 million ($2.39 million) and euro25 million. The first goes out to October 2006 and the second to December 2009. And France Telecom did a euro200 million two-year trade. Credit Lyonnais Finance did one of the smallest trades of the day, a euro1.29 million note that matures in November next year. Meanwhile, Deutsche Verkehrs Bank and Landesbank Sachsen both went for euro50 million notes. Deutsche Verkehrs Bank's note matures in August 2011 and pays 6%, while Sachsen's goes out to February 2003 and pays interest quarterly. Dresdner Bank and Munchener Hypothekenbank were the other two German issuers trading yesterday. They issued euro150 million four-year and euro100 million two-year trades respectively.

* Deutsche Telekom International Finance BV Guarantor: Deutsche Telekom AG

Euro trades announced on Monday appeared in several different guises. There was the short, the long, the small and the big. Sonera Corp did a euro200 million ($177.13 million) trade that matures in February 2003 and pays 5.125%, and Hypothekenbank in Essen issued a euro500 million note that also matures in February 2003. It pays interest quarterly. SGA Societe General Acceptance opted for the other end of the size scale, issuing a euro2 million note. It goes out to August 2011 and pays interest quarterly. Credit Lyonnais Finance followed suit, with a euro3.05 million zero-coupon trade that goes out to August 2006. The day's longest trade was a euro25 million note issued by Bank Austria. It has a tenor of 30 years and pays interest quarterly. St Michael Finance was making itself known with a euro50 million five-year trade that pays 5.25%, and BCL International Finance was feeling a bit more generous, issuing as it did a euro10.4 million note with a coupon of 8%. It matures this time next year.

Euro trading was quiet on Friday but was boosted by two big trades. Deutsche Telekom International Finance weighed in with a euro500 ($439.78 million) trade. The two-year note is issued on August 28. The bookrunner is Lehman Brothers. Diageo closed a five-year euro300 million note that pays interest quarterly. Westland/Utrecht Hypotheekbank is to issue a one-year euro150 million note on August 8. The note pays interest singularly and has a final coupon of 4.235%. In contrast to the larger trades, Commerzbank International closed a euro2.4 million note to be issued on August 10. The note, which has a zero interest payment frequency, matures on August 7 next year. Also issuing were Banque Generale du Luxembourg (euro5 million), Merrill Lynch (euro7.7 million), Deutsche Flugsicherung GmbH (euro40 million) and Barclays Bank (euro229 million).

Only eight trades were announced yesterday, all between two and 10 years in length. Crediop Overseas Bank did the second-biggest deal: a euro250 million ($221.42 million) note via Morgan Stanley. It matures in August 2003 and pays Euribor+5 basis points. It also issued a euro61.5 million note that goes out to August 2007. The biggest trade was done by Goldman Sachs with a euro300 million five-year note. Hamburgische Landesbank's euro100 million trade was the only one to stretch to 10 years, although another landesbank, Landesbank Sachsen, did a euro15.03 million trade that goes out to August 2009. FCE Bank and Hapoalim International each did euro150 million trades. They mature in four and five years respectively. And Barclays Bank was the only issuer to announce a trade yesterday, doing a euro5 million three-year deal. It has a zero-coupon strructure.

Euro trading picked up yesterday after a slow first half of the week. Twenty-one deals were announced, and most were under euro50 million ($44.28 million). France Telecom issued the biggest note. It was a euro300 million trade that goes out to August 2003 and pays a final coupon of 4.625%. The smallest deal was a euro270,000 note issued by Unibanco. It matures in February 2002. It also did a euro1.08 million trade that matures in one year. Credit Industriel et Commercial issued a euro12 million note that goes out to August 2005. It is the French bank's third note of 2001, all of which have been small euro trades. French issuers were responsible for twice as many trades as any other nation. LVMH did a euro50 million three-year deal, maintaining quite a regular issuance policy. It has a final coupon of 5.375%. And Renault Credit International did a euro25 million trade that goes out to August 2006. It pays 5%.

The second round of Fannie Mae's callable Benchmark programme was the highlight of a quiet week in the agency market. "We are all just waiting to get back to work at the end of August," one syndicate official said. Fannie Mae re-opened its previous 10 year non-call three issue for $500m, and priced $1bn of a new five year non-call two. The market was expecting $1bn-$1.5bn on the five year and $500m-$1bn on the 10 year. There was some surprise that they were both at the smaller end of the range.