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Sixteen trades were closed in US dollar yesterday, making up over 40% of the market's volume. Financial repackaged (SPV) issuers made up a large part of the overall number of notes traded and Repackaged Offshore Collateralised Kredit (Rock) Two issued five long-term US dollar notes. The amounts ranged between $7.28 million and $24.5 million and the maturities vary between 2020 and 2023. US dollar trades were concentrated in the single-A and double-A sector. SNS Bank Nederland was one of the lowest-rated borrowers to issue in US dollar, with a programme rating of A2 by Moody's. It issued an eight-year $5 million note that pays interest annually. Lehman Brothers Treasury also issued two trades: a $100 million FRN that matures in 2001 and a $10 million 13-year note. The only triple-A issuers in the US dollar market were KfW International Finance, with a $500 million three-year trade that pays a final coupon of 5% and Freddie Mac, with a $50 million 10-year note that pays a final coupon of 7.1%. Allstate Life Funding was the only private corporate to issue in US dollar. Its $35 million two-year note pays interest quarterly and is due on August 8. It is the borrower's ninth trade this year, but only its second in US dollar, having previously chosen sterling, Aussie dollar and euro.

SPVs ELAN and BRV both issued under the Unspecified multiple issuer programme set up by Morgan Stanley in 1998. ELAN closed a $15 million three-year trade that pays interest semi-annually and BRV did a $8 million 12-year note. This was the longest US dollar note executed on Friday, July 27. Royal Bank of Scotland closed a 10-year $10 million note that pays a final coupon of 6.655%. And BNP Paribas also issued a note of this maturity. The $10 million 10-year trade is due on August 15. Five-year notes were popular and were the choice of Morgan Stanley Dean Witter & Co, HSBC Bank USA, Merrill Lynch & Co and Signum. HSBC's $2.88 million five-year trade pays a final coupon of 5%. SNS Bank Nederland issued a $10 million one-year trade that pays interest quarterly. And World Bank closed a $20 million three-year note that pays a final coupon of 4.100% and is due on August 3.

* Württembergische Hypothekenbank AG Rating: A1/A+

Paccar, the US truck manufacturer, has set up a euro400 million ($351.58 million) Euro-CP programme via its financial entity, Paccar Financial. Barclays Capital arranged the facility. The shelf is rated P-1 by Moody's and Standard & Poor's rates it A-1+. Although details are not yet confirmed, it is believed that the debut trade is planned for next week. Citibank International joins the arranger on the dealer panel. Bank One is the paying agent. Paccar manufactures heavy-duty trucks under the DAF, Kenworth and Leyland trucks nameplates.

elgium Mandated arranger Deutsche Bank has launched a $2.8bn six month L/C for Euroclear Bank.

The traditional summer slowdown seems to be on hold this year as investors remain flush with cash looking for suitable homes, particularly in the short end euro market. The dollar market was also in fine fettle, absorbing $4.785bn of global supply from financial issuers and a $1bn re-opening of Fannie Mae's 6.25% February 2011 subordinated Benchmark Note.

UK property company Wimpey may tap the loan market to fund its cash acquisition of Alfred McAlpine's building activities. The two building companies confirmed yesterday (Thursday) that they are holding discussions over the possible sale of McAlpine's house building businesses to Wimpey.

The traditional summer slowdown seems to be on hold this year as investors remain flush with cash looking for suitable homes, particularly in the short end euro market. The dollar market was also in fine fettle, absorbing $4.785bn of global supply from financial issuers and a $1bn re-opening of Fannie Mae's 6.25% February 2011 subordinated Benchmark Note.