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The sub-underwriting co-arranger phase on the £1.05bn senior debt facility for Yell is set to close heavily oversubscribed today (Friday). The facility was twice oversubscribed in syndication. Banks joining the facility taking underwriting tickets of £60m with a target hold of £35-£40m will be scaled back to about £25m and the facility will not be launched to a further round of syndication.

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Landwirtschaftliche Rentenbank issued two yen trades yesterday, a ¥1.1 billion ($8.89 million) 12-year note that pays 1.5% and a ¥1.4 billion 10-year note that pays 1.3%. CDC IXIS Capital Markets went for a ¥1 billion 30-year note, and Svensk Exportkredit issued a ¥400 million 25-year trade. Merrill Lynch led both these last two deals. The CDC trade was one of nine done by French issuers. BNP Paribas issued five notes, ranging from ¥100 million to ¥500 million Three went out to 30 years. And Credit Lyonnais Finance (Guernsey) did three small three-month trades. Only one US issuer was involved in yen yesterday. National Rural Activities Cooperative Finance Corp did one of the biggest trades of the day: a ¥5 billion note. It matures in August 2002 and pays a final coupon of 0.165%.

Trades with maturities between 10 and 15 years were most popular yesterday, accounting for close to 20% of the day's number of trades. Depfa Bank Europe was involved at either end of this band, doing a ¥1 billion ($8.02 million) 10-year trade that pays 1.8%, and a ¥800 million 15-year note that pays 2%. Sanwa International (Sanwa), Business Development Bank of Canada (BDBC) and Hitachi International (Holland) all went for 15-year notes. Sanwa's note pays 2.3%, BDBC's pays 3%, and although no price is available for the Hitachi deal, Salomon Smith Barney was the bookrunner. The only other dealer to be named on the MTNWare database is UBS Warburg. It self-led a ¥1 billion trade that goes out to August 2011. France Telecom did its ninth yen trade of the year. It was also its smallest The ¥100 million note goes out to July 2003. None of its yen trades this year, apart from this latest, has been sized below ¥5 billion. Its biggest was a ¥175 billion public trade done halfway through last month via Merrill Lynch and Tokyo-Mitsubishi. A couple of tripl-Bs were also finding funds in yen. Fuji Finance and UPM-Kymmene went for ¥500 million 10-year and ¥2 billion 5-year notes respectively.

The higher credits were doing most of the work on Friday, according to the deals announced that day. Issuers rated Aaa by Moody's accounted for nearly 27% of the number of trades. African Development Bank was the busiest triple-A, issuing four notes between ¥10 million ($80,000) and ¥1.1 billion. Two go out to August 2021 and the other two to August 2031. And CDC IXIS Capital Markets issued two notes. One has a term of 25 years and pays 4% and the other goes out to 2021 and pays 4.1%. Great Belt A/S (A/S Storebaeltsforbindelsen) issued a ¥2 billion 20-year note, its sixth yen deal, from a total of 10 trades, of the year. And Landwirtschaftliche Renten Bank and Lloyds TSB Bank issued ¥1.1 billion 12-year trades and ¥2.3 billion 20-year trades respectively. Banque PSA Finance has found a liking for yen recently. It did not use the currency for the first time this year until April, but its last three issues have been in yen. The most recent is a ¥10.3 billion note that matures in a year's time and pays a final coupon of 0.2%.

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Caymadrid International has added Barclays Capital and Deutsche Bank as dealers off its $8.5 billion programme for the issuance of debt instruments.

Cesky Telekom (CT) has agreed to pay $1.48bn (Eu1.7bn) to buy out the 49% stake of subsidiary mobile operator EuroTel from Verizon and AT&T. The amount is midway between the Eu1.2bn bid by CT and the Eu2.4bn requested. The purchase will probably be financed by international borrowing in euros in the Eurobond and syndicated loans markets, and the company has received presentations in Prague on possible financing packages from banks, including global houses and those with a strong local presence.

The project finance department of Citibank in New York this week launched a $343m securitisation backed by participations in 25 project finance loans originated by Citibank globally. Lead managed by Schroder Salomon Smith Barney (SSSB), Project Securitisation Co 1 Ltd is just the third term securitisation ever to be backed solely by project finance loans, and it is unique in that the majority of its exposure is in emerging market countries.

CIBC World Markets has set up a $5 billion pass-through note programme in the name of High Income Trust Securities.

Dana Corporation, the Toledo, Ohio-based auto parts supplier, increased its dual tranche dollar/sterling issue this week to $575m and Eu200m, respectively, from an original level of around $500m equivalent. Both tranches were priced through the talk of 9.25%. The dollar notes were priced at par with a coupon of 9%, while the euro notes were priced at 99.186 on the same coupon, offering a yield of 9.125%. JP Morgan and Deutsche Bank were joint bookrunners.

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