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Euro volume was dominated by one issuer yesterday - GMAC International Finance (GMAC). GMAC traded two euro250 million ($219.67 million) notes. One is a two-year note to be issued on August 13. The second trade is a three-year note issued on August 16. Both notes pay interest quarterly. The next highest volume trade was a euro50 million MTN issued by Dexia Credit Local de France. The note has a zero interest payment frequency and reaches out for ten years. HSBC Investment Bank (Netherlands) issued at the short-end with a euro20 million note that matures on September 14 of this year. Credit Lyonnais Finance (Guernsey) came to the market with two eight-year euro5 million notes. The notes take the issuer's euro trades to seven for this year, accounting for a 55.06% share of its volume traded. Deutsche Bank issued the smallest trade - a euro3.70 million note that is to be issued on August 9. The note pays interest quarterly and matures on May 9 2006.

Friday was dominated by small and short-dated euro trades. Of the 11 notes traded, nine had a tenor of five years and under. Credit Lyonnais Finance traded the smallest note of the day - a one-year euro2.5 million ($2.19 million) note that pays interest singularly. Credit Agricole Indosuez traded a euro3.5 million MTN with a tenor of just nine months. The only trade over six years was Atlanteo Capital's euro36.60 million MTN which is to be issued on August 3 and matures on December 30 2015. The note pays interest singularly and has a final coupon of 1.000%. BNP Paribas issued two euro notes for euro3 million and euro30 million. The smaller note pays interest annually and has a final coupon of 7.000%. It matures on July 16 2004. The one-year euro30 million issue pays interest quarterly.

Just a few issuers dominated euro trades yesterday. UBS Warburg (Jersey) was particularly active issuing eight trades. Each was a euro10 million ($8.82 million) note that has a zero interest payment frequency. All the notes are issued on August 20 and have a tenor of five years. Deutsche Bank came to the market with three trades for euro5.75 million, euro6.50 million and euro7 million. All the notes mature in five years. Zenith Investments issued a euro19.56 million and a euro35.60 million note. The smaller two-year note is issued on August 29. The larger note has a maturity of 27 months. Both trades pay interest singularly. Goldman Sachs bookrunnered a euro250 million note for Hypothekenbank in Essen. The note is issued tomorrow (August 3) and matures on February 3 2003. Deutsche Telekom concluded the largest trade - a two-year euro500 million note that pays interest quarterly. Morgan Stanley is set to issue a six-year euro100 million note on August 8. The note pays interest singularly.

Market conditions conspired to make Fannie Mae's third issue of subordinated debt on Wednesday arguably the most successful since the asset class first appeared at the beginning of the year. Fannie Mae's inaugural sub debt deal was priced in January at a spread to senior paper of 22bp, and reached 19bp in the aftermarket. Since then, subordinated agency paper has steadily widened.

The trend continued in euro yesterday for short-dated trades. Ten notes were traded but none had a tenor of more than five years. Credit Lyonnais Finance followed up its one-year euro2.5 million ($2.19 million) note from Friday with a three-month euro25 million note that has a zero interest payment frequency. At the other end of the maturity curve, Crediop Overseas Bank concluded a euro10 million note that matures on December 29 2006. The note pays interest singularly and has a final coupon of 4.500%. Banque PSA Finance issued the largest trade - a euro200 million note to be issued on August 14. The two-year note pays interest singularly. Pfandbrief Bank International traded the second largest note, for euro150 million. The note pays interest singularly and has a final coupon of 4.245%. Also trading were Banque et Caisse d'Epargne de l'Etat Luxembourg, whose euro7.2 million MTN was its 55th in euro this year. In contrast, Abbey National Funding issued its first euro MTN in 2001 - a euro6.93 million trade that matures in one-year.

Focus Retail Group launched its £170m B3/B rated senior notes this week, pricing them at the top end of price talk. The notes are split into two tranches, both maturing on November 1, 2010. The larger £125m piece offers a standard non-call term of 4-1/4 years, and was priced at par with a coupon of 11%. The £45m piece has a non-standard, immediate call, redeemable at 102.00 until November 2003 and at par thereafter, and was priced at par with a coupon of 13%.