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There were only 25 yen trades announced on Friday, which meant the most conspicuous names were those we see every day. Caixa Geral de Depositos, KfW International Finance, Landwirtschaftliche Rentenbank, Vorarlberger Landes- und Hypothekenbank and World Bank all issued trades around the ¥1 billion ($8.08 million) mark. The shortest of these was LW Rentenbank's note that matures in August 2011 and pays 1.3%. World Bank had the longest with two deals that mature in 20 years and 30 years. DaimlerChrysler and SNS Bank both issued ¥5 billion one-year trades. SNS Bank's note pays a final coupon of 0.11%. And Kommunalbanken and Linde Finance were both issuing yen too. Kommunalbanken went for a ¥500 million 20-year trade that pays 3%, and Linde issued a ¥2 billion note that matures in a year's time and pays 0.2%.

The week started well for yen-denominated trades. There was a good spread of notes across the maturity curve and a couple of bigger-than-normal issues too. Banque PSA Finance did a ¥20 billion ($162.04 million) deal via BNP Paribas that pays a fixed coupon of 0.20%. The trade matures in a year's time, and Laetitia de Charentenay, head of private placements at Banque PSA, says they want to start looking at slightly longer-dated issues. She says: "We are quite active in yen but I don't want to do any more one-year trades. We have enough of those already so unless we can swap it back into sterling we are going to be issuing 13 or 14 month trades now." Banque et Caisse d'Epargne de l'Etat Luxembourg did a ¥10 billion trade also maturing in one year. It pays a final coupon of 3.5%. And there was a number of ¥2 billion trades from Deutsche Bank, Dexia Credit Local de France, International Finance Corp and Toyota Motor Finance Netherlands. They are all between 10 and 15 years in length and pay around 1.5%, except IFC's note that pays 4.1%. Tokyu Corporation issued its seventeenth trade of 2001. All have been in yen, and this ¥1 billion note goes out to 2011.

Another even spread of maturities, but fewer large deals were announced yesterday. The biggest was a ¥3.9 billion ($31.6 million) trade issued by Apollo Spires that goes out to October 2004 and pays interest semi-annually. French issuers were the busiest, issuing nine of the 41 trades. Credit Lyonnais Finance was responsible for three. It did a ¥1 billion five-year trade, and two small short-dated deals. Its ¥133 million trade has a six-week tenor and pays 13.47%, and its ¥200.36 million note matures in November this year and pays 5%. BNP Paribas followed a similar pattern, with a ¥1 billion, a ¥500 million and a ¥100 million trade, but they have 12-, 30-, and 20-year terms respectively. AN Structured Issues, the United Arab Emirates-based issuer off the Abbey National programme, did a ¥1 billion 12-year note. It pays 1.2%. And Hypo Alpe-Adria Bank and Vorarlberger Landes- und Hypothekenbank, two Austrian issuers, did ¥1 billion and ¥500 million notes respectively. The former has a 12-year tenor, the latter a 20-year tenor and pays 3%.

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.