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CIF Euromortgage has signed a euro10 billion ($8.96 billion) Euro-MTN programme. Deutsche Bank and BNP Paribas are the arrangers. The issuer has been rumoured to be signing since May and has finally put pen to paper this week. CIF Euromortgage is not rated by Standard & Poor's or Moody's. It will enter a competitive market since French financials, such as CDC IXIS Capital Markets, CNCEP and Credit Lyonnais, are among the busiest issuers this year. None of the French banks to issue this year are unrated. It is the first French bank to sign a programme this year, although six French corporates have signed (Air Liquide, Alcatel, Enterprise Miniere et Chimique, Pinault Printemps-Redoute, Suez Lyonnaise des Eaux and Vivendi Environnement) and one French regional authority (Region Ile de France). The dealer panel consists of ABN Amro, BNP Paribas, CDC IXIS Capital Markets, Credit Agricole Indosuez, Deutsche Bank, JPMorgan, HypoVereinsbank and SG.

Colombia is hoping to issue as much as $1.2bn between now and the end of the year, with its plans including a return to the yen markets. This week the republic received authorisation to issue another $500m of bonds, and its director of public credit, Juan Mario Laserna, told EuroWeek that, market conditions permitting, he would like to raise this year the entire $1.2bn the government still has to raise for its 2002 requirements.

* Swedish Export Credit Rating: Aa2/AA+

As was widely anticipated, September opened with an extremely busy week in the debt markets. Moreover, the boom is going to continue: swap dealers in New York say that between $60bn and $70bn of new issuance is expected this month in the dollar market alone, and a great deal of this should be swapped. In the face of this prodigious new supply, swap spreads are eroding. At the end of the week, five year dollar spreads had come in to about 73bp and the 10 year mid-market at 10 years is 79.5bp. When it is realised that 10 year spreads incorporate a 7bp roll into the new 5% August 2011 Treasury sold last month, 10 year spreads are now at the lows of the year.

The Kingdom of Denmark this week launched a $1bn Eurodollar transaction, the first dollar benchmark deal from a triple-A rated sovereign since the UK's in 1996. Moody's upgraded the Kingdom of Denmark from Aa1 to Aaa in August 1999. Standard & Poor's followed suit in February of this year, upgrading the foreign currency issuer rating from AA+. Denmark is one of the few European sovereigns still accessing the international capital markets, but tends not to issue more than Eu500m at a time.

DG Bank has issued and lead managed a Eu50m five year credit linked note, linked to the Slovak Republic's Eu500m 2010 dated Eurobond. The note pays a 6% coupon, and was issued at 99.90, giving a 132bp spread over swaps. In the case of a credit event, coupon payments are zero, and the bond is either swapped for an outstanding issue of the republic, or is settled in cash at the market rate for an outstanding sovereign issue, within 30 days of the event.

Croatia EuroWeek understands that the Republic of Croatia may tap the loan market after it failed to meet its privatisation target for 2001.

The European Investment Bank will be taking advice on its funding strategy over the coming month and the clear message from frequent issuer coverage officers this week was that the supranational has reached a make or break point in its aim of becoming the benchmark issuer in euros.

The European Investment Bank will be taking advice on its funding strategy over the coming month and the clear message from frequent issuer coverage officers this week was that the supranational has reached a make or break point in its aim of becoming the benchmark issuer in euros.

* Banca Carige SpA Rating: A3

After some low volumes in recent weeks, euro bounced back with a strong showing on Friday. Twelve euro notes were traded for $1.05 billion. Banco Santander Noroeste closed the largest trade - a 10-year euro500 million ($454.35 million) MTN that pays interest annually and has a final coupon of 5.250%. Royal Bank of Scotland also closed a 10-year trade for euro50 million. Louis Vuitton Moet Hennessy issued the longest-dated note, with a euro50 million trade that goes out to September 10 2026. Goldman Sachs helped boost volume with a euro75 million MTN that matures on June 25 2009. The note has a final coupon of 1.200% and pays interest monthly. Westland/Utrecht Hypotheekbank was the busiest issuer, closing three trades for a combined euro415 million. Two of the trades were for euro200 million and both notes carry quarterly interest payments and mature on September 7 2003. The euro15 million trade, which pays interest annually and has a final coupon of 1.000%, has a tenor of five years. BNP Paribas closed two small trades, for euro2 million and euro3 million. The smaller note matures on February 20 2009; the euro3 million trade matures on September 10 2004.

After Friday's high levels, the fall in euro volume yesterday came as no large surprise. Of the nine notes closed, only one was for more than euro30 million ($26.91 million). Cofinoga concluded the largest trade, for euro100 million. The two-year FRN pays interest annually. Credit Agricole Indosuez acted as the bookrunner. In contrast, Commerzbank International closed a two-year euro1 million MTN. The note pays interest annually and has a final coupon of 9.800%. Despite low volume, maturities were towards the long-end. BOATS Investments (Netherlands) is set to issue a euro10.68 million note that goes out to July 3 2031. The note pays interest singularly. Hypo Alpe-Adria Bank issued a 10-year euro30 million note that pays interest semi-annually. And both CDC IXIS Capital Markets (euro15 million) and Credit-Linked & Structures Securities (euro25 million) closed trades that reach out to 2009. Caterpillar International Finance (Caterpillar) and SGA Societe Generale Acceptance (SGA) both helped to boost euro volume. Caterpillar closed a three-year euro25 million MTN that pays interest quarterly. SGA concluded a two-year euro20 million MTN that pays interest singularly and has a final coupon of 16.000%.