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Tuesday saw the busiest day for euro trades for quite some time, as $1.52 billion was issued off 29 notes. Bipop-Carire closed the day's largest trade - a euro500 million ($443.66 million) note that pays interest singularly. The note matures on October 26 2003. IKB Deutsche Industriebank also boosted volume with a euro200 million note that pays interest quarterly. Lehman Brothers was the bookrunner. All but eight of the trades mature in 2006. By far the largest of these trades was Deutsche Bank's euro100 million MTN than matures on May 10 of that year. The note pays interest singularly and has a final coupon of 5.250%. Deutsche Bank was also busy closing two other trades - a 12-year euro5 million trade and a 15-year euro5 million note. Both deals carry a final coupon of 3.000% and pay interest annually. UBS (Jersey) was by the far the busiest issuer, however, with eight trades in all. All of the notes were for euro10 million and all mature on September 20 2006. Salomon Smith Barney was active lead-managing a six-year euro3 million MTN for Banque et Caisse d'Epargne de l'Etat Luxembourg. Dutch issuers made a strong showing, with notes traded by ABN Amro Bouwfonds Nederlandse Gemeenten (euro170 million), Nederlandse Waterschapsbank (euro91.30 million), NIB Capital Bank (euro24 million) and Westland/Utrecht Hypotheekbank (euro14.89 million).

Whilst the number of issues remained quite high at 11, euro volume was down substantially yesterday from Tuesday's high. Regie Autonome des Transports Parisiens closed the largest trade - a euro300 million note that goes out to September 18 2013. Westland/Utrecht Hypotheekbank kept volume up with a euro250 million one-year note that pays interest singularly and has a final coupon of 4.090%. GMAC International Finance concluded a euro95.90 million MTN that pays interest singularly and has a final coupon of 4.259%. Zenith Systems closed the longest-dated trade - a 20-year euro30 million note that pays interest quarterly. The issuer also concluded a euro20 million note that pays interest singularly and matures on March 2 2005. Brazil made its impact on euro trading with two small trades from Unibanco - Uniao de Bancos Brasileiros. One of the issues was a euro0.42 million note that matures on March 7 2002. The other MTN was for euro1.09 million and matures on September 12 2002. Also issuing were Oesterreichische Kontrollbank (euro30 million), Sigma Finance (euro10 million) and Skandia Capital (euro20 million).

Yesterday was a comparatively good day for corporates in the euro sector. Corporates and corporate finance vehicles made up over 74% of the volume announced. Renault Credit International announced a euro300 million ($272.5 million) note, with a maturity date of September 2004. And Volvo Treasury did two notes, one for euro22 million the other for euro38 million. They go out to September next year and March 2003 respectively. The only supranational doing business was European Investment Bank with a euro50 million trade. It matures in September 2003 and pays a final coupon of 4.17%. There were three SPVs announcing trades: BRV with a euro15 million 20-year trade, ELAN with a euro3 million six-year note and Zenith Investments with a euro20 million five-year deal. The private banks brought up the rear. HypoVereinsbank euro20 million 10-year note. It pays a final coupon of 5.01%. Crediop Overseas Bank did a euro10 million two-year trade and SNS Bank Nederland announced its 47th euro trade in 2001. It was a euro5 million five-year note.

UK tobacco firm Gallaher Group this week announced interim results that were broadly in line with market expectations, ahead of its planned euro benchmark transaction, which should be launched later this month. A fortnight ago, Gallaher awarded the mandate for the five year deal to BNP Paribas, Dresdner Kleinwort Wasserstein and JP Morgan, and a European roadshow will start on Monday.

The European equity-linked market is fully open for business again after the summer lull as three new issues were launched this week. Two of them came from Ergo International, the German insurance company, which sought to exit positions from two non-core assets and refinance recent acquisitions. Morgan Stanley raised a combined Eu645m as it led a dual tranche offering for Ergo International, exchangeable into Aventis and E.ON. Both issues were launched just before noon on Tuesday and the books were well covered three hours later.

India Mandated arrangers ANZ Investment Bank, Citibank/SSSB and Standard Chartered signed in the banks on the oversubscribed syndication of the $250m loan facility for Reliance Petroleum last Friday.

Japanese investors have discovered the Euro-CP market. The amount of outstanding yen in the market has shot up by 300% since the beginning of the year, from $5.6 billion-worth to $22.5 billion-worth. It is a sign of Japanese money funds being forced to look outside their domestic market to get the yields they want. John Delaney is in fixed income, currencies and commodities at Goldman Sachs. He thinks the growth of yen paper in the market may have surprised a few people, but that now it has the attention of issuers it should continue to progress. He says: "It's something that has developed this year, but I don't see why it shouldn't continue." Yen had a 2.5% share of the market's outstandings in January this year, and this has expanded to almost 9%. Delaney continues: "There is a lot of liquidity in Japan at the moment. Investors are looking around for products to buy and some issuers can provide the yield they want."

JP Morgan has poached six asset repackaging specialists from Deutsche Bank in a bid to catch up with the market leader in this secretive field. Repackagings are mini-securitisations, backed by a single asset and often bought by a single investor. The aim is to use derivatives to fashion a bond with the exact credit, maturity, regulatory and interest rate characteristics desired by the investor.

Landsvirkjun and Islandsbanki made it a week to remember as they took a select group (about 40 in all) of MTN and CP dealers on a fishing expedition in western Iceland. Landsvirkjun's Stefan Petursson and Islandsbanki's Ingvar Rangarsson were the perfect hosts and handed out waterproof coats and gloves (welcomed by all except for Deutsche's Chris Jones who, in good boy scout style, insisted on wearing shorts on the trip). Barclays's Nabil A-booze-a-lot proved to have a talent for reeling in the giant cod, but Stefan Petursson wasn't so lucky - he only caught the one that got away. Paul Jones at UBS Warburg especially enjoyed hacking off the fish's heads and gutting them afterwards. Nice boy. And Morgan Stanley's Klaus Svendsen only managed to catch a tiddler (see photo). But it was about the only thing he did manage to catch. Poor Klaus missed the plane on the way home and hasn't been happy since. But he wasn't the only one... Antoine Loudenot from Barclays also missed the flight, and had to forego a wedding in Paris on Saturday afternoon... luckily not his own. And the nightlife lived up to its reputation. Merrill's Anthony Everill managed to keep upright until 3.45am (to be exact), but others kept on going until six. Gayle Turner at Commerzbank has been all at sea too - she's been sailing for a week off England's south coast. But things got a bit out of hand for Merrill's MTN originator, Rodolfo Diottalevi, this week when he left his palm computer in the back of a cab.

The Republic of Turkey will embark on a publicity blitz on Monday to break back into the international bond market. Morgan Stanley and Salomon Smith Barney will host a two week non-deal roadshow for the republic spanning both sides of the Atlantic.

The Republic of Turkey will embark on a publicity blitz on Monday to break back into the international bond market. Morgan Stanley and Salomon Smith Barney will host a two week non-deal roadshow for the republic spanning both sides of the Atlantic.

Chorion, a night club operator and intellectual property rights owner, has mandated Royal Bank of Scotland and Barclays Bank to arrange a £40m revolving credit facility. The arrangers have fully and equally underwritten the deal which is divided into two tranches.