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Brazil hopes to pull off the biggest ever Samurai issue for an emerging markets borrower and one of the largest for an issuer of any kind in the Japanese market when it launches its ¥180bn two year deal next week, despite Moody’s cutting Argentina’s rating from B3 to Caa1 late yesterday (Thursday).

Brazil hopes to pull off the biggest ever Samurai issue for an emerging markets borrower and one of the largest for an issuer of any kind in the Japanese market when it launches its ¥180bn two year deal next week, despite Moody’s cutting Argentina’s rating from B3 to Caa1 late yesterday (Thursday).

Finance minister Jiri Rusnok has been reported as saying that the Czech Republic is considering a Eurobond issue for later this year, with a five to 10 year maturity, to meet budgetary overspending. The republic is unique among the EU applicant countries in not having any sovereign paper outstanding in the international bond markets.

Michael Haize is to join Deutsche Bank as head of debt capital markets (DCM) in France. He will be based in Paris and report to Jorge Calderon, the global DCM head appointed in June (see EuroWeek 706). Calderon is a well known asset backed expert who moved up to head DCM after Grant Kvalheim left to join Barclays Capital (see EuroWeek 703). Kvalheim's departure gave Deutsche's Joe Ackermann the opportunity to fold Kvalheim's old DCM group into Anshu Jain's global markets group. This has had the effect of bringing the debt products into the same unit.

Dorada Corporation has dropped Banque Internationale a Luxembourg as the IPA off its $5 billion Euro-CP programme. They are replaced by Citibank.

Lebanon * Republic of Lebanon

* ANZ Banking Group Ltd Rating: Aa3/AA-/AA-

Euro notes on Friday ranged in size from euro1.35 million ($1.18 million) to euro130 million. There was also a mixed bag in terms of maturity, ranging from one year to forty years. Earls issued the smallest trade of the day. The SPV's euro1.35 million note is issued on August 1 and pays interest singularly. It matures on March 10 2024. The trade was their first in euro this year and only its second-ever in the currency. SNS Bank, in comparison, is to issue its 41st euro note of 2001 on July 30. The one-year euro43.23 million note has a zero interest payment frequency. A less frequent issuer, Deutsche Verkehrs Bank is set to issue its fourth note of the year, a euro25 million MTN on August 6. The note reaches out to February 6 2006 and pays interest semi-annually. Atlanteo Capital concluded the longest dated note - a euro25.26 million MTN which matures on June 30 2041. The note is issued tomorrow, pays interest monthly and has a final coupon of 6.014%. LVMH is set to issue the largest trade of the day. The two-year euro130 million note is to be issued on August 8. The note pays interest annually.

Euro trades today were largely at the short-end, with only two trades reaching maturities of ten years or over. The two longest-dated trades came from the Banking sector, with Dresdner Bank issuing a 10-year euro10 million ($8.70 million) note and Deutsche Bank issuing a euro46.33 note that reaches out to August 9 2013. The smaller of the two notes pays interest quarterly while the larger pays interest singularly. Landesbank Sachsen Girozentrale simultaneously issued the two largest and shortest-dated notes of the day. Their two MTNs are for euro200 million and euro250 million respectively, and both mature on January 30 2003. Both notes pay interest semi-annually. Iberdrola International has made its seventh euro trade of the year, with a euro100 million note, which has a final coupon of 0.20000%. Credit Agricole Indosuez act as the issuer's bookrunner for the second time this year, according to MTNWare. Also issuing were Banque et Caisse d'Epargne de l'Etat Luxembourg, who concluded a euro 100 million note which reaches out to February 7 2003.

After the low volumes of tuesday, euro picked up yesterday with three trades breaking the euro100 million ($87.93 million) level. The largest trade was a euro203 million secured note issued by the SPV, Repackaged Offshore Collateralised Kredit (ROCK) Two. The note pays interest singularly and has a final coupon of 3.075%. Lloyds TSB Bank also weighed in with a one-year euro162.50 million note that pays interest quarterly. SNS Bank continued its euro issuance this week with two trades - a euro10 million note that goes out to September 4 2009 and a euro4.57 million note that matures on August 27 2013. Merrill Lynch lead managed a euro100 million note for Unibail. This was the second time they have teamed up this year, according to MTNWare. Linde issued its first euro trade of the week - a euro10 million note that goes out to July 25 2005. Salomon Smith Barney acted as bookrunner for the trade.

Yesterday saw both the largest and smallest euro trades of the week. The two-year euro500 million ($439.63 million) MTN was traded by DaimlerChrysler North American Holding. The note, which pays interest quarterly was by far the issuer's biggest euro trade of 2001, by euro450 million. Deutsche Bank acted as bookrunner on the second largest trade of the day. The euro145 million note from Munchener Hypothekenbank was its 19th euro note so far this year. The note pays interest annually and has a final coupon of 4.400%. At the opposite end of the volume scale, was euro2.5 million trade by Sanpaolo IMI Bank (International), which pays interest quarterly and has a final coupon of 1.500%. The note reaches out to July 25 2011. Unibail issued its first euro note of the week, which is a euro100 million note that goes out to August 17 2004. All of the issuer's seven trades in 2001 have come in euro.