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The banking sector found several opportunities in dollar. ING bank issued $10 million with a one-year trade, Deutsche Bank and Commerzbank closed a $30 million and $9 million three-year trades respectively. And Rabobank Nederland and HSBC closed trades in the five-year sector, for $12.25 million and $4.15 million respectively. And guaranteed investment contract-backed (gic) issuer Jackson National Life Funding issued a $50 million five-year note that pays interest quarterly. The trade is due on July 30. St Michael Finance issued at the short end with a $25 million one-year trade, due on August 1. Repackaged Offshore Collateralised Kredit (ROCK) Two spread its maturities between 20 and 29 years with four trades. The trades are a $77 million 20-year note, a $77.55 million 21-year trade, a $28.42 million 29-year and $28 million 29-year. All four trades are due on August 8. These are the first trades in US dollar issued off the $5 billion secured note programme, arranged by Deutsche Bank in 1999.

US dollar accounted for almost half of the volume that went through the market yesterday. Freddie Mac was responsible for the two largest trades to go though: a $300 million three-year trade that pays a final coupon of 4.875% and pays interest semi-annually; and a $1 billion 10-year note that pays a final coupon of 3.75%. Freddie Mac also issued the longest-dated US dollar trade. The $50 million note pays a final coupon of 2.635% and matures on August 30 2016. Westland/Utrecht Hypotheekbank closed a one-year $75 million note that pays a final coupon of 3.9%. And Westpac Banking Corp issued a $10 million 10-year trade, due on August 8. The note pays a final coupon of 6.765%.

Austria Arrangers Dresdner Kleinwort Wasserstein, JP Morgan and WestLB say they have received commitments on the Eu1bn facility for Connect Austria. However market sources suggest that the deal is struggling and few banks say they have considered joining the facility.

Yell Finance BV, the holding company for classified directories publisher Yell Group plc, this week launched the largest ever junk bond for a European corporate, executing its sterling and dollar high yield issue in the face of adverse market conditions.

Yen has typically been trading at the short end of the curve recently, but of the 19 notes announced today 17 of them are for four years or longer. World Bank made a thirty-year ¥1 billion ($8.01 million) trade that pays 5.05%, and Daiwa Securities SMBC Europe has done two trades that go out to June and July 2016. They are valued at ¥800 million and ¥500 million. The larger of the two notes pays 2% while the smaller pays 3%. There were two other 2016 trades done, by Rabobank Nederland and Royal Bank of Scotland. Rabobank's ¥1 billion deal has a final coupon of 2.1% and pays interest semi-annually. RBS's ¥500 million pays a final coupon of 2%, and has just the one interest payment. The favourite tenor was 10 years. Eight ten-year yen trades have been announced, from issuers including Tokai Bank Nederland, Export Development Corp, Lloyds TSB and Suntory. Daiwa was involved again at this length too. Sumitomo Mitsui Banking Corp had the biggest deals: two ¥5 billion trades maturing in August 2011 and one of which pays a final coupon of 1.05%.

Suncorp-Metway did a ¥20 billion ($162.47 million) two-year trade yesterday, but apart from this there were only two trades of the 31 announced that were sized at over ¥3 billion. These were done by BOS International (Australia), with a ¥10 billion deal that goes out to August next year and pays 0.1%, and UBS also with a ¥10 billion trade that goes out to July next year and pays 0.89%. BNP Paribas made three longer-dated trades: a ¥500 million 12-year note, a ¥300 million 20-year note and a ¥100 million thirty-year note. They pay 1.8%, 4.2% and 3.5% respectively. Some SPVs were keeping their makers happy too. Goldman Sachs' conduit Pisces Finance issued two five-year notes, one for ¥1 billion the other for ¥625 million. Apollo Spires, the Merrill Lynch-backed issuer, went for a five-year term too. It was a ¥700 million note that pays interest semi-annually. BOATS Investments was doing stuff for CSFB with a ¥400 million three-year note, and JETS International Two, the Tokyo-Mitsubishi arranged programme, did a 10-year ¥1 billion note. CDC IXIS Capital Markets and World Bank each issued ¥2 billion 30-year trades. World Bank's note pays a final coupon of 8.05%.

Maturities in yen today have varied from three months to 25 years. And the frequency of trades along that curve has been quite even. First Chicago Tokio Marine Financial Products made its third and longest trade of 2001. It was a ¥1 billion ($8.04 million) three-year note that pays a single coupon. And Signum did a ¥1.4 billion four-year deal and a ¥1 billion eight-year trade. DaimlerChrysler North American Holding Corp and BOS International (Australia) did the days biggest deals. Both issuers went for ¥10 billion trades with a one-year tenor. DaimlerChrysler's note pays 0.37% and BOS's pays 0.1%. Meanwhile Vorarlberger Landes- und Hypothekenbank went towards the longer end with a ¥1 billion 20-year note done through Merrill Lynch. It was a non-call two FX-linked structure, callable annually thereafter. Sebastian Hoermann, MTN trader at the issuer, says: "We've seen many enquiries for yen, most of the time for power reverse duals, and in general the sector is looking pretty good for us. The big question is about the German landesbanks and the new regulations on their guarantees to be implemented in five years time. But it should only effect the euro deals really, not the yen deals so much."

Deutsche Bank has hired Yves-Francois Brogard, equity finance sales for French-speaking countries at Goldman Sachs in London, in a similar position. The equity finance sales department caters to the cash and equity derivative needs of hedge fund clients.

* DWS Finanz-Service, the German asset manager, which is a subsidiary of Deutsche Bank, yesterday (Thursday) launched a Eu625m managed arbitrage collateralised debt obligation backed by leveraged loans and high yield bonds. Lead managed by Goldman Sachs, the deal offered four tranches of fixed and floating rate notes above an equity piece.

Caboto (IntesaBci) yesterday (Thursday) completed its Eu65m securitisation backed by residential mortgages originated by BCC di Manzano, a credit co-operative bank based in the Udine region in Northern Italy. The deal follows a flurry of activity in the Italian RMBS market, with the two largest RMBS deals ever to come out of the Italian market launched during the last two weeks. However, this deal remained unaffected by the level of issuance and was priced in line with expectations.

Italian car manufacturer Fiat this week launched its second auto loan securitisation: a Eu950m deal that shaved 1bp off its predecessor's launch spread. Lead managed by BNP Paribas, Schroder Salomon Smith Barney and Mediocredito Centrale Gruppo Banco di Roma, and arranged by Dublin-based Euro Capital Structures Ltd, the transaction follows Fiat's larger Eu965m offering launched in July last year.

General Healthcare Group, the UK's leading provider of private hospitals, yesterday (Thursday) launched its £975m whole business securitisation via Morgan Stanley. The deal will refinance a £906m bridge loan extended by Morgan Stanley last September to back the company's acquisition by venture capital house BC Partners. It paid £1.29bn for the business from its rival Cinven.