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Twenty-one notes were closed in US dollar yesterday, totalling over $2.94 billion-worth. Two $1 billion trades were issued by Freddie Mac with maturities of one and two years. The short end in US dollar has fallen off and the shortest-dated trades were for one year. Maturities have begun to move out as well. World Bank did a 20-year $75 million note, due on September 7. An occasional name in the market, Republic of Argentina, issued four three-year notes for $20.10 million, $45 million, $5.89 million and $21.22 million. It has previously issued four notes this year, three in dollar that all mature in 2004 and one in euro that goes out to 2007.

Fourteen issuers tapped the US dollar sector yesterday, closing 22 trades between them. Five and six years were the most popular maturities, with nine dollar trades falling into this sector. And most borrowers were at the higher end of the credit spectrum, with triple-A names like Freddie Mac and KfW, but also from the double-A and single-A borrowers. The borrowers that accessed the currency more than once were Freddie Mac, HSBC Bank USA and Credit-linked & Structured Securities (CLASS). Freddie Mac closed four notes with tenors of five, six and seven years. The amounts were between $13 million and $38.70 million, down considerably from the issuer's two $1 billion notes yesterday. HSBC Bank USA issued three $250,000 one-month notes and a $2 million four-year trade that pays a final coupon of 6%, while CLASS, the SPV set up by Deutsche Bank, issued a $4.19 million note maturing in 2003 and two six-year notes for $1.90 million and $5.71 million. Nestle Holdings was an unusual name in the market, with its $300 million six-year trade that pays a final coupon of 5.125%. The syndicated note had UBS Warburg as lead dealer. Royal Bank of Scotland issued a $10 million 10-year note that pays interest semi-annually and DePfa closed a $13 million two-year trade with a final coupon of 4.242%.

French issuers dominated the US dollar market yesterday, in terms of number of trades. They announced 10 deals between them, out of the 31, and raised just over $106 million. Banque Nationale de Paris and BNP Paribas announced issues ranging from $5 million to $10.3 million and from one to ten years in length. CDC IXIS Capital Markets came to the market with a $50 million note. It pays a final coupon of 7.14% and matures in September 2016. And Credit Lyonnais Finance (Guernsey) did four trades ranging from $110,000 to $10.42 million. They all have terms of less than one year. Only five trades were announced that were not done by financials. Coles Myer did a $20 million five-year note that pays interest quarterly. Toyota Motor Credit Corp announced a $100 million three-year note. And Zenith Investments, the Morgan Stanley-run conduit, did a $5 million 12-year trade.

The US Federal Reserve lifted spirits early this week when it cut interest rates by 25bp, but hopes of further easing fell afterwards when comments released by the FOMC and economic data suggested an end to the current cycle. But although the global market dollar market was limited to a $9bn two part Benchmark Note financing by Fannie Mae this week, which was healthily oversubscribed, bankers expect a wall of issuance to hit the market after Labor Day.

Belgium Sole arranger Citibank has launched a Eu500m revolver for the European subsidiaries of AON Corp, the Chicago-based insurance brokerage.The dual tranche deal is split between a Eu250m 364 day revolver and a Eu250m five year revolver.

Barclays, Citibank and WestLB have won the mandate to arrange the acquisition loan to support WPP Group's cash offer for Tempus Group. The £360m credit is structured as a 364-day term loan with a one year term out option.

* Pfandbriefstelle der Österreichischen Landes- und Hypothekenbank Rating: Aaa

Issuance looked up again on Friday compared to the lacklustre trading of the previous two days. Spintab did a ¥30 billion ($246.18 million) deal that goes out to August next year. It is the issuer's biggest note in the currency. And Renault Credit International Banque kept itself in view with a ¥20 billion trade that also matures in August 2002. It pays a final coupon of 0.2%. The supranationals were doing things on a slightly lesser scale. African Development Bank did two ¥500 million trades with tenors of 25 and 30 years. And European Investment Bank and World Bank both announced ¥1 billion notes with respective terms of 20 and 15 years. The only corporate announcing deals, except for Renault Credit International mentioned above, was Konica Finance USA Corp. It did two trades, one for ¥1 billion and one for ¥1.6 billion. They both mature in a year's time. France Telecom announced a ¥3 billion one-year trade that pays interest quarterly. Yen accounts for almost 70% of the volume raised this year off the issuer's MTN facility. And Caixa Geral de Depositos was the only Portuguese issuer to announce a trade on Friday. It did a ¥500 million 25-year trade.

France, often the leading nation for yen issues, only announced one deal in the currency yesterday. The 30-year note from BNP Paribas was worth ¥100 million ($830,000) and pays a final coupon of 5%. Germany was the busiest country in yen. It did four trades, including the day's biggest. Commerzbank's ¥10 billion note matures in September 2013 and pays a final coupon of 2%. KfW International Finance announced two trades. One was a ¥1.1 billion note and the other a ¥1 billion note. Both mature in 30 years' time. The last German issuer was DePfa Finance with a ¥800 million trade. The 15-year note is the issuer's third in yen, and its second issue this year. It pays a final coupon of 2.5%. In Sweden, Volvo Treasury continued its penchant for yen. The ¥1 billion 10-year trade pays 1.5% and is the issuer's 20th yen note in 2001. The currency makes up over 60% of its funds (see MTNWeek feature, issue 244). Svensk Exportkredit and Kommuninvest I Sverige issued ¥500 million 30-year and ¥600 million 25-year notes respectively. The only UK issuer in yen was AN Structured Issues. It is one of four named issuers off the Abbey National Treasury Services $15 billion programme. The ¥500 million note has a term of 30 years. And Kommunekredit, from Denmark, announced a ¥500 million and a ¥300 million note, both with 15-year maturities. Kommunekredit has issued 13 notes this year, the majority of which have been in yen.

Monday was a busy day for issuers doing yen trades. Forty-five of the 86 notes announced yesterday were in the currency. Merrill Lynch & Co did eight trades, between ¥500 million ($4.16 million) and ¥1.2 billion. Merrill Lynch was the bookrunner for all of them, and their maturities vary between 12 and 26 years. Merrill Lynch was also dealing for other issuers. Kommuninvest I Sverige did a ¥500 million trade via the US bank, which goes out to August 2026. And Svensk Exportkredit did a trade that was identical in terms of size and term via Merrill Lynch. World Bank went for a ¥1 billion 25-year note with Merrill as bookrunner. DaimlerChrysler UK Holding did the biggest yen trade. The ¥10 billion note matures in August next year and pays a final coupon of 0.31%. There have not been many issues from borrowers rated below single-A recently, but yesterday triple-Bs and two non-investment grade borrowers were doing yen business. Sumitomo Chemical (UK), the Baa1-rated Japanese corporate, did a ¥500 million trade and a ¥2.5 billion trade, both of which mature in one month's time. Konica Finance USA Corp, rated Baa2 by Moody's, did a ¥960 million one-year trade that pays a final coupon of 0.115%. And Mitsubishi Motors Credit of America and MMC International Finance (Netherlands), both rated Ba3, both went for ¥500 million notes that go out to the end of November this year.

Thirty-one issuers came to the market using yen yesterday, making it another solid day for the currency. Pfandbriefsteller der Osterreichischen Landes-Hypothekenbanken did the biggest trade of the day: a ¥50 billion ($415.7 million) non-syndicated nine-and-a-half year trade. The rest were all below $40 million. Japanese issuers were the busiest. Five of them issued seven trades altogether, including a ¥4.97 billion note from Tokai Bank Europe. It matures in December this year and pays a final coupon of 0.5%. MMC International Finance did a ¥800 million trade that also matures in December this year, and a ¥1.5 billion trade that matures in November this year. Konica Finance USA Corp issued ¥3.1 billion in two trades. They mature in February and May next year. Three issuers from the UK were doing trades too. St Michael Finance announced a ¥2 billion three-year deal via Mizuho. It pays Libor+25 basis points. Abbey National Treasury Services and Barclays Bank were also involved with smaller but longer-dated trades. Mizuho also led a ¥1.1 billion deal for Rabobank Nederland. The 10-year note has an FX/Step up reverse FRN hybrid structure. And Kokusai Europe did a trade for Bank of Tokyo-Mitsubishi. It was a ¥2 billion FX/FRN hybrid trade that matures in August 2011.

Ghana EuroWeek understands that Barclays, BHF Bank, Commerzbank, Crédit Lyonnais, DG Bank, Dresdner Kleinwort Wasserstein, Ghana International Bank, Natexis Banques Populaires, Royal Bank of Scotland and Sanwa have been mandated to arrange a $300m debt facility for the Ghana Cocoa Board (Cocobod).