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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.