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Ten trades were issued in US dollar, although the amount came to just under 5% of the market total, compared to euro's 53% share with just 11 trades. HSBC Bank USA closed three small trades for $210,000, $250,000 and $300,000. All three trades mature in one month. The borrower also issued a $2.94 million maturing in February 2005. Landwirtschaftliche Rentenbank's $24 million note also matures in 2005. It is due on August 29 and is the issuer's first US dollar trade in this maturity bracket this year. World Bank closed a $13.10 million three-year trade, due on August 9. It pays a final coupon of 4.045% and pays interest semi-annually. Commonwealth Bank of Australia issued a $5 million five-year note that pays a final coupon of 1.310%. And Banque et Caisse d'Epargne de l'Etat Luxembourg closed the longest US dollar maturity with a $10 million 10-year note.

US dollar was back with a vengeance yesterday, as it made up 46% of the market volume, compared to just under 5% on Monday. Nineteen trades were announced, many of them for large amounts. Federal Home Loan Banks issued a $500 million non-syndicated trade that matures in one year and has a monthly payment frequency. Bank of Scotland Treasury Services also issued a big trade in the one-year sector. The $200 million note pays interest quarterly. Other large trades came from Abbey National Treasury International (a $100 million two-year trade that pays a final coupon of 4.25%); Hapoalim International (a $150 million five-year note, not due until October 25); and National Australia Bank (a $150 million three-year FRN). Tesco closed a $50 million five-year note that pays interest semi-annually. And Freddie Mac issued a 15-year trade for $50 million. This is the longest-dated US dollar trade in several weeks. Excluding the Deutsche Bank SPV ROCK Two's 20-, 21- and 29-year trades due today, Rabobank Nederland was the last borrower to go longer than 15 years in US dollar, with its $40 million zero coupon 20-year note that was issued on July 19.

* Hertz Rating: A3/A-

The US bond market has not followed the lead of its president and taken a long summer break. Activity this week was hectic, diverting investors away from the volatile and depressing equity markets and global economic malaise. Dollars dominated the debt markets, with an abundant supply from a variety of issuers. And the fact that most deals were increased testifies to avid investor demand for debt from stable sectors.

The US bond market has not followed the lead of its president and taken a long summer break. Activity this week was hectic, diverting investors away from the volatile and depressing equity markets and global economic malaise. Dollars dominated the debt markets, with an abundant supply from a variety of issuers. And the fact that most deals were increased testifies to avid investor demand for debt from stable sectors.

Belgium The Eu270m facility for hygienic disposables manufacturer Ontex Coördinatie Centrum has been increased to Eu300m after a successful syndication.

SB Leasing company has axed five dealers off its $4 billion Euro-MTN programme. The dropped dealers are Goldman Sachs, Merrill Lynch, Morgan Stanley, Sumitomo, Sakura Finance and Zenshinren. Shinkin has been added as a dealer. The Japanese issuer now has a 18-strong dealer panel, slashed from 23.

France Télécom (FT) has come back to the table and made a further offer to the Polish treasury to increase its stake in Telecomunikacja Polska (TPSA) having turned down the opportunity to increase its stake by 10% last week. No details as to the size or price of the offer are available. The Polish treasury is keen to pursue its Z4.3bn sale of 30% of TPSA despite FT's refusal last week to take a further 10% share in the company for Z40, a 250% premium to the market price at that time.

Concern over the negative effects of grey market prices on IPOs has brought the discussion over grey market trading reform to the fore this week. Banks and politicians have teamed up in Germany to draw up with protective measures to fight the volatility that has damaged so many new issues on the German exchanges over the past 18 months. Proponents of reform have expressed fears of manipulation of prices quoted and concern over the lack of transparency on the grey markets.

Argentine bond spreads tightened more than 100bp this week on news that the IMF will again bail out the country as it struggles not to default. Nine months after leading a $40bn emergency aid package, the IMF has agreed to hold talks with Argentine officials today (Friday) and over the weekend about providing another $6bn-$9bn.

After taking a backseat, the telecoms sector took centre stage this week amid talk of a jumbo fundraising exercise later this year for France Télécom (FT), which needs to refinance Eu5.1bn equivalent of outstanding debt due for redemption in October. The French telco declined to comment on the possibility of a jumbo bond, although analysts are predicting a Eu3bn-Eu5bn short dated floating rate offering.

ING Bank signed a euro10 billion ($8.80 million) Euro-CP and Euro-CD programme on Friday, August 3. The programme replaces the bank's euro5 billion Euro-CD programme. The issuer did not previously have a CP facility and raised all its one-year-and-under funding off its Euro-CD shelf. Geert Wijnhoven, director at ING Barings/BBL's Euro-CP and funding desk, says that the programme with the added CP capability was signed in order to keep in step with the changing market. He says: "The market has changed dramatically in the last few years. The old programme worked fine, but the ECP and ECD programme is diversified, so we decided to set up a programme that meets investor needs. Now we can issue coupon-bearing, zero-coupon and index-linked notes. We also increased the amount, so we will be less dependent on inter-bank loans. However we don't intend to increase our issuance right away." He adds that same-day clearance in the Euro-CP market and Dutch domestic market means that more investors than before can be reached with the CP shelf. He says: "Same-day clearing between Euroclear and the Dutch clearing agencies means that Dutch issuers can increase their investor base and with the advent of the euro, the ECP and domestic markets are converging more towards each other." ING Barings is the arranger and ING Barings/BBL is the sole dealer. But Wijnhoven is confident that it will be able to cover a wide enough investor base with just itself as a dealer. He says: "We are capable of distributing our own debt in Europe, Asia and the Netherlands, as we have a dedicated Euro-CP desk."