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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.

Merrill Lynch rounded off an impressive few weeks in the equity capital markets with the completion of the £300m secondary share sale for specialty pharmaceuticals company Galen on Wednesday. The deal, which comprised a rights issue and an international offering, was priced at 755p, a mere 0.33% discount to Tuesday's closing price of 757.5p. The international offering was oversubscribed by 1.6 times.

Merrill Lynch rounded off an impressive few weeks in the equity capital markets with the completion of the £300m secondary share sale for specialty pharmaceuticals company Galen on Wednesday. The deal, which comprised a rights issue and an international offering, was priced at 755p, a mere 0.33% discount to Tuesday's closing price of 757.5p. The international offering was oversubscribed by 1.6 times.

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.

Barclays Capital has been added as a dealer to Parkland Finance Corporation's euro3 billion ($2.63 billion) Euro-CP programme.

Raiffeisen Zentralbank Osterreich has upped the limit off its Euro-MTN programme to euro3 billion ($2.63 billion) from euro2 billion.

Reed Elsevier plc, the international science publishing house, brought a three tranche dollar- and euro-denominated global on Wednesday. The issue consisted of a $550m 6.75% 10 year tranche, a $550m 6.125% five year piece and a Eu500m 5.75% seven year portion. The lead managers were Lehman Brothers, Salomon Smith Barney and UBS Warburg. Before the issue was priced, the company had confirmed that the euro-denominated tranche would be swapped back to dollars. However, much speculation surrounded the fate of the two dollar tranches in the run-up to launch. In the event, Reed Elsevier chose to swap the five year tranche to floating dollars, keeping the 10 year tranche in fixed dollars and swapping the euro tranche into a combination of floating and fixed dollars, according to the company treasurer.

RTL Group has added ING Bank as a dealer to its euro1 billion ($877.99 million) Euro-CP programme.

Market report Compiled by Richard Favis, RBC DS Global Markets, Johannesburg

* Bayerische Hypo- und Vereinsbank AG Rating: Aa3/A+/AA-