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SPVs ELAN and BRV both issued under the Unspecified multiple issuer programme set up by Morgan Stanley in 1998. ELAN closed a $15 million three-year trade that pays interest semi-annually and BRV did a $8 million 12-year note. This was the longest US dollar note executed on Friday, July 27. Royal Bank of Scotland closed a 10-year $10 million note that pays a final coupon of 6.655%. And BNP Paribas also issued a note of this maturity. The $10 million 10-year trade is due on August 15. Five-year notes were popular and were the choice of Morgan Stanley Dean Witter & Co, HSBC Bank USA, Merrill Lynch & Co and Signum. HSBC's $2.88 million five-year trade pays a final coupon of 5%. SNS Bank Nederland issued a $10 million one-year trade that pays interest quarterly. And World Bank closed a $20 million three-year note that pays a final coupon of 4.100% and is due on August 3.

* Württembergische Hypothekenbank AG Rating: A1/A+

Paccar, the US truck manufacturer, has set up a euro400 million ($351.58 million) Euro-CP programme via its financial entity, Paccar Financial. Barclays Capital arranged the facility. The shelf is rated P-1 by Moody's and Standard & Poor's rates it A-1+. Although details are not yet confirmed, it is believed that the debut trade is planned for next week. Citibank International joins the arranger on the dealer panel. Bank One is the paying agent. Paccar manufactures heavy-duty trucks under the DAF, Kenworth and Leyland trucks nameplates.

elgium Mandated arranger Deutsche Bank has launched a $2.8bn six month L/C for Euroclear Bank.

The traditional summer slowdown seems to be on hold this year as investors remain flush with cash looking for suitable homes, particularly in the short end euro market. The dollar market was also in fine fettle, absorbing $4.785bn of global supply from financial issuers and a $1bn re-opening of Fannie Mae's 6.25% February 2011 subordinated Benchmark Note.

UK property company Wimpey may tap the loan market to fund its cash acquisition of Alfred McAlpine's building activities. The two building companies confirmed yesterday (Thursday) that they are holding discussions over the possible sale of McAlpine's house building businesses to Wimpey.

The traditional summer slowdown seems to be on hold this year as investors remain flush with cash looking for suitable homes, particularly in the short end euro market. The dollar market was also in fine fettle, absorbing $4.785bn of global supply from financial issuers and a $1bn re-opening of Fannie Mae's 6.25% February 2011 subordinated Benchmark Note.

The sub-underwriting co-arranger phase on the £1.05bn senior debt facility for Yell is set to close heavily oversubscribed today (Friday). The facility was twice oversubscribed in syndication. Banks joining the facility taking underwriting tickets of £60m with a target hold of £35-£40m will be scaled back to about £25m and the facility will not be launched to a further round of syndication.

* France Télécom SA Rating: A3/A-/A-

Landwirtschaftliche Rentenbank issued two yen trades yesterday, a ¥1.1 billion ($8.89 million) 12-year note that pays 1.5% and a ¥1.4 billion 10-year note that pays 1.3%. CDC IXIS Capital Markets went for a ¥1 billion 30-year note, and Svensk Exportkredit issued a ¥400 million 25-year trade. Merrill Lynch led both these last two deals. The CDC trade was one of nine done by French issuers. BNP Paribas issued five notes, ranging from ¥100 million to ¥500 million Three went out to 30 years. And Credit Lyonnais Finance (Guernsey) did three small three-month trades. Only one US issuer was involved in yen yesterday. National Rural Activities Cooperative Finance Corp did one of the biggest trades of the day: a ¥5 billion note. It matures in August 2002 and pays a final coupon of 0.165%.

Trades with maturities between 10 and 15 years were most popular yesterday, accounting for close to 20% of the day's number of trades. Depfa Bank Europe was involved at either end of this band, doing a ¥1 billion ($8.02 million) 10-year trade that pays 1.8%, and a ¥800 million 15-year note that pays 2%. Sanwa International (Sanwa), Business Development Bank of Canada (BDBC) and Hitachi International (Holland) all went for 15-year notes. Sanwa's note pays 2.3%, BDBC's pays 3%, and although no price is available for the Hitachi deal, Salomon Smith Barney was the bookrunner. The only other dealer to be named on the MTNWare database is UBS Warburg. It self-led a ¥1 billion trade that goes out to August 2011. France Telecom did its ninth yen trade of the year. It was also its smallest The ¥100 million note goes out to July 2003. None of its yen trades this year, apart from this latest, has been sized below ¥5 billion. Its biggest was a ¥175 billion public trade done halfway through last month via Merrill Lynch and Tokyo-Mitsubishi. A couple of tripl-Bs were also finding funds in yen. Fuji Finance and UPM-Kymmene went for ¥500 million 10-year and ¥2 billion 5-year notes respectively.

The higher credits were doing most of the work on Friday, according to the deals announced that day. Issuers rated Aaa by Moody's accounted for nearly 27% of the number of trades. African Development Bank was the busiest triple-A, issuing four notes between ¥10 million ($80,000) and ¥1.1 billion. Two go out to August 2021 and the other two to August 2031. And CDC IXIS Capital Markets issued two notes. One has a term of 25 years and pays 4% and the other goes out to 2021 and pays 4.1%. Great Belt A/S (A/S Storebaeltsforbindelsen) issued a ¥2 billion 20-year note, its sixth yen deal, from a total of 10 trades, of the year. And Landwirtschaftliche Renten Bank and Lloyds TSB Bank issued ¥1.1 billion 12-year trades and ¥2.3 billion 20-year trades respectively. Banque PSA Finance has found a liking for yen recently. It did not use the currency for the first time this year until April, but its last three issues have been in yen. The most recent is a ¥10.3 billion note that matures in a year's time and pays a final coupon of 0.2%.