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The number of euro trades was up substantially yesterday compared to the previous day's low turnout - 13 trades in all. Norddeutsche Landesbank Girozentrale was particularly busy with two euro150 million ($136.75 million) trades. Both notes are issued on August 27 and differ by only one day in their maturity date - one maturing on February 27 2003, the other on February 28 2003. Both notes pay interest singularly. Volume was boosted by a euro500 million MTN from Bear Sterns that is to be issued on September 17. The note pays interest quarterly. Whilst yen has been the issuer's dominant choice of currency in 2001, euro trades make up 27.5% of its MTN activity so far this year. The longest-dated trade came from Helix Investments II whose euro10 million MTN reaches out to December 29 2014. The note pays interest singularly. BNP Paribas issued the smallest note and also the shortest-dated. Its euro5 million note pays interest singularly and has a final coupon of 10.500%. Salomon Smith Barney was busy acting as bookrunner on trades for two issuers - Commerzbank's euro 15 million note and Westpac Banking Corp's euro20 million note.

Fannie Mae's $9bn of Benchmark Note issuance provided the global dollar market with its only major financing of the week and, in a quiet period dominated by Tuesday's FOMC meeting, both tranches attracted healthy oversubscription. A new $5bn two year note was priced at 99.902 with a coupon of 4% to yield 34bp over the two year Treasury, and a $4bn re-opening of the 5.25% June 2006 note was priced at 100.913 to yield 57bp over five year Treasuries.

There were a low number of euro trades again yesterday - six in all - the lowest in number this week. Bear Stearns were once again the only issuer to boost volume. Toping its euro500 million ($593.02 million) trade from Tuesday, Bear Stearns issued a five-year euro650 million MTN. Bear Stearns International and Banca IMI were joint-bookrunners. Deutsche Bank was busy lead-managing a euro50 million note for Munchener Hypothekenbank. The note pays interest annually and has a final coupon of 6.250%. Despite low volumes, the trend was towards long-dated trades. Erste Bank der Osterreichischen Sparkassen (euro41 million) and Caisse Centrale du Credit Immobilier de France (euro30 million) both issued 20-year notes. The smallest trade was a euro3.95 million note from NIB Capital which matures on February 24 2005. BNP Paribas traded six-year euro30 million note.

Eurohypo, Deutsche Bank's mortgage bank subsidiary, this week launched a £1.082bn UK synthetic collateralised mortgage backed security (CMBS) deal. Lead managed by Deutsche, Eurohypo 2001-1 was offered eight tranches of notes totalling £248.75m, beneath an £860m super senior credit default swap. The notes have a 5.2 year soft bullet average life, an expected maturity of September 2006 and a legal maturity in June 2020.

BNP Paribas this week launched two funded synthetic securitisations transferring risk from its own debt portfolios. Unlike most synthetic deals, BNP did not use a super-senior credit default swap with an OECD bank above the notes - so both issues were used to transfer only the mezzanine risk. As well as being launched on the same day, the portfolios for Riviera 2 Finance SA and CDO Master Investments SA series 1 are very similar. In each deal, BNP transfers a portion of the credit risk associated with a pool of corporate obligations to the issuing SPV via a credit default swap. A subsidiary of BNP has retained the super-senior credit default swap for both Master Investments and Riviera 2, although the bank has the option to arrange swaps in the future.

Goldman Sachs and JP Morgan are next week planning to launch Eu580m of notes backed by non-performing residential and commercial loans originated by the Banca Nazionale del Lavoro. The portfolio of Ares Finance Srl was originally acquired by Goldman Sachs, Goldman vehicle Whitehall 2001 and JP Morgan last December.

Dresdner Kleinwort Wasserstein is planning an innovative $325m securitisation of aircraft, telecoms, containers and bus leases from its balance sheet. The deal is expected to close in the first week of September and will transfer the risk from Dresdner's loan portfolio, freeing up regulatory capital. Although IntesaBci issued the first synthetic aircraft collateralised loan obligation in May this year, Dresdner's Harrow Synthetic Limited will offer investors a new asset class by adding non-aircraft assets.

Wyndham International's term loan "B" traded in the 96 ¼ to 96 ¾ context in trades totaling $10 million. Dealers say the softening levels are a result of a slowing lodging industry. United Defense's bank debt traded at 100.125, with dealers saying the defense industry is armed against economy swings.

Bank of America has hired Meri Miller, director in the global hedge funds group at UBS Warburg in New York, as a senior marketer in its global leverage group, a subsection of its global derivatives products group. At UBS Miller reported to Gary Kaufman, head of the rates and foreign exchange group in New York. Kaufman said UBS would look to replace Miller, but declined further comment.

Bedford, Mass.-based filtration and purification technology provider Millipore is talking with its lead banks, FleetBoston Financial and ABN AMRO, about refinancing its current $175 million revolving credit agreement. Janet Frick, assistant treasurer for Millipore, said the loan matures in January and this is the primary reason for arranging a new revolver. She declined to comment on whether the same banks would lead the facility, but she said a new loan would be syndicated rather than just rolled over with existing banks.

The following is a list of collateralized loan and debt obligations rated by Moody's Investors Service for the year to May 22 Fitch and for the year to April 1. Information from Standard & Poor's can be obtained at www.standardandpoors.com in the structured finance section of the Resource Center.

The market for credit-default swaps on Argentina--which has effectively been shut for several weeks--is expected to return this week when donor organizations announce the amount of new loans they will provide the troubled sovereign. Traders said there is too much uncertainty to trade default swaps at the moment and this will not change until the International Monetary Fund decides on the amount of funding it will provide. Greg Gentile, associate and Latin America credit derivatives trader at Lehman Brothers in New York, said there has not been an inter-bank market in protection on Argentina for three weeks, because the risk of default was so high. He added, "It is like buying a lottery ticket."