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Sotogrande, Spain We have been here for more than two weeks and only have a miserable five more weeks to go - isn't life a beach? But of course we are here to work: there are calls to be made and columns to be written.

Bayerische Landesbank is the arranger and sole dealer off a $7.5 billion asset-backed Euro-CP programme in the name Giro Funding.

Bank of America has added BNP Paribas as a dealer to its $25 billion Euro-MTN programme.

Banca Popolare di Lodi has added Banca d'Intermediazione Mobiliare IMI, CDC IXIS Capital Markets and Credit Agricole Indosuez as dealers to its euro3.5 billion ($3.06 billion) programme for the issuance of debt instruments.

Barclays Capital has appointed Hans Christensen to lead its new US leveraged loan investment management business in New York.

Bear Stearns has recruited two mortgage analysts to join its financial analytics and structured transactions (Fast) department in New York.

Sixteen trades were closed in US dollar yesterday, making up over 40% of the market's volume. Financial repackaged (SPV) issuers made up a large part of the overall number of notes traded and Repackaged Offshore Collateralised Kredit (Rock) Two issued five long-term US dollar notes. The amounts ranged between $7.28 million and $24.5 million and the maturities vary between 2020 and 2023. US dollar trades were concentrated in the single-A and double-A sector. SNS Bank Nederland was one of the lowest-rated borrowers to issue in US dollar, with a programme rating of A2 by Moody's. It issued an eight-year $5 million note that pays interest annually. Lehman Brothers Treasury also issued two trades: a $100 million FRN that matures in 2001 and a $10 million 13-year note. The only triple-A issuers in the US dollar market were KfW International Finance, with a $500 million three-year trade that pays a final coupon of 5% and Freddie Mac, with a $50 million 10-year note that pays a final coupon of 7.1%. Allstate Life Funding was the only private corporate to issue in US dollar. Its $35 million two-year note pays interest quarterly and is due on August 8. It is the borrower's ninth trade this year, but only its second in US dollar, having previously chosen sterling, Aussie dollar and euro.

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.