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The Republic of Turkey will embark on a publicity blitz on Monday to break back into the international bond market. Morgan Stanley and Salomon Smith Barney will host a two week non-deal roadshow for the republic spanning both sides of the Atlantic.

The Republic of Turkey will embark on a publicity blitz on Monday to break back into the international bond market. Morgan Stanley and Salomon Smith Barney will host a two week non-deal roadshow for the republic spanning both sides of the Atlantic.

Chorion, a night club operator and intellectual property rights owner, has mandated Royal Bank of Scotland and Barclays Bank to arrange a £40m revolving credit facility. The arrangers have fully and equally underwritten the deal which is divided into two tranches.

US dollar was high in both number of trades and volume on Friday. Thirty trades were issued and it took over 60% of the market by volume. The figures were kept high partly by HSBC Bank USA and HSBC Investment Bank. The former closed 11 notes, while the latter issued a $2 billion trade maturing in 42 days. This is the largest trade under one year in 2001. The next largest amount was from Royal Bank of Scotland and Deutsche Telecom, both of which issued ¥100 billion ($841.30 million) notes in June. Other trades in the short term were ABN Amro Bank's $10 million one-month note, HSBC Bank's two $300,000 trades, also for one month. Credit Lyonnais Finance's $10 million five-month deal was the only other note done under two-and-a-half years. It pays a final coupon of 7.5%. The mid-term was the most busy maturity sector. Severn Trent Water Utilities closed a $10 million three-month trade that pays a final coupon of 4.710%. Royal Bank of Scotland was in the four-and-a-half year sector with a $10.68 million note. And Dexia Municipal Agency's $750 million trade has a coupon of 5.125% and goes out to 2006, as does Hamburgische LB Finance's $35 million five-year note. KfW International Finance closed a six-year trade for $30 million. Freddie Mac closed three seven-year notes, all for $15 million. And there were two issuers with 10-year trades: Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden's $3 million note that pays a final coupon of 5.520% and Links Finance Corp's $20 million FRN.

US dollar took a dip yesterday after an exceptionally heavy day on Friday. Only 13 notes were closed in the currency, compared to 12 in Hong Kong dollar and 28 in yen. The volume was $250.12 million, or 13% of the whole market. The short end dropped off completely except for one 10-month $850,000 note by Lehman Brothers Treasury. Brazilian issuer Banco Cidade closed a $1.20 million one-year note. The issuer's last note was a $3.54 million one-year note, issued in January this year. Issuance was largely contained within the medium term maturity sector. Merrill Lynch and Credit Lyonnais Finance issued three-year notes for $9.40 million, paying a final coupon of 2.5%, and $12 million respectively. KfW International Finance went out to four years with a $123.54 million note. And Hypo Alpe-Adria Bank's five-year $40 million note pays a final coupon of 3.88% and pays interest semi-annually.

Twenty-four trades were closed in US dollar yesterday and the banking sector was strong in the short end. HSC Bank USA, HSBC Investment Bank (Netherlands), Morgan Stanley Dean Witter Japan (MSDW Japan) and Credit Lyonnais Finance issued six trades between them that mature in less than six months. HSBC Bank USA issued three $250,000 one-month notes and MSDW Japan's $301 million trades matures on December 7 and pays a final coupon of 3.466%. HSBC Bank USA was the heaviest issuer in the one-month sector. It also issued the longest-dated US dollar trade: a $300,000 note that goes out to 2049. The mid-term range saw several double-A and triple-A rated names. Aa3-rated Fortis Finance closed a $20 million five-year FRN. Triple-A issuer CDC IXIS Capital Markets closed a $50 million five-year note lead managed by Merrill Lynch. And KfW International Finance, also rated Aaa by Moody's, closed a $15 million six-year note. Canadian Wheat Board, Rabobank Nederland and Sigma Finance all issued in the 10-year sector. Rabobank's $20 million trade pays a final coupon of 5.180%.

* Ohki Corp Guarantor: Fuji Bank Ltd

Vattenfall, Sweden's state owned energy company, has completed roadshowing a Eu500m plus bond that looks set to kick off brisk supply from the utility sector over the coming month, which could benefit from investors' appetite for non-cyclical credits. The utility is planning a long seven year issue set to mature in early 2009. The price talk at 80bp-83bp over mid-swaps is wider than expected, but still considered too expensive by some bankers.

Plummeting equity markets and a dramatic sell-off in the telecoms sector were the main features of the week as KPN was downgraded by Moody's to Baa3 from Baa2, and France Télécom's A3/A-/A- ratings were placed on negative watch by all three agencies on the back of fears that the company's debt load will prove unsustainable. Marconi was downgraded to junk status, its BBB- rating being cut to BB by Standard & Poor's (S&P).

Belgium Syndication is progressing strongly on the Eu500m revolver for the European subsidiaries of AON Corp, the US-based insurance firm.

Triple-B issuers saw the most action in yen on Friday. Daiwa SMBC Europe announced eight out of the 10 trades done by triple-Bs. Its notes ranged from ¥500 million ($4.17 million) to ¥2.5 billion in size, and all had 15-year maturities. Fuji Finance (Cayman) announced a ¥1 billion 10-year trade. And Mitsui Fudosan International Capital did a ¥4 billion three-month trade. It pays a final coupon of 0.069%. Double-As accounted for 10 trades too. Aegon made its fourth trade of the year, and first in yen, with a ¥8 billion two-year trade. It pays a final coupon of 0.09%. And Deutsche Bank, also rated Aa3 by Moody's, did a ¥1 billion 10-year note. It pays a final coupon of 1.66%. Financials were quite popular, with Barclays Bank announcing a ¥500 million 10-year note and a ¥100 million 30-year trade. Caisse Nationale Des Caisse d'Epargne et de Prevoyance did a ¥500 million 12-year trade, and Westland/Utrecht Hypotheekbank did a ¥500 million and a ¥1 billion trade with respective maturities of 15 and 20 years. The single-As brought up the rear with four small deals. Credit Lyonnais Finance did three of them: a ¥100 million six-month note, a ¥46.44 million three-month note and a ¥200.24 million three-month note. JETS International Two did a ¥1 bilion note that pays 1.5%. It goes out to June 2011.

After a spate of triple-B issuance in yen on Friday, Monday was back to normal with not one trade coming out of that credit bracket. Instead the single-A borrowers produced the most business, raising over $127 million between them. Deutsche Telekom International Finance announced its third yen trade of the year. It was a ¥3 billion (25.21 million) deal that goes out to March 2003. And Australian issuer Suncorp-Metway did a ¥10 billion one-year trade that pays a final coupon of 0.18%. Tokyo-Mitsubishi International did two ¥1 billion trades that have terms of 10 and 12 years, and Credit Lyonnais Finance went shorter with two ¥100 million deals that mature in October 2001 and September 2002. Three financial repackaged issuers were getting back in on the action too. Earls Seven announced a ¥2 billion seven-year note, Helix Investments II did a ¥2 billion five-year note and Mascot Investments did a ¥1.2 billion four-year note that pays a final coupon of 0.72%. Exportfinans announced a ¥500 million trade that goes out to September 2011. It pays a final coupon of 2%. And Svensk Exportkredit also did a ¥500 million note, but it has a term of 20 years. NIB Capital Bank did its 72nd yen note of 2001: a ¥1 billion 15-year trade.