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Apart from a handful of trades by unrated issuers such as Earls Seven, HSBC Investment Bank and SB Leasing Company, all of Monday's announced yen trades were single-A or above, as rated by Moody's. Triple-As took a 42% stake of the volume on offer, and all their notes had terms of 14 years or over. The shortest triple-A issue was a ¥7 billion ($56.71 million) trade from Landesbank Hessen-Thuringen. It goes out to August 2015 and pays a final coupon of 1.7%. International Finance Corp, KfW International Finance and World Bank all went for 20-year ¥1 billion trades. Macquarie Bank was one of the single-As on offer. It issued four short notes for differing amounts between ¥50 million and ¥100 million. They mature between September and November this year. The other two single-As were Linde Finance with a ¥2 billion five-year trade, and Credit Lyonnais Finance with a three-month ¥100 million trade. There were nine deals from double-As. Banque et Caisse d'Epargne de l'Etat Luxembourg announced its 12th ¥10 billion note of 2001. It matures in February next year and pays a final coupon of 3.5%. Kommuninvest I Sverige did a ¥1.2 billion trade that goes to August 2026 and Bank Austria, Credit Agricole Indosuez, Export Finance and Insurance Corp and Toyota Motor Credit Corp all went for ¥1 billion trades.

There was a big drop of in yen trades yesterday. This year there have been 32 yen trades a day on average, yesterday just 17 were announced. Deutsche Bank was involved via its Earls and Earls Seven conduits. The former did a ¥10 billion ($82.06 million) trade that matures in June next year, and the latter a ¥500 million trade that goes out to October 2008 and pays a final coupon of 1.15%. Dresdner Bank was also issuing yen. It did a ¥2 billion trade that matures in September 2011 and pays a final coupon of 0.9%. BNP Paribas is the only bookrunner to have been attributed with yen trades yesterday in MTNWare. It led two deals for European Investment Bank, both of which are ¥1 billion 20-year notes. EIB also did another ¥1 billion trade. It goes out to September 2016. Their respective final coupons are 5.3%, 5.75% and 3%. New South Wales Treasury Corp did its fifth note of the year. It is a ¥500 million 20-year trade that pays a final coupon of 3.7%. All its issues in 2001 have been in yen. Rosetta, the Nomura-arranged SPV, and DePfa Finance both opted for ¥1.2 billion notes. Rosetta's note matures in January 2007 and DePfa Finance's in August 2016. The latter pays a final coupon of 2.4%.

* Province of British Columbia Rating: Aa2/AA-

Colombia increased its 20 year dollar bond by $325m this week, moving quickly to take advantage of US institutional investor interest in long dated Latin bonds from those issuers least affected by Argentina. Seeing the unquestionable success of Mexico's recent 30 year bond issue, Merrill Lynch and Salomon Smith Barney approached Colombia with the idea of re-opening the 2020s, a transaction that has recently traded at some of its lowest yield levels since it was launched in February 2000.

Colombia increased its 20 year dollar bond by $325m this week, moving quickly to take advantage of US institutional investor interest in long dated Latin bonds from those issuers least affected by Argentina. Seeing the unquestionable success of Mexico's recent 30 year bond issue, Merrill Lynch and Salomon Smith Barney approached Colombia with the idea of re-opening the 2020s, a transaction that has recently traded at some of its lowest yield levels since it was launched in February 2000.

* FCE Bank plc Rating: A2/A/A+

Deutsche Telekom (DT) was involved this week in a desperate attempt to salvage its credibility following the collapse in its share price after Deutsche Bank sold Eu1.04bn of DT stock last week. DT's share price has dived by 25% in the week and a half following the sale. The fall in DT's share price was caused by the sale of a block Deutsche Bank sold on behalf of an affiliate of Hutchison Whampoa, which took a major stake in DT in return for the sale of the US wireless unit VoiceStream earlier this year. But with much more DT stock remaining in the market following this acquisition it is likely that the share price will remain depressed.

Dollar swap spreads climbed from their lows this week. At yesterday's (Thursday's) close, the 10 year mid-market was 84.75bp over the new 5% August 2011 Treasury and the five year mid-market was 77.5bp over the 4.625% May 2006 Treasury. Spreads oscillated alongside the Treasury market for much of the week, but the swap market was given an unexpected paying impetus late yesterday by a large sale of agency securities. A hedge fund was reported to be selling up to several billions of dollars of agency positions, and the buyers of these assets hedged by paying into the swap market. There is a very high degree of correlation between agencies and swaps, and the latter is often used as hedge for the former.

Diversified European Credit has increased the debt ceiling off its Euro-MTN programme. The shelf's original debt limit was euro2 billion ($1.83 billion) and this has now been upped to euro5 billion. The programme was signed without an arranger or dealer panel in July last year and since then 17 trades have been issued under it. All are still outstanding and the volume is $598.80 million.

Deutsche Telekom (DT) was involved this week in a desperate attempt to salvage its credibility following the collapse in its share price after Deutsche Bank sold Eu1.04bn of DT stock last week. DT's share price has dived by 25% in the week and a half following the sale. The fall in DT's share price was caused by the sale of a block Deutsche Bank sold on behalf of an affiliate of Hutchison Whampoa, which took a major stake in DT in return for the sale of the US wireless unit VoiceStream earlier this year. But with much more DT stock remaining in the market following this acquisition it is likely that the share price will remain depressed.

Croatia Mandated arrangers Bank Austria, Bank of Tokyo-Mitsubishi, BayernLB and Erste Bank have signed banks into the Eu45m deal for Hrvatska Elektroprivreda (HEP).

Colombia * Republic of Colombia