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Export Development Corp has issued a ¥600 million ($4.97 million) note that matures in July 2016. It pays interest semi-annually and has a final coupon of 1.7%. The issuer has used three currencies this year: yen, euro and US dollar. US dollar accounts for almost 90% of its trading volume in 2001.

Electricite de France has raised the limit off its programme for the issuance of debt instruments to $5 billion from $3 billion.

French state owned Entreprise Minière et Chimique (EMC) this week awarded JP Morgan and Natexis Banques Populaires the mandate to arrange a Eu1.5bn EuroMTN programme. The banks said the programme will be signed next week and that an inaugural transaction off the programme will follow soon after.

Enterprise Inns, the UK pubs owner, will partially finance the £260m acquisition of 432 pubs from Scottish & Newcastle with a £66m one for six rights issue. HSBC and Deutsche Bank will lead the deal, which was announced on Monday and will be wrapped up soon after shareholders approve the acquisition on July 4. The shares will be offered at 490p, a discount of 19% to the share price at the launch of the offer.

Hungary * Republic of Hungary

Erste Bank has done three yen trades, taking its total of yen trades this year to 14. Two of the notes mature in three months time and are for the amounts of ¥5.17 billion ($42.27 million) and ¥5.11 billion. The other matures in December 2006 and is for ¥1 billion. The issuer has issued only two yen notes for the same amounts. The majority have been issued at amounts varying between ¥5.08 billion and ¥5.22 billion.

Zentaris, the German cancer research company, was forced to indefinitely postpone its Eu200m IPO this week, at the same time as Ethypharm was trying to brighten up the biotech market with the launch of its own IPO. Zentaris, which was due to be spun out of German chemicals group Degussa, was expected to price its IPO last Monday. However, the deal was hit by bad news coming from Praecis Pharmaceuticals, a US-based comparable for Zentaris. Praecis's shares fell 44% on the news that its application for Plenaxis, a hormonal treatment for prostrate cancer, had been rejected because of inadequate information.

Euronext, the first European cross-border stock exchange, launched its eagerly anticipated Eu780m IPO on Wednesday, into a torrid market. The price range of Eu24-Eu27.5 gives the company a total valuation of between Eu2.8bn-Eu3.1bn. This, on the basis of 2001 p/e ratios, values Euronext at a 21%-31% discount to its rivals in the market. The closest comparables to Euronext are the London Stock Exchange and the Deutsche Börse. According to a banker close to the deal, the discount was based on the feedback the company received from investors during roadshows.

* Bank of America Corp Rating: Aa2/A+/AA-

Fannie Mae launched its first new five year Benchmark note since February this week, after a period of heavy buying in that part of the curve. The deal, led by Deutsche Bank, Morgan Stanley and Salomon Smith Barney, came 4bp wide of the February paper because of the steepness of the agency curve, meaning that investors were able to roll out of the old deal for a 4bp pick-up.

France Telecom has issued its third yen trade of the year: a ¥11 billion ($89.97 million) two-year note that will be issued on July 9 2001. The note pays interest semi-annually. One of the issuer's previous yen trades this year was a ¥20 billion one-year note that pays a final coupon of 0.56%. The note was issued on February 6 2001 at an issue price of 100%.

Findomestic Banca, the Italian consumer and leasing bank, signed a euro1 billion ($854.96 million) Euro-MTN programme on July 20. Banca D'Intermediazione Mobiliare IMI and Deutsche Bank act as joint-arrangers off the facility. The arrangers will also lead manage the issuer's inaugural transaction which is expected to be a three-year FRN of around euro200 million. The programme marks the fifth Italian issuer to join the MTN market this year following the Autonomous Region of Friuli-Venezia Giulia, the Autonomous Region of Valle D'Aosta, Cartesio and Telecom Italia. The dealer panel consists of the arrangers, ABN Amro, BNP Paribas, Caboto-Gruppo IntesaBci, HSBC, Lehman Brothers, JP Morgan, Mediobanca, Merrill Lynch, Westdeutsche Landesbank and UniCredit Banca Mobiliare.