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Short-dated trades dominated euro yesterday, with just two trades with a tenor longer than five years. Eurofima issued both the largest and longest trade: a euro300 million ($272.30 million) note that goes out to September 17 2014. The note pays interest annually and has a final coupon of 5.41%. Lehman Brothers Holdings closed a euro45 million MTN that matures on October 12 2007. The note pays interest annually. Lehman Brothers International is the bookrunner. Two other issuers kept euro volume relatively high. BAWAG closed a euro30 million note that matures on December 17 2002, and SGA Societe Generale Acceptance did a euro20 million note that matures on February 28 2003. ABN Amro is set to issue a euro15 million note on September 6. The note, which matures on December 27 2004, pays interest singularly and has a final coupon of 4.850%. Credit Lyonnais Finance (Guernsey) closed two euro1 million trades. Both notes pay interest singularly and mature in August of next year. Also trading in small amounts were Banque Generale du Luxembourg (euro3 million) and BCL International Finance (euro6.01 million).

Despite volumes remaining low, euro had a busy day yesterday, with 11 trades in all. Germany dominated the day's proceedings with five of the eleven issuers. Two German banks issued the largest trades, for euro150 million. Landesbank Sachsen's note matures on March 10 2003 and pays interest quarterly. Norddeutsche Landesbank's note matures just one day later, March 11 2003, and has a single interest payment. Other German issuers were Deutsche Apotheker-und Aerztebank (euro50 million), Commerzbank International (euro5 million) and Deutsche Bank (euro2.5 million) Zenith Systems was the only issuer looking towards the long-end with a euro10 million ($9.17 million) note that goes out to September 2021. The note pays interest annually and has a final coupon of 7.350%. HSBC Investment Bank (Netherlands) and European Investment Bank (EIB) both closed notes for euro20 million. HSBC's trade matures on October 18 of this year. EIB's five-year note pays interest annually and has a final coupon of 1.750%.

French automotive manufacturer Renault is looking to make its entrance into the Samurai market though a ¥50bn five year Samurai deal next week. Merrill Lynch and Daiwa Securities SMBC have been appointed as joint lead managers. "Renault has never accessed the market before, but it is a highly regarded name in Japan because of its partnership with Nissan," said a banker at Merrill Lynch.

Gazinvest Finance is rumoured to be signing a euro300 million ($274.46 million) MTN programme in the near future. Deutsche Bank is thought to be the IPA.

Finland The co-arranger phase of the Eu800m tranche of the Eu1.2bn facility for Finland's leading media group Sanoma has been closed. Arrangers Goldman Sachs and Nordea are finalising the term sheet before general syndication is launched in early September.

Following continued pressure from banks and politicians, it seems that the grey markets in Germany are finally starting to reveal their hands. The problem of the lack of transparency in the grey markets has long been recognised. But this year, following the extreme volatility on the stock markets that have damaged so many issues, discussions have intensified.

As the summer draws to a close, some banks in London find themselves sitting on a stack of Russian corporate Eurobond mandates with one big question hanging in the air - how many deals will come to the market before the Russian Federation makes its entry at the beginning of 2002? Bankers told EuroWeek that at least two issuers plan roadshows for the third week of September.

The European Investment Bank is diversifying its funding sources into the Swedish krona market by setting up a Skr30bn domestic bond issuance programme designed to provide investors with large, liquid alternatives to Swedish government bonds. The programme, called ELK (EIB liquid kronor programme), will target investor demand for highly rated paper following the decrease of Swedish government debt issuance in recent years.

* European Investment Bank Rating: Aaa/AAA

* Australia & New Zealand Banking Group Ltd Rating: Aa3/AA-/AA-

Domestic issuance: * Banque Cantonale Vaudoise

Following the success of the deals for Garanti Bank and Yapi ve Kredi Bankasi, Finansbank has mandated Alpha Bank, Bankgesellschaft Berlin, Bank of New York, Bank of Tokyo-Mitsubishi, BVB Group and First Union National Bank to arrange a $60m one year term loan. The deals for Turkey's Garanti Bank and Yapi Bank were both closed oversubscribed and increased from $200m to $350m.