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Finland JP Morgan is close to closing the Eu200m term loan for Finnish Chemicals Oy.

There were five six-year dollar trades in the market today, all for less than $25 million. Northern Rock Building Society's $10 million plain vanilla FRN was managed by Rabobank and the coupon is dollar libor-linked. Antony Swalwell is senior manager of capital markets at Northern Rock, which also has a US MTN programme. He says: "You rarely get discreet blocks of this size in the US market and with this maturity it is cost effective to issue off our Euro-MTN programme. We are always looking to fund opportunistically." Union Bank of Norway, Bank of Scotland Treasury Services, Westland/Utrecht Hypotheekbank and Den norske Bank also issued dollar FRNs with a six-year tenor.

SNS Bank Nederland accessed euro today with a euro10 million ($9.45 million) structured trade via Credit Lyonnais. The one-year note pays a quarterly coupon of 3m Euribor+100 bps multiplied by a formula dependent on how many days of each three month period the Euribor rate is above 4.09%. The issuer will swap the trade into plain vanilla Euribor. Last year over 64% of the borrower's funding was in euro, but Roger Schumann, senior dealer at SNS Bank Nederland, says they are keen to access other currencies too. He says: "We will swap most trades back to euro, except for maybe some US dollar deals, but other currencies are always available to us. Last week for instance we did a Czech koruna trade."

* European Investment Bank Rating: Aaa/AAA

Triple-A rated issuers KfW, Helaba and International Bank for Reconstruction & Development (World Bank) have each issued a syndicated South African rand trade. Helaba International Finance sold a R150 million ($19.97 million) note that will be swapped back into euro. The trade pays a final coupon of 11.5%. It matures in 2006 and was managed by Toronto-Dominion Bank. World Bank's trade matures in 2001 and pays a final coupon of 11.25%. The lead manager was Royal Bank of Canada Europe. KfW's note pays a final coupon of 11.5% and was managed by Deutsche Bank.

After a quiet start to 2001, the bond markets exploded this week as triple-A rated borrowers and emerging market sovereigns sprang into action. DaimlerChrysler stole the limelight by attracting over $25bn of orders for a $7.1bn multitranche issue in dollars, euro and sterling, proving that investors are still prepared to buy beleaguered corporates if the price is sufficiently cheap. But high grade sovereign, supranational and agency global dollar issuance dominated activity, amounting to some $20bn. Freddie Mac led the charge with a $6bn five year Reference Note on Monday, led by Goldman, Lehman and UBS Warburg. An unusually long premarketing period - the deal was announced last December - did nothing to distract investor focus on the bond, which was oversold to the tune of $8.5bn. IADB followed on Tuesday with a $2bn 5.375% five year deal at 6bp over agency paper, via ABN Amro and Merrill Lynch, but that was trumped by OKB's state guaranteed offering on the same day. Deutsche and JP Morgan led the $1.25bn 5.5% deal, which was launched at 10bp over agencies and tightened to around 8bp. The EIB was also reportedly eyeing the five year global market with aspirations to launch at 3bp over agencies via Morgan Stanley and UBS Warburg. Deteriorating swap conditions, however, saw the deal evaporate. A rare opportunity to buy 10 year agency debt was provided by infrequent issuer TVA. The $1bn deal was well timed to coincide with a steepening in the yield curve and investor demand for duration. Fannie Mae will continue its Benchmark securities programme next Thursday when it prices a $2bn-$3bn reopening of its $5bn 6.625% 10 year notes and a $500m-$1bn tap of its 6.625% 30 year bonds. Both tranches will be lead managed by JP Morgan, Lehman and Merrill Lynch. Province of Quebec's A2/A+ rated $1bn 10 year global bond, which was to be launched yesterday (Thursday) via lead managers Merrill Lynch, CSFB and SSSB, was postponed on news that premier Lucien Bouchard would resign. The global offering is anticipated once the market has absorbed the news with the spread expected to be in the mid to high 90s over Treasuries. Sovereign and bank paper dominated the euro market, the highlight being a Eu3.3bn 10 year RAGB for the Republic of Austria. Next week the Kingdom of Belgium will take advantage of investors' appetite for sovereign debt to launch a Eu3bn-Eu5bn September 28, 2011 OLO via ABN Amro, Fortis and Goldman Sachs. Syndicate officials expect Belgium, as in previous years, to aim for the high end of its size range with pricing in the low 40s over Bunds. Greece is also taking soundings on a euro transaction to mark its entry into the EU. A 10 year maturity is anticipated and launch is expected in the next three to four weeks. The EIB increased its Eu2bn six year EARN deal to Eu5bn via ABN, BNP Paribas and Merrill Lynch. Unusually the mandate was not awarded as a result of a bidding competititon, thereby providing the market with a correctly priced EARN transaction. Commerzbank will price its Eu1bn 10 year issue today (Friday). Led by Commerzbank and SG, the spread is expected to be around 21bp over swaps. The market next week will be dominated by BT's Eu5bn equivalent jumbo bond issue in euros and sterling via Barclays Capital, Deutsche Bank and HSBC. The bond is expected to be priced flat to where the credit trades in dollars. Also in the telecoms sector, A3/A- rated Finnish firm Elisa Communications is due to launch a Eu300m five year transaction via JP Morgan. WestLB meanwhile is set to embark on a European and Asian roadshow ahead of launching an inaugural euro denominated benchmark. And Finance for Danish Industry is said to be readying a five year floater in either euros or dollars. A- rated French real estate and property management company Unibail is intending to launch a five year transaction in fixed rate euros via lead managers BNP Paribas and Merrill Lynch in the near future. Deutsche and UBS Warburg have been awarded the mandate for German reinsurance firm Hannover Re's Eu350m subordinated offering, which is planned for launch in the first quarter.

* General Electric Capital Corp Rating: Aaa/AAA

* General Electric Capital Corp Rating: Aaa/AAA

* ING Verzekeringen NV Rating: Aa2/AA-