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Brazil was quick off the mark with a $1.5bn five year global yesterday (Thursday), creating a new benchmark for the sector. Bear Stearns and Morgan Stanley Dean Witter joint lead managed the deal, which offers a 10.25% coupon and has an issue/reoffer price of 98.895.

Brazil was quick off the mark with a $1.5bn five year global yesterday (Thursday), creating a new benchmark for the sector. Bear Stearns and Morgan Stanley Dean Witter joint lead managed the deal, which offers a 10.25% coupon and has an issue/reoffer price of 98.895. The bond - the first emerging market sovereign transaction of the year - looks set to be a blowout success. Coinciding with Federal Reserve chairman Alan Greenspan's announcement of a half point rate cut, and an upgrade of Brazilian sovereign foreign debt by Standard and Poor's (S&P) to BB- from B+, the bond was increased by 50% on the $1bn announced on Wednesday.

Brazil was quick off the mark with a $1.5bn five year global yesterday (Thursday), creating a new benchmark for the sector. Bear Stearns and Morgan Stanley Dean Witter joint lead managed the deal, which offers a 10.25% coupon and has an issue/reoffer price of 98.895. The bond - the first emerging market sovereign transaction of the year - looks set to be a blowout success. Coinciding with Federal Reserve chairman Alan Greenspan's announcement of a half point rate cut, and an upgrade of Brazilian sovereign foreign debt by Standard and Poor's (S&P) to BB- from B+, the bond was increased by 50% on the $1bn announced on Wednesday.

Business Development Bank of Canada issued ¥500 million ($4.23 million) note that pays a final coupon of 2% and pays interest semi-annually. The issuer sold seven trades last year, all but one in yen. Nearly half of all non-syndicated notes issued so far in 2001 have been yen-denominated, although in terms of volume they account for just over 15% of the private market.

* Rabobank Nederland NV Rating: Aaa/AAA/AAA

Farm Credit Corp confirmed its new-found penchant for yen by squeezing out two 11-year deals on the last working day of 2000. The Canadian crown agent, rated Aa2/AA+, issued two ¥500 million ($4.51 million) trades that mature January 11 2011. The final coupon on one is 2.5%, the other has a final coupon of 2%. Both pay interest semi-annually. The issuer, after only accessing the market once in 1999, waited until November 2000 to make its debut in yen. Previously it had relied on Canadian, New Zealand and US dollars. It has $247.29 million outstanding off four issues.

CB-SIRES has signed a euro2.5 billion ($2.32 billion) limited recourse secured debt issuance programme. Merrill Lynch is the arranger and sole dealer on the programme.

* SNS Bank Nederland NV

Dresdner Kleinwort Wasserstein sold a Eu220m block of Dresdner bank shares before 9am on Wednesday, even as markets across the globe underperformed. The deal was almost 10 times oversubscribed, and could be priced at a slim discount to the market price.