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US dollar swap spreads collapsed this week, taking them to levels not seen since the beginning of the year. By mid-afternoon yesterday (Thursday) the 10 year mid-market of dollar swaps was 93bp over Treasuries, having closed on Wednesday night at 97bp. This represents a 25bp decline in two weeks. Five year spreads also fell sharply, from about 93.5bp mid-market at the open to around 89bp by the late afternoon. Rates have also plummeted some 40bp-50bp over the last couple of weeks, and close to 100bp in the last few months. Ten year rates are now at 6.16%, 12bp wider than two year rates.

Hungary Bankgesellschaft Berlin (bookrunner) and DG Bank (bookrunner, documentation and facility agent) have signed banks into the $100m three year term loan for Magyar Export-Import Bank (Exim Bank).

Brazil * Banco Itau (Cayman) SA

Electricité de France this week launched a third tranche of asset backed commercial paper as part of a Eu2bn securitisation of its current and future receivables. Lead managed and set up by Bayerische Landesbank, the deal is ultimately backed by receivables from EdF's small and medium sized corporate customers. The deal will become the largest transaction of this type completed by an industrial company in Europe.

INTRODUCTION: The market doubled in size last year, as issuance soared to record levels. And with the advent of Emu, the euro took a hold on the market. Non-syndicated issuance in the new currency surpassed that of both dollars and yen. With all these changes in the business, not least the start of online trading, 1999 was a landmark year. And 2000 looks like it could match all this. There was a staggering $1.9 trillion in total outstanding on March 1 2000, according to MTNWare. And between January 1 and March 1 2000, volumes for non-syndicated issuance had increased 116% on trading in the same period last year. In 1999, 168 new names entered the market, 24 more than the previous year. And banks report that the pipeline is full of borrowers, particularly European corporates, wishing to access the pan-European investor base. Many traders predicted a true credit market would emerge in 1999, aided by monetary union. And many have been surprised just how rapidly it has grown. Non-syndicated issuance by borrowers rated single-A and below was recorded at $103.77 billion for the year. e-MTN has gathered some of the most active corporate credits together in its borrowers' roundtable, see page 14, to discuss their funding strategies. They also talk frankly about their opinions of online trading. Dealers get their say on developments in e-commerce in our first feature, see over the page, where the problems of security and transparency are debated. The value of such systems in the structured market is also questioned. For all market participants these are exciting times, but there are many challenges ahead. e-MTN brings into the spotlight some of the most pressing issues facing the market, 2000 and beyond. *** For more information about this supplement, or if you wish to advertise in MTNWeek's next supplement, please contact Francoise Lavergne on +44 7440 6436. ***

Three five-year $50 million floating-rate notes will be issued on Thursday by Commerzbank, Westpac Trust Securities and Agbar International. Commerzbank's Thomas Behme, funds manager at the bank, says: "Our funding in US dollar has been more or less opportunistic this year, but we have still raised about $1 billion. The most important thing is the basis swap." Commerzbank's note offers 3m USD Libor+10, and Goldman Sachs was bookrunner. It has been named as bookrunner off 15 of the issuer's private trades this year. Morgan Stanley Dean Witter is second busiest for the bank with 9 private deals.

Ukraine is to issue a Eu60m increase of its euro denominated 2007, completing the restructuring of its commercial debt. Timur Khromaev, head of commercial borrowing at the ministry of finance, said this issue would replace the remaining holdings of Caa3 rated Ukraine's $2.4bn debt that was not included in the original swap deal last April. That deal replaced 99% of the old debt with two seven year issues - a $1.13bn 11% and a Eu1.13bn 10%. These now trade with yields of 20% and 17% respectively.

* ABB International Finance NV Keepwell agreement from: Asea Brown Boveri Ltd

* FCE Bank plc Rating: A2/A+

EuroWeek is compiling the Review of the Year annual awards poll - the only awards voted for by the industry itself - which will include a variety of categories such as best banks, borrowers, investors and intermediaries. The final deadlines for votes from the market fall next week, so readers are strongly encouraged to fill in the forms and send them back as soon as possible.

Emerging market investors are waiting anxiously for a possible dual statement on Monday on an IMF-led rescue package, and on the first of an expected series of bond swaps by the Argentine government. Argentina announced on Wednesday its intention to swap short dated debt into new, longer bonds.

Is life at 1, St. Martins-Le-Grand, the besieged home of Nomura International in London, more fun than Walt Disney's Magic Kingdom? With the bonus season almost upon us, will Nomura employees be flying first class, or will they be so far in the back of the plane in the New Year that they are almost in the loos? We hear that Nomura is a distinctly unhappy house. Three more people from the debt capital markets group folded their tents last week and rode into the sunset. Head-hunters tell us that "almost everyone in Nomura who is any good is up for grabs as soon as the bonus cheques have cleared!"