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* Bayerische Handelsbank AG Rating: AAA

The Republic of Poland is set to kick off new issuance from eastern European sovereigns in early 2001 with a minimum Eu500m 10 year bond issue. About 10 invited banks submitted hotly contested bids by yesterday's (Thursday) deadline for what will probably be the republic's sole offering in 2001. Bidding banks will be reduced to a shortlist next week, with the issuer looking to mandate the deal by the end of the year.

* European Bank for Reconstruction & Development Rating: Aaa/AAA

The big event in the euro market this week was the launch and pricing of the second leg of Freddie Mac's EuReference Note programme. The US Government Sponsored Enterprise (GSE) added a five year benchmark to its yield curve in the European currency. In September, the agency issued at 10 years.

Anglo-Dutch publishing company Reed Elsevier was able to price its $1.6bn accelerated secondary offering at an aggressive discount this week, on the back of strong market support for its acquisition of Harcourt General, the US textbook publisher.

Anglo-Dutch publishing company Reed Elsevier was able to price its $1.6bn accelerated secondary offering at an aggressive discount this week, on the back of strong market support for its acquisition of Harcourt General, the US textbook publisher.

SunTrust Bank, based in Atlanta in the US, has signed a $10 billion global bank note programme to complement its existing US CP facility. There is no named arranger. SunTrust Bank is the result of a consolidation of 28 subsidiaries, all based in southern USA. The dealers off the programme are Chase Manhattan, Credit Suisse First Boston, Goldman Sachs, Lehman Brothers, JP Morgan, Morgan Stanley Dean Witter, Salomon Smith Barney, SunTrust Equitable Securities and UBS Warburg.

Globals * Citigroup Inc

* Aventis SA Rating: A3/A-

Volkswagen has doubled the limit off its multi-currency CP shelf to euro10 billion ($8.58 billion). And as well as adding Credit Suisse First Boston to its dealer group, as reported in MTNWeek, issue 206, it has also added Citibank. JP Morgan and SG have been axed as dealers.

Nasdaq plummeted throughout the week, culminating in a 7% drop on Thursday, its biggest fall since 1987. The deterioration sent shock waves through the bond markets and restricted trading activity. Investors shunned corporate credits, driving spreads several basis points wider. Auto companies were among the worst hit, with DaimlerChrysler spreads more than 10bp wider on news that it is to be sued for $9bn. Meanwhile, telecoms spreads widened by around 5bp yesterday (Thursday) as the market prepared to absorb British Telecom's $6bn-$8bn global bond, which is expected to be launched next week.

Westdeutsche Landesbank has set up Neptune Finance II, its second SPV. The $2.5 billion asset-backed MTN shelf has limited liability in the Cayman Islands.