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Citigroup established a new record in the Samurai bond market this week, launching a ¥175bn three tranche transaction that was increased from ¥155bn on the back of strong demand.

South Africa

Argentina created a Eu1bn four year benchmark on Thursday by adding Eu500m to a 9.25% July 2004 deal launched in June. According to an official at lead manager Caboto, the second tranche of the transaction was launched to take advantage of good appetite for Latin euro paper among both retail and institutional investors, in spite of the usual summer lull.

ANZ Banking Group, New Zealand has finally signed its $2 billion Euro-MTN programme. It was originally scheduled to sign in March but was delayed while it waited for a rating. It is now rated the same as its parent, Australian and New Zealand Banking Group: Aa3 long-term by Moody's and AA- by Standard & Poor's. Deutsche Bank is the arranger and joins just two others in the dealer group: Merrill Lynch and Morgan Stanley Dean Witter.

Argentina created a Eu1bn four year benchmark on Thursday by adding Eu500m to a 9.25% July 2004 deal launched in June. According to an official at lead manager Caboto, the second tranche of the transaction was launched to take advantage of good appetite for Latin euro paper among both retail and institutional investors, in spite of the usual summer lull.

Hong Kong

Asia

Market report:

Banco Bilbao Vizcaya Argentaria Brasil has signed a $1 billion Euro-MTN programme. The arrangers are Salomon Smith Barney and BBVA Securities. The issuer is the Brazilian arm of BBVA. The dealer group is Lehman Brothers, Goldman Sachs and the two arrangers.

The news that DLJ was the subject of a $90 per share bid this week did not come as a total surprise. If there was any surprise, it was that the bidder was the Credit Suisse Group, when all eyes were looking in the direction of JP Morgan - poor JPM really does need a new pair of starting blocks for Christmas. The price of $90 per share makes DLJ's managers very rich indeed. The problem for Allen Wheat and his CSFB team is to persuade the DLJ high yield wizards and its top investment banking rainmakers not to call it a day. Wheaty will be hoping that offering a mountain of Credit Suisse options for DLJ options will do the trick.