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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.

Eaton Corp has added Barclays Capital to the dealer panel off its euro250 million ($232.13 million) Euro-CP programme. The only other dealer is Citibank, and the programme is arranged by Eaton Corp itself.

Brazil

The news of Edson Mitchell's untimely death at the age of 47 has cast a pall over the Euromarkets and the entire banking industry. Do not be under any doubt that Edson was the King of the Euromarkets. He wore that particular crown ever since Hans-Joerg Rudloff was toppled by CSFB insiders in March 1993 and exiled to the Siberia of Credit Suisse HQ. The only pretenders to Mitchell's throne were Connie Voldstad at Merrill, Chris Goekjian at CSFB and Robert Diamond at Barclays Capital. Mitchell was the quintessential $20m a year man who looked the part, loved every minute of life and delivered results time after time when his competitors and imitators could make only shallow promises. Edson's greatest success was in building a world class debt capital markets and equities business for Deutsche Bank from grass roots. When he started to lay the foundations in 1995 we were sceptical about his chances of success - silly us. By his charm and sheer force of personality (an open cheque book from Deutsche also helped the process) Mitchell created in four years what JP Morgan had failed to achieve in 15. It was a stunning accomplishment and marked Mitchell as someone who was simply in a different class from his contemporaries. Look at the recent flabby performance of Goldman Sachs or CSFB in fixed income. How much would they have paid to have Mitchell on their side? If he had auctioned himself with a reserve of $50m per annum for a five year contract there would have been no shortage of bidders.

* Deutsche Genossenschafts-Hypothekenbank

Europaische Hypthekenbank has redenominated its $1.5 billion Euro-CP programme to euro1.5 billion ($1.39 billion). It has also changed its name from Eurohypo European Mortgage Bank to its current issuer name. Deutsche Bank is the programme arranger.

* ABB International Finance NV

The Federal Reserve woke the international debt markets from their new year slumber on Wednesday when the US central bank announced a 50bp cut in the Fed funds rate aimed at averting a hard landing for the US economy. Having changed its stance to a tightening bias in December, the Fed has reacted to growing evidence in the last month of 2000 of a sharp slowdown in the economy — evidence that had led most economists to predict a rate cut of 25bp-50bp this month.

The Federal Reserve woke the international debt markets from their new year slumber on Wednesday when the US central bank announced a 50bp cut in the Fed funds rate aimed at averting a hard landing for the US economy. Having changed its stance to a tightening bias in December, the Fed has reacted to growing evidence in the last month of 2000 of a sharp slowdown in the economy - evidence that had led most economists to predict a rate cut of 25bp-50bp this month. However, the timing of the announcement, during a conference call at 11am EST, surprised the market. Nasdaq, which had fallen 7% on Tuesday, recorded on Wednesday its highest ever one day rise of 14%.