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The dollar primary markets remain busy even though it is now mid-August. The flow of issuance this week was high, with several bank and finance names tapping the market. Much of this debt appears to have been swapped to floating rate, which has weighed heavily on swap spreads. Meanwhile, the euro market was quiet, experiencing its usual summer lull.

US chemicals company Dow Chemical became the first industrial company to sell its bonds through an internet Dutch auction on Tuesday, when it issued $300m of five year paper using on-line investment bank WR Hambrecht's open auction platform, OpenBook. The deal, which was the platform's inaugural transaction, follows similar deals from Bear Stearns and Deutsche Bank launched last week. The issue, which was sold to 57 investors, was priced at 101bp over Treasuries. The spread range was 92bp-102bp.

DUE TO LAUNCH next week is the Eu18bn dual facility for Deutsche Telekom. Despite the heavy flow of telecoms paper this year, arrangers and potential lenders alike were yesterday evening (Thursday) confident that DT would raise the full amount despite the absence of underwriting. The six arrangers are ABN Amro (books), Citibank/SSSB (books), Chase Manhattan (books), Deutsche Bank (documentation), Dresdner Bank Luxembourg (books) and HSBC (facility agent).

Estonia

Argentina

* Allianz Finance BV

Freddie Mac is set to storm the euro sector next month when it launches a Eu5bn transaction, the inaugural deal off a new EuroReference Note programme the US agency announced this week.

The post-summer period is looking increasingly interesting, with a number of very large deals waiting in the wings. Freddie Mac joined the ranks of eager issuers this week when it announced it was establishing a euro denominated Reference Note programme to supplement its dollars calendar. It will issue Eu20bn a year, with Eu5bn launched every quarter. Freddie Mac is obliged to take all debt back to dollars, so in September the basis swap market will be the recipient of a very large position. Most reports suggest that Freddie will issue at 10 years.

WITH GERMANY’S UMTS auction having ended yesterday (Thursday), several of the six winners are looking to raise funds from the loan market to finance the purchase of the licences. The companies have to pay Eu8.5bn within 10 days.

WITH GERMANY’S UMTS auction having ended yesterday (Thursday), several of the six winners are looking to raise funds from the loan market to finance the purchase of the licences. The companies have to pay Eu8.5bn within 10 days.

ROBERT Stellato has left Goldman Sachs, where he was co-head of Nasdaq trading and head of New York institutional sales. He has been appointed to the newly created position of head of global institutional sales at Knight Trading, the US based market maker. Knight is a liquidity centre for OTC and listed stock transactions. It is one of the largest execution destinations for internet based share transactions.