A level-one representation of the quantum affine superalgebra
\U_q(\hat{\frak{sl}}(M+1|N+1)) and vertex operators associated with the
fundamental representations are constructed in terms of free bosonic fields.
Character formulas of level-one irreducible highest weight modules of
\U_q(\hat{\frak{sl}}(2|1)) are conjectured.Comment: AMS-TeX, 11 page