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Mandated arrangers Deutsche Bank signed banks into the 12 month extension of the $100m one year facility from December 2001 for Kazkommertsbank yesterday (Thursday) in Almaty. The deal has been oversubscribed and increased to $150m. The credit pays a margin of 225bp over Libor.

National Agricultural Co-operative Federation's ¥10bn two year credit arranged by Development Bank of Singapore, Mizuho Corporate Asia (Hong Kong), Standard Chartered Bank, Sumitomo Mitsui Banking Corp and Wachovia Bank will close today (Friday). The bullet loan facility is priced at 35bp all-in for banks joining at the top tier with commitments of ¥1.2bn.

Rating: BBB+ Amount: $150m

Guarantor: Federal Republic of Germany Rating: Aaa/AAA

Rating: Aaa/AAA/AAA Amount: Eu100m (fungible with Eu1bn issue launched 25/10/01)

At this time of year the hottest competition in the MTN market is who sends the coolest Christmas cards. And despite something of a creative block on the card front this season, Leak would like to pass on our thanks to the MTN desks at BNP Paribas and Mizuho - which not only sent us the most festive cards, but the only cards. Bah humbug to the rest of the market. Perhaps many of the male MTN traders were simply too busy dusting off their suits and moussing their hair in anticipation of being named as most fancied MTNer in EuroWeek's Prada Codpiece Award. Leak was inundated with suggestions as to the identity of the mystery man after last week's clue that the chosen one was responsible for stealing signposts at SNS's summer rally. We did not realise there were so many crooks in the MTN market. Shame on you all! Hopefully, this final clue will help identify the international man of mystery - he was once a used car salesman.

Trading in dollars was up from 112 trades last week to 147 issues this week, representing almost 30% of MTN market share by volume. Triple-A borrowers dominated, issuing over $1.23bn. Included in CDC IXIS Capital Markets' eight deals was a $10m trade via Mizuho. The five year step-up range issue begins by paying interest of 4.5% x M/N until December 12, 2003, reaching a maximum coupon of 7.3% x M/N. M equals the number of calendar days in the coupon period on which six month Libor rate falls within range. N equals the total number of calendar days in the coupon period. The note was issued at the same time as a ¥500m note.

The Republic of Poland has still to reach a final decision on which houses will be chosen as arrangers and dealers on its forthcoming EuroMTN programme. The original presentations by dealers were due to begin in Warsaw on Monday, but the start was delayed by 24 hours. Representatives from the EuroMTN market's three biggest arrangers, Deutsche Bank, Citigroup/SSSB and JP Morgan, were all still believed to be in Warsaw yesterday (Thursday).

Lehman Brothers has named Skip McGee global head of investment banking. McGee succeeds Bradley Jack, who was named chief operating officer. McGee, an energy investment banker, has been at Lehman for 10 years and heads the global natural resources and power groups.

Brazil Brazil's C bonds soared to 66.25 on Thursday from 63.69 earlier in the week after the country's central bank raised the local Selic interest rate to 25% from 22% in a bid to control inflation.

France A spokesman for the French ministry of the economy this week said the government could reduce its stake in Air France to below 20%.

Banks were signed in this week on the $800m of international debt facilities for the $1bn Nigeria LNG project by mandated arrangers BNP Paribas, Crédit Lyonnais, Citigroup/SSSB, Mediocredito and WestLB. The deal closed well oversubscribed at all stages, but perhaps most notably at the retail level where the leads were hoping to attract around $100m, but instead received commitments for $175m.