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The Inter-American Development Bank has appointed Esteban Molfino as chief of the bank's funding section. He was previously principal funding officer of the capital markets division. In his new role Molfino will be responsible for managing the borrowing activities of the bank in various international and domestic capital markets to fund the bank's liquidity and lending operations.

UK property group Liberty International used Morgan Stanley to lead manage a £159m accelerated bookbuild after its own brokers, Merrill Lynch and UBS Warburg, declined to run the deal. Morgan Stanley won the mandate after Liberty's brokers turned down the transaction because they thought the terms the issuer wanted were too aggressive.

Commentary

Rating: Aaa/AAA Amount: A$100m

Dealer-to-dealer fixed income trading platform provider MTS Group plans to launch a European government bond index, which will use MTS' pan-European tradable prices, and is planning the launch of a platform for trading dollar issues. MTS had 512 member banks at the end of the third quarter - excluding Bondvision its business to consumer platform - up from 448 at the end of last year and 253 at the end of 2000. Average volume in the market taker platforms is Eu2.5m-Eu2.6m daily. Repo turnover is Eu45m, up 51% year on year.

Guarantor: Nestlé SA Rating: Aaa/AA+

The troubled French reinsurer Scor took steps this week to restore its damaged reputation by appointing a new chief executive. The announcement on Monday that Denis Kessler was to replace Jacques Blondeau as chairman and chief executive came the day before Scor's shareholders gave 90% approval for a planned rights issue.

A well attended bank presentation was held yesterday (Thursday) in Amsterdam for the launch of syndication of the Eu1bn 364 day revolver for Essent. Mandated to Citigroup/SSSB, the loan pays 32.5bp over Euribor and ratchets on a ratings grid between 30bp and 70bp. The commitment fee is 33.3% of the applicable margin. Utilisation fees are 5bp if 33.3%-66.6% is drawn and 7.5bp if over 66.6% is used. This means a fully drawn facility offers 40bp out-of-the-box. Proceeds are for general corporate purposes.

Slovakia Fitch has raised its rating on Slovakia to BBB- from BB+, giving the republic investment grade status, in line with its EU applicant neighbours. According to Fitch, the election of a centre right coalition government in September has cleared the way for Slovakia to join the EU in 2004. The EU had threatened to exclude the republic if Vladimir Meciar's HZDS party had returned to office, as this would have undermined economic policy, FDI flows and market confidence.

Finland Metals company Outokumpu has mandated JP Morgan and Nordea Securities to lead manage a Eu300m rights issue. The offering is due to be authorised at an EGM on November 14 and will refinance some of the bridge facility backing the acquisition of part of AvestaPolarit.

Rating: Aa2/AA+/AA Amount: Nkr500m

Amount: Bt607.9m (private) Rating: A1+(tba) (Fitch)