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Lehman Brothers has hired three Japanese advisers to give a local edge to its business strategy in Japan. Senior management from the firm will meet Taichi Sakaiya, Minoru Murofushi and Fumikatsu Tokiwa every quarter to discuss how Lehman can leverage its global position in the Japanese market.

After weeks of negotiations Marconi plc and its syndicate of lending banks are finally close to reaching an agreement over a Eu3bn revolver signed in May 2001. Bankers are planning a debt for equity swap which will essentially hand control of Marconi to its creditors which are bondholders. However, there is delay as shareholders continue to fight for some semblance of control.

Compiled by Richard Favis RBC Capital Markets, Johannesburg Tel: +27 11 784 5065

Compiled by Holger Kron Deutsche Bank, Frankfurt

Lehman Brothers beat off all competition in the dollar market this week. Included in its deals was a $235m trade for Westfälische Hypothekenbank, which was closed simultaneous to a Eu235m trade. The five year note pays a coupon of 6.25bp over three month Libor. Lehman also placed two notes for HVB Real Estate Bank: a $110m deal that pays 2.6bp over three month Libor and settles on September 5, 2006; and a $50m trade goes out until September 5, 2007 and carries a coupon of 4.4bp over three month Libor. And Lehman also led two trades for Pfandbrief Bank International, for $150m and $85m.

German borrowers dominated this week with 21 of the 65 euro trades issued. In volume terms, Germany issued over $2.5bn giving it more than a 70% share of the market. Bayerische Landesbank was trading in large volume. It simultaneously issued two Eu250m deals via Lehman Brothers.

Some 91 deals were done in yen this week, but volumes were low: just over $1bn was traded. Financial repackaged entities closed over $110m off 14 trades. Deutsche Bank was especially active through two of its Earls vehicles. The largest trade was a ¥2bn deal via by Earls Four. The note pays a coupon of 2% and matures on October 4 2004. Merrill Lynch also placed a ¥2bn deal through Apollo Spires. The trade carries a semi-annual coupon of 1.7% and reaches out to April 2 2009. A ¥700m deal was also issued by Apollo Spires.

Rating: Aaa Amount: Sfr100m (fungible with Sfr150m issue launched 17/12/01)

Barclays Capital has hired two senior salespeople from HSBC to form a new team selling credit to investors in the US Midwest. Daniel Hirsch and Dwight Canfield were managing director and senior vice president respectively in HSBC's institutional fixed income US sales team.

HBOS Treasury Services (HBOS) has completed another step in the overhaul of its brand following its creation from the merger of Halifax and Bank of Scotland last year. The borrower has changed the issuing name on Halifax's existing EuroCP and EuroCD programme to HBOS. The programme limit has also been increased and redenominated from $3bn to Eu5bn. This move follows on from the name change on the company's $40bn EuroMTN programme in June. Bob Manson, head of money markets at HBOS, told EuroWeek: "Following the merger to form HBOS, we have been standardising our debt instrument programmes to match our name in the market. The continued growth of our balance sheet means HBOS remains active in issuing off these programmes."

BNP Paribas and SG have been mandated to arrange and bookrun a Eu625m project financing for Rijnmond Energi. Proceeds will be used to finance the construction of a natural gas fired plant in Rotterdam. InterGen, which is 68% owned by Royal Dutch Shell and 32% held by UK-based Bechtel, is sponsoring the project.

James Paget has joined UBS Warburg in London to advise UK and Swiss financial companies on managing their assets, liabilities and credit exposure. Paget left Goldman Sachs in London, which he joined in 2000. There he worked mainly in fixed income products, also covering the UK and Swiss markets, although recently he was also marketing equity derivatives. Before that he spent seven years at JP Morgan.