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US investors are more sceptical now about investing in European equities than at any time over the last 10 years, a leading fund manager warned this week. Michael Schoeck, head of global active equities at State Street Global Advisors, said that with the US outperforming Europe since 1994, fund managers are struggling to persuade US investors to maintain their weightings in European stocks.

Commerzbank has appointed former global head of research Edward Cartwright as chairman of Commerz Futures, the Chicago-based clearing house. Cartwright will help integrate Commerz Futures, a wholly owned LLC, as far as possible with the derivatives business of Commerzbank Securities. The two have so far been separated into the distinct business lines of treasury and investment banking respectively. But some treasury units have recently been integrated into investment banking, and the firm has identified potential "client synergies" between the US-based Commerz Futures and the European and Asian servicing Commerzbank Securities, and its derivatives business in Europe in particular.

Compiled by Stephanie Weedon, HSBC Bank plc, London Tel: +44 20 7336 3525

Rating: Aaa/AAA Amount: $6bn

Rating: A1/A+/AA- Amount: Eu300m (fungible with Eu350m issue launched 16/11/01)

Bank of Scotland and ING have been mandated by the UK's second largest DIY retailer, Focus Wickes plc, to arrange and underwrite a £280m five year revolving credit facility relating to its IPO. The revolver carries an initial margin of 115bp over Libor.

The Eu150m 364 day facility for IT company TietoEnator will be signed in Finland on Wednesday. Mandated arranger Nordea has been joined by Sampo as a co-arranger.

ABN Amro and BNP Paribas have clinched the mandate to arrange a Eu950m acquisition facility for information technology services provider Atos Origin. Funds raised will support Atos's proposed acquisition of KPMG Consulting in the UK and the Netherlands. Proceeds will also be used to refinance debt.

Rating: Aaa/AAA Amount: $2bn

Rating: Aaa/AAA/AAA Amount: Eu500m Landesschatzanweisung series 96

The European Securities Forum (ESF) has appointed Werner Frey as chief executive two weeks after taking on Joan Beck as its chair. ESF campaigns on behalf of European investment banks for a more uniform pan-European settlement and clearing system. With the two recent appointments the forum has responded to criticism that it is too 'Anglo-Saxon' in outlook. Beck is Dutch, and Frey is a Swiss national who will be based partly in Zurich.

Rating: AAA (Fitch) Amount: Eu500m Landesschatzanweisung series 2002/01