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Stora Enso has increased the ceiling off its euro3 billion ($2.83 billion) Euro-MTN programme to euro4 billion despite having only $1.35 billion outstanding. It has issued just two notes in the last 18 months, both of which were syndicated trades led by Handelsbanken Trading, Nordea Markets and SEB Capital Markets.

Amount: Eu100m Maturity: June 28, 2004

A well attended bank meeting was held on Wednesday in Amsterdam for the syndication of the $1bn facility for drinks company Bacardi through arrangers and joint bookrunners Bank of America, Barclays Capital and Citigroup/SSSB. Banks have been invited to commit $75m for fees of 17.5bp, $50m for 15bp, and $30m for 12.5bp.

Rating: Aa2/AA+ Amount: C$100m

Last Friday mandated arranger SEB Merchant Banking signed a Skr400m four year multi-currency revolver for Hoist Kredit. The facility was oversbscribed and will be increased to Skr450m.

Rating: Aa2/AA+ Amount: C$100m

The performance of Glencore International's $2.5bn 364 day revolver has underlined the strength of the borrower's bank market following with an impressive oversubscription in syndication. Arrangers Barclays Capital (joint bookrunner, documentation), BNP Paribas (joint bookrunner), Deutsche Bank, JP Morgan and SG (facility agent) have closed the books and are in documentation.

TD Asset Management is moving two more global equity mandates in-house, as the Canadian retail fund manager makes further progress in establishing its London office. Schroder Investment Management (North America) Limited and Montgomery Asset Management will lose their mandates, as TDAM has decided to take over direct management of funds currently outsourced to them, with effect from August 1.

The Toronto-Dominion Bank and Toronto Dominion Australia have set up a $3 billion Euro-CP programme. Deutsche Bank is the arranger and the dealer panel comprises Barclays Capital, Citibank, Deutsche Bank and TD Securities. It is the sixth Euro- or global CP programme that Deutsche Bank has arranged in 2002, and the 13th dealership it has won. The programme will replace the existing A$3 billion ($1.71 billion) Euro-CP programme with an MTN option that Toronto Dominion Australia signed in 1996. The programme has $1.15 billion-worth outstanding off 26 notes. It is rated A-1+/P-1.

Telecom Italia and Vodafone, two of the bank market's key telecoms borrowers, are set to complete refinancings within the next few weeks. The terms of both deals will defy the continued negative sentiment towards the telecoms sector and will underscore the market's differentiation between tier one names and weaker credits which will continue to struggle to get support.

Amount: Eu300m Legal maturity: December 30, 2008