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Mandated arrangers ING and RZB will close syndication of the Eu50m five year facility for Croatian Bank for Reconstruction and Development (HBOR) shortly. The deal has received a considerable oversubscription and is due to be increased at signing on June 21 in Zagreb. Baden-Württembergische Bank, BayernLB, Dresdner Kleinwort Wasserstein, Hungarian Foreign Trade Bank, KBC, LB Kiel, OTP Bank and WGZ have joined in senior syndication.

Dollar swap spreads inched wider this week as the pace of new issuance slowed. However, most dealers in New York expect this to be only a temporary bounce and believe the prevailing pressures are still to be felt on the offer side of the market. The euro swap market was starved even more acutely of new issue flow, but next week looks as if it will be busier.

Noel Dunn is to run global syndicate at Bear Stearns as Jacques de Saint Phalle moves to Keefe, Bruyette & Woods (KBW). De Saint Phalle was Bear's head of US corporate syndicate.

Noel Dunn is to run global syndicate at Bear Stearns as Jacques de Saint Phalle moves to Keefe, Bruyette & Woods (KBW). De Saint Phalle was Bear's head of US corporate syndicate.

EFG Hellas has added Goldman Sachs as a dealer to its euro1.5 billion ($1.41 billion) debt instrument programme. And EFG Hellas (Cayman) has been added as an issuer. The programme has three trades outstanding, which amount to $379.96 million-worth.

Guarantor: EFG Eurobank SA Rating: BBB+/BBB

European Investment Bank has dropped all of the named dealers off its euro50 billion ($46.97 billion) debt issuance programme. Thirteen dealers were dropped in all - the highest number of banks dropped in one go. This is one of the most obvious indicators to date of the declining importance that is placed on dealer panels. So far this year 57 issuers have dropped dealers from their Euro-MTN programmes. This compares with just 26 issuers that dropped dealers from their panel in the same period in 2001. The investor-driven nature of the MTN business means that some issuers prefer to rely on reverse enquiry, particularly in the yen market, which accounts for 14.5% of the private placement market in 2002. KfW International Finance dropped its entire 11-strong dealer panel in June 2000. It has since gone on to issue over $14 billion and has used nine of the 11 dropped dealers on a reverse enquiry basis. The dealers dropped off European Investment Bank's programme are: Banca Commerciale Italiana, BNP Paribas, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Nomura, Salomon Smith Barney, Tokyo Mitsubishi and UBS Warburg.

Guarantor: Monte de Piedad y Caja Ahorros de Huelva y Sevilla Rating: A- (Fitch)

Rating: Aa3/AA-/AA- Amount: Eu250m (fungible with Eu600m issue launched 24/04/01)

McDonald's Corp has added Mizuho and HVB Corp as dealers to the panel off its $4 billion Euro-MTN programme. They join a panel that already has 16 named dealers on it. There are 17 trades outstanding off the programme worth $3.77 billion, which leaves just $223 million before the amount of debt reaches the programme's limit. Despite this, McDonald's Corp has not increased the ceiling.

World Bank deputy treasurer Ken Lay has taken on additional responsibility for medium-term funding and become director of the banking, capital markets and financial engineering department. The capital markets and financial engineering team, until recently headed by Gumersindo Oliveros, now reports to Lay, as do the asset and liability management, public debt management, financial products and services and reserves advisory and management teams.

Natexis Banques Populaires (NBP) has announced the launch of its capital markets unit in London. The new office is to boost the French bank's coverage of North European accounts, adding to its international offices in Milan and Madrid. Olivier Régis, previously head of capital markets at Lehman Brothers in Paris, has been appointed to head the London unit and will coordinate European fixed income, derivatives and securitisation sales. "Natexis is growing in terms of distribution and origination in fixed income and securitisation, and we have opened the London office to help this expansion, and access new borrowers and clients," Régis told EuroWeek.