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Rating: Aaa/AAA/AAA Amount: NZ$100m

Rating: Aaa/AAA Amount: Eu250m

A euro2 billion ($1.78 billion) asset-backed Euro-CP programme has been signed under the name of European Receivables Finance. The programme is arranged by Gerling-Konzern Speziale Kreditversicherungs. Citibank and Deutsche Bank are the named dealers on the panel.

Rating: Aaa/AAA Amount: $500m

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

Almost $2.5 billion was done in euro off 25 trades for a 60% share of the market in terms of volume. Netherlands-based Italian telecom, Olivetti Finance, was responsible for much of the volume done. It closed a euro1 billion ($879.60 million) and euro500 million tranche. The largest note has a five-year maturity and pays an annual coupon of 6.500%. The note was priced to yield 181.65 basis points over 4% 16/2/2007 Bobl and 159 basis points over the swap rate. The smaller tranche goes out to 2012 and pays an annual coupon of 7.250%. The trade is priced to yield 215.35 basis points over 5% 4/1/2012 Bund and 190 basis points over the swap rate. The bookrunners are Barclays Capital, Lehman Brothers, Salomon Smith Barney and Unicredit Banca Mobiliare. French issuers were the busiest, closing eight trades. BNP Paribas did three deals for euro22.60 million combined, and Credit Lyonnais Finance (Guernsey) did a euro1.50 million note and a euro1 million note. Credit Agricole Indosuez placed a euro50 million trade for Unibail. The note settles on January 30 2004 and pays a coupon of 3m Euribor +25 basis points. Deutsche Bank led two four-year trades for HVB Real Estate Bank. The issuer closed a euro50 million deal and a euro25 million note. Both parts of the tranche pay an annual step-up coupon of 4.500% until 18 December 2002, and thereafter pay 5.25% per annum.

Rating: Aaa/AAA/AAA Amount: $5bn Benchmark Note

Guarantor: IT Holdings SpA Amount: Eu200m

Fonterra has signed a $2 billion Euro-MTN programme. Salomon Smith Barney is the arranger. The dealer panel is ABN Amro, Deutsche Bank, Merrill Lynch, National Australia Bank, UBS Warburg and the arranger. Fonterra is the holding company for Fonterra Cooperative Group, which was formed after the merger of the New Zealand Dairy Board (NZDB) and Kiwi Cooperative Dairies in 2001. NZDB has an existing $1 billion Euro-MTN programme that was signed in 1993 with Merrill Lynch as the arranger. The borrower recently signed a $1.5 billion Euro-CP facility. The dealers on the CP panel are Citibank, Deutsche Bank, Merrill Lynch, National Australia Bank and UBS Warburg.

The list of banks joining telecoms equipment maker Alcatlel's Eu2.075bn multi-tranche facility has been released. Joining at the first level for final takes of Eu112m are Citigroup/SSSB, CSFB, Deutsche Bank, Natexis Banques Populaires, BNP Paribas and Morgan Stanley.

Rating: Aaa/AAA/AAA Amount: $1.5bn

Rating: B+ Amount: $500m