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* Compagnie de Financement Foncier Rating: Aaa/AAA/AAA

Pirelli announced the long awaited financial and industrial strategy for the Olivetti-Telecom Italia Group yesterday (Thursday), at the same time revealing an ambitious plan to raise Eu4bn through a combined equity and convertible rights issue.

Pirelli announced the long awaited financial and industrial strategy for the Olivetti-Telecom Italia Group yesterday (Thursday), at the same time revealing an ambitious plan to raise Eu4bn through a combined equity and convertible rights issue.

* SNS bank Nederland NV Rating: A2/A/A+

Noel Dunn, the former head of Goldman Sachs' European syndicate who was hired by Bear Stearns in May to head its northern European debt coverage operation, has recruited two managing directors. They are former Lehman Brothers debt capital markets official Heidi Crebo-Rediker, and Gerard Harte, who was in corporate origination for the UK and Ireland at JP Morgan.

Oilfield services company Schlumberger this week became the first corporate to premarket, launch and price a transaction in the euro market since September 11, and the success of its Eu2bn equivalent financing resoundingly proved that investors are again ready to look at credit if the sector is defensive and the price is right. Demand for lower rated corporates was confirmed by a successful transaction for triple-B tobacco company Gallaher, which had been in the middle of its roadshow when the terrorist attacks in the US took place. Like triple-B utility Innogy, which had been on the point of pricing its deal on September 11 and completed its issue last week, Gallaher was welcomed because of the defensive qualities of its sector.

Sonera has raised Eu185m by selling more of its stake in Deutsche Telekom (DT) through Dresdner Kleinwort Wasserstein (DrKW). Unlike the controversial Eu1bn DT sale in August, executed by Deutsche Bank for Hutchison Whampoa, Sonera's sale was carried out in a permitted window. Sonera is allowed to sell 40% of its holding between September 1 and December 1 of this year.

Transactions increased: * European Investment Bank

Arrangers ABN Amro, CIBC World Markets, ING Bank, Nordea, Royal Bank of Scotland and WestLB have launched general syndication of the Eu1.2bn five year amortising loan for Swedish telecommunications company Tele2. Banks have been invited to participate by taking tickets of Eu35m for 85bp, Eu25m for 75bp and Eu15m for 55bp.

Assa Abloy, the Swedish lock maker, has signed a euro1.5 billion ($1.39 billion) global MTN programme. ABN Amro won the arrangership mandate and the dealers are the arranger, BNP Paribas, Deutsche Bank, Salomon Smith Barney and SEB Merchant Banking. The issuer is rated A- long term by Standard & Poor's.

International banks led by ABN Amro and DnB Markets have thrown a Nkr900m three month lifeline to Norway's struggling engineering company Kvaerner. The short term credit was originally offered to Kvaerner on September 19 as a one month facility.

Triple-A issuance continued to dominate the bond markets this week as investors remained focused on safe haven assets and the short end of the curve in the face of volatility in bond and swap spreads. Following $10bn of supply from Freddie Mac, the IADB and the World Bank last week, triple-A volume from agencies, sovereigns and supranationals will this week top $12.5bn, with deals from Fannie Mae, EIB, Federal Farm Credit, KfW, Republic of Austria and BNG.