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Bipop-Carire have added JP Morgan as a dealer to its euro3.5 billion ($3.18 billion) MTN programme. The arranger is Morgan Stanley Dean Witter. The programme was signed on December 11 1998. The deal has euro1.9 billion outstanding.

Mandated arrangers BNP Paribas, Citibank/SSSB, Crédit Agricole Indosuez and Royal Bank of Scotland have launched the Eu765m buy-out of Lafarge Specialty Building Products from Lafarge SA. The top ticket for co-arrangers is 115bp all-in. This is thought to be divided between a Eu45m underwriting ticket for 35bp, with a projected final take of Eu30m for 80bp. Senior lead managers are offered a Eu20m take and hold ticket for 65bp.

Pfandbriefstelle der Osterreichischen Landes-Hypothekenbanke (Pfandbriefstelle) issued a 15-year non-syndicated ¥1 billion ($8.56 million) trade. The note pays interest annually. It is the first private trade to be issued off the euro5 million ($4.53 million) Euro-MTN programme, which was set up in December 2000. Previously the Austrian issuer has sold a public yen trade and a public euro note.

JP Morgan will today (Friday) price its long awaited whole business securitisation for UK flour, bread and groceries producer Ranks Hovis McDougall.

The rarity of Costa Rica in the dollar market this week enabled the sovereign to launch a successful $250m 10 year transaction, despite the volatility caused by Turkey's devaluation. The transaction, led by Credit Suisse First Boston, was offered at par to yield 9%, or 386bp over Treasuries - a level considered aggressive by houses that missed out on the mandate.

RBC Dominion Securities is realigning its European business to focus on value added structured debt. Gary Mulgrew, who joined in August last year as head of structured finance, becomes head of global banking, Europe. He replaces Colin Sturgeon, who becomes deputy chair of RBC Europe Ltd, and will take on a senior relationship and client coverage role. "Colin is quite senior and seasoned," Mulgrew told EuroWeek. "We want to cover fewer clients and we want to build relationships with fewer clients, but much deeper, and we want to cover them at all levels."

Luis Rinaldini, a senior managing director from Lazard Frères New York, has quit after more than 20 years at the firm to join Credit Suisse First Boston as a vice chair and global head of telecoms M&A. Rinaldini will move to London.

Tim Ritchie, head of global loans at Barclays, predicted this week that institutional investors would provide as much as a quarter of total liquidity in the European syndicated loan market by 2005. In his speech to delegates at the Euromoney International Bond Congress entitled "The growth of the European loan market and its effects on future bond issuance", Ritchie, who is also chairman of the Loan Market Association, said that institutional investor involvement in the Euroloan market would "sky-rocket" and that the percentage of non-bank investor liquidity, from Europe and the US, would rise from the 1% seen in 1999 to 25% by 2005.

Rothschilds has signed a £

The Russian prime minister, Mikhail Kasyanov, has recommitted the government to repaying in full arrears on Paris Club debt accumulated over the last quarter.

SAGESS, the institution charged with maintaining and managing a substantial part of France’s strategic oil reserves, today (Friday) announced its debut bond issue, a Eu250m-Eu300m 10 year transaction.

Pricing details on the £3bn 364 day loan for US company Schlumberger have emerged as lead arrangers BNP Paribas, Citibank/SSSB and JP Morgan and arranger Lehman Brothers prepare to launch the deal. The facility pays 30bp if the borrowing is through the parent company and 35bp if the borrowing is done through its subsidiary. The subsidiary benefits from a letter of comfort from the parent. The all-in fees are thought to be 40bp and the facility has a 364 day term-out option.