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SBAB, the Swedish issuer also known as Statens Bostadsfinansierings, issued a Skr40 million ($4.2 million) FRN yesterday. The trade was non-syndicated and matures in 2003.

Denmark LB Kiel has signed banks into the Eu65m facility for Danish bank Amtssparkassen Fyn. The arranger was joined by co-arrangers Hamburgische Landesbank and Landesbank Rhineland-Pfalz. Bankgesellschaft Berlin, Landesbank Baden-Württemburg, Landesbank Saar, Landwirtschaftliche Rentenbank and NordLB joined in the second round of syndication.

John Mack, Morgan Stanley Dean Witter president and COO resigned on Wednesday. Another Morgan Stanley veteran, CFO Robert Scott, will replace Mack with effect from March 21.

SNS Bank Nederland (SNS) has increased the size of its euro10 billion ($9.38 billion) debt issuance programme to euro20 billion. SG has been dropped as a dealer. The following banks have joined the dealer panel: BNP Paribas, Goldman Sachs, HSBC and UBS Warburg. Both HSBC and Goldman Sachs were involved in the SNS's euro700 million Eurobond in September 2000. SNS Bank is known for rewarding active reverse enquiry dealers by asking them to join the dealer panel off the MTN programme. See MTNWeek issue 201.

Market report Compiled by Vusi Mhlanzi, RBC DS Global Markets, South Africa. Tel: +27 11 784 5065

Stadtsparkasse Koln, the Aa3 rated German bank, has launched its second Swiss franc deal of the week. Following its earlier Sfr100 million ($61.2 million) one-year trade, it has sold a ten-year Sfr75 million note. The trade matures on January 31 2011 and pays interest quarterly. Since signing its Euro-MTN programme in November 1998, the issuer has raised $1.4 billion-worth of debt from 20 MTNs.

Svenska Handelsbanken has issued a £

* Bank Nederlandse Gemeenten Rating: Aaa/AAA/AAA

BMW has been making use of both sides of the Atlantic, with a euro15 million ($14.09 million) deal that goes out to July 2003, and a $100 million issue that matures in January 2003. The bookrunner off the euro trade was UBS Warburg, and the fixed-rate note pays interest quarterly. The US dollar-denominated deal is a floating-rate note. Fredrik Altmann, capital markets at BMW, says: "Spread widening will continue, but at this stage of the year we are still very aggressive with our levels. Our strategy won't change at all, so like the last six years we will wait to see what our dealers will bring us."

* Akademiska Hus Rating: AA

The telecoms revival in the high yield market continued this week as Swedish operator Tele 1 Europe issued a Eu175m 12.375% 2008 deal, increased from Eu150m by leads Goldman Sachs and Lehman Brothers. The issue marked Lehman Brothers' return to the market for the first time since lead managing CP Kelco's deal last September, which the bank bought back at 92% following a plunge in the paper's value and protests from investors.