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Countrywide has increased the debt ceiling off its $4 billion Euro-MTN programme to $5 billion. The US issuer signed the facility in 1998 and has issued over $2 billion-worth of debt off 18 trades. The arranger is Lehman Brothers.

Linde has started its funding for 2001 with a one-year euro17 million ($15.93 million) fixed-rate trade which pays 4.65%, and a syndicated Z200 million ($48.6 million) deal that goes out to February 2006 and pays 12.375%. Deutsche Bank was bookrunner off the euro trade and HypoVereinsbank lead managed the zloty note. Stefan Hess, group financier at Linde, admits he is concerned about the way spreads are continuing to widen. He says: "We've seen no effect on spreads at the short-end, but with longer maturities, especially with so much corporate paper outstanding in the market, it can be quite difficult issuing MTN tranches."

This week the loan market absorbed the news that the fourth candidate in the French UMTS beauty contest, Suez Lyonnaise des Eaux, has pulled out of the auction and that Bouyges Telecom is reconsidering its place in the bidding. Many bankers see the move as final confirmation that UMTS licences fees are too high for the current market.

Argentina * Province of Buenos Aires

* After 228 years of male dominance, the London Stock Exchange announced this week that its next leader will be a woman. Clara Furse, a Dutch former managing director at UBS Warburg, will take up the role of chief executive on February 5. Furse will step into the breach vacated by Gavin Casey, who resigned after the LSE's merger with the Deutsche Börse fell through. She had been at UBS Warburg between 1983 and 1998. Since then, she has been deputy chairman of London International Financial Futures Exchange and group chief executive at Crédit Lyonnais Rouse.

Munich Re, the world’s largest reinsurance company, this week revealed details of its first securitisation — a $300m catastrophe bond placed privately at the end of December.

Munich Re, the world’s largest reinsurance company, this week revealed details of its first securitisation — a $300m catastrophe bond placed privately at the end of December.

Alcatel and Marconi will finally take their holdings in Alstom down to a reasonable level next month, with a Eu2.2bn sell-off that will consist of up to 41.25% of their 47.2% joint participation. Credit Suisse First Boston and SG are managing the deal. The announcement comes as a relief for investors. "It is about time," said a French fund manager annoyed by the late decision. "We have been waiting for the past three years." The prospect of the sale had been a drag on the stock since its 1998 listing, turning investors off the share. In addition, the company had disappointed some banks in terms of reaching its objectives. "Alstom has not seduced investors," said a banker from a leading French bank.

* Banco BPI SA (Cayman) Rating: A2

* AIG SunAmerica Institutional Funding II Rating: Aaa/AAA