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Jonathan Brown, formerly chief operating officer of JP Morgan's UK investment banking division, has joined Lehman Brothers as its senior relationship banker in UK coverage. Brown spent the last 23 years working in UK investment banking at JP Morgan and Salomon Brothers.

Loan Ranger does not go in for blackmail. Well, only when the offer is particularly juicy. So when a seasoned syndicator at the London branch of a German debt house sidled up with the offer: "You buy the lunch, I'll deal out the dirt," Loan Ranger swiftly agreed. Our new informant is one of a clandestine group of quaffers known only as "The Brown Shoe Brotherhood of Primary Sales", which met last Wednesday night. The venue - the Williamson Tavern off Bow Lane - had a prominent sign outside ("No flares or untrimmed beards") to get rid of, according to our informant, "secondary market riff-raff".

BBVA (bookrunner), BNP Paribas (bookrunner), Fortis Bank, JP Morgan (bookrunner) and Natexis Banques Populaires are today (Friday) hosting a bank meeting in Luxembourg for banks invited into the Eu1.5bn debt facilities for newly amalgamated steel company Arcelor. Invitations for the deal went out early on Wednesday morning offering three levels of participation: Eu120m for 20bp flat, Eu75m for 17.5bp flat and Eu35m for 12.5bp.

A number of banks including Citibank, HSBC, Mizuho, Sumitomo Mitsui Banking Corp, Development Bank of Singapore, Maybank and Standard Chartered are looking at a fundraising for the Government of Malaysia. Malaysia's request for proposal stipulates that the deal will be split between a dollar and a yen portion and will amortise over a six year tenor. A mandate will be awarded shortly.

The highest volume of deals were denominated in euros this week, with more than $3.4bn equivalent traded off 103 notes. Crédit Agricole Indosuez issued transactions worth $324m, doubling the volume by the nearest bookrunner, Morgan Stanley. The larger of Indosuez's two trades was a Eu200m note for Natexis Banques Populaires. The two year note pays a coupon of 5bp over three month Euribor. Natexis's Eu5bn EuroMTN programme was the currency's busiest in terms of volume, with over $436m issued from three trades.

Compiled by: Richard Favis RBC Capital Markets

Over $2.2bn was issued in dollars this week from 141 trades, up $200m on the previous week. Lloyds TSB was the most active borrower, issuing 17 trades for over $178m. Among its deals was a $10m six year note. The step-up reverse FRN hybrid pays a coupon of 70bp over six month Libor until 2005, increasing incrementally by 5bp a year until 2009 when it pays a final coupon of 90bp over six month Libor.

Over $8.3bn was issued over the last seven days off 415 trades, down more than $700m on last week. Yen was the least active of the main currencies with just 128 notes traded for a little over $1.3bn, a 16.1% share in terms of volume.

The United Mexican States set a new standard for emerging market debt this week by issuing a $1bn 12 year global bond with clauses that would speed up a debt restructuring process should it default. The deal is the first to include collective action clauses, which the US Treasury has been pushing as an alternative to the IMF's slower Chapter-11 style sovereign debt restructuring proposal.

Rating: Aa3 Amount: Eu250m

Rating: Aaa3/A+/AA- Amount: £300m

Donald Ogilvie has unexpectedly left Dresdner Kleinwort Wasserstsein. EuroWeek understands he left the bank yesterday (Thursday). Ogilvie was a managing director and head of debt capital markets and finance in Frankfurt where he was responsible for all debt and syndicated loans in Germany, Austria, Switzerland and the Netherlands.