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Amount: Eu710m Rating: Moody's/S&P

JPMorgan has reorganized its structured credit operation in New York following the shock resignation of Romita Shetty, head of structured credit and alternative investments. Officials familiar with the firm's plans said Maleyne Syracuse, managing director, client management, will take over Shetty's responsibilities in origination and structuring, while Andrew Palmer, managing director, North American credit derivatives, will head the distribution effort. Syracuse and Palmer both report into Andrew Feldstein, managing director and head of credit portfolio management. A rival credit derivatives head said it was surprising that Syracuse would move into origination given her background in sales. Syracuse, Palmer and Feldstein did not return calls by press time.

Deutsche Bank and Crédit Lyonnais signed banks into the Eu380m debt facilities backing the PAI-led buy-out of new company Panzani on Wednesday. The debt facilities are split into Eu295m of senior debt and Eu85m of mezzanine debt.

Mandated arrangers Deutsche Bank signed banks into the 12 month extension of the $100m one year facility from December 2001 for Kazkommertsbank yesterday (Thursday) in Almaty. The deal has been oversubscribed and increased to $150m. The credit pays a margin of 225bp over Libor.

National Agricultural Co-operative Federation's ¥10bn two year credit arranged by Development Bank of Singapore, Mizuho Corporate Asia (Hong Kong), Standard Chartered Bank, Sumitomo Mitsui Banking Corp and Wachovia Bank will close today (Friday). The bullet loan facility is priced at 35bp all-in for banks joining at the top tier with commitments of ¥1.2bn.

Rating: BBB+ Amount: $150m

Guarantor: Federal Republic of Germany Rating: Aaa/AAA

Rating: Aaa/AAA/AAA Amount: Eu100m (fungible with Eu1bn issue launched 25/10/01)

At this time of year the hottest competition in the MTN market is who sends the coolest Christmas cards. And despite something of a creative block on the card front this season, Leak would like to pass on our thanks to the MTN desks at BNP Paribas and Mizuho - which not only sent us the most festive cards, but the only cards. Bah humbug to the rest of the market. Perhaps many of the male MTN traders were simply too busy dusting off their suits and moussing their hair in anticipation of being named as most fancied MTNer in EuroWeek's Prada Codpiece Award. Leak was inundated with suggestions as to the identity of the mystery man after last week's clue that the chosen one was responsible for stealing signposts at SNS's summer rally. We did not realise there were so many crooks in the MTN market. Shame on you all! Hopefully, this final clue will help identify the international man of mystery - he was once a used car salesman.

Trading in dollars was up from 112 trades last week to 147 issues this week, representing almost 30% of MTN market share by volume. Triple-A borrowers dominated, issuing over $1.23bn. Included in CDC IXIS Capital Markets' eight deals was a $10m trade via Mizuho. The five year step-up range issue begins by paying interest of 4.5% x M/N until December 12, 2003, reaching a maximum coupon of 7.3% x M/N. M equals the number of calendar days in the coupon period on which six month Libor rate falls within range. N equals the total number of calendar days in the coupon period. The note was issued at the same time as a ¥500m note.

The Republic of Poland has still to reach a final decision on which houses will be chosen as arrangers and dealers on its forthcoming EuroMTN programme. The original presentations by dealers were due to begin in Warsaw on Monday, but the start was delayed by 24 hours. Representatives from the EuroMTN market's three biggest arrangers, Deutsche Bank, Citigroup/SSSB and JP Morgan, were all still believed to be in Warsaw yesterday (Thursday).

Lehman Brothers has named Skip McGee global head of investment banking. McGee succeeds Bradley Jack, who was named chief operating officer. McGee, an energy investment banker, has been at Lehman for 10 years and heads the global natural resources and power groups.