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Kelly Martin has left Merrill Lynch following the firm's plan to combine his international private client group with its US sister operation, to create a new organisation called global private client group (GPC). For Martin, 43, the restructuring brings an end to 21 years with Merrill. Having joined the firm as a bond trader in 1981, Martin went on to run equity sales and trading for Europe before he was promoted to chief operating officer of the investment banking group.

Rating: Baa1/BBB+/A Amount: $500m

Guarantor: MDM Holding Gmbh Rating: B1/B-/B

MDM Bank has shown that there is still investor appetite for the right Russian banking sector names with a tightly priced $125m 10.75% three-year debut Eurobond. Although the deal was substantially oversubscribed at the original price talk level of 10.875% yield, MDM was determined to get the best pricing possible.

Rating: Baa2/BBB (Moody's/Fitch) Amount: Eu100m

Rating: A2/A/AA- Tranche 1: $400m

Metso, the Finnish manufacturer, has revamped the old Rauma EuroCP programme following the two companies' merger in 1999. The size and denomination of the programme has changed to Eu150m from $100m. SEB Merchant Banking is the new arranger, replacing Enskilda Debt Capital Markets (London).

Europe's finance ministers agreed on Tuesday to take another week to try and end the dispute about new rules on savings taxation, after Austria, Belgium and Luxembourg said they would not abide by the current draft agreement if Switzerland did not offer concessions on banking secrecy. Denmark, the current holder of the European Union presidency, intends to try and break the 12 month deadlock by persuading Austria, Belgium and Luxembourg to join the plan of taxing all residents' and non-residents' savings. The three countries want Switzerland to adopt equivalent measures before they commit to such a plan.

Dresdner Kleinwort Wasserstein has unveiled its new look syndicate desk, which has a greater focus on corporates. Frankfurt-based fixed income head Matthias Wittenberg has become client relationships manager and Paul Cohen, who used to cover corporates on the syndicate desk in London, has also moved to a client facing role in origination.

The Autonomous Region of Friuli-Venezia Giulia has added MCC-Gruppo Bancario Capitalia as an arranger to its Eu1bn EuroMTN programme. The facility was signed in April 2001 via ABN Amro, which remains on the programme as an arranger. Various changes have also been made to the programme's dealer panel. Banca Commerciale Italiana, Banco di Sicilia and Carimonte Banca have been dropped. Banca IMI, Caboto-Gruppo Intesa, CDC IXIS Capital Markets and MCC-Gruppo Bancario Capitalia have been added.

Commentary

Rating: Aa2/AA- Amount: Eu250m (fungible with Eu500m issue launched 18/06/02)