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Dresdner Kleinwort Wasserstein is nearing the end of its recruitment drive in global credit derivatives, after naming three new hires this week. Joining from Merrill Lynch Japan is Hideyuki Kudo, who is named director and senior credit structurer. He will be structuring such products as credit-linked notes and CDOs.

Bank of Scotland has launched the amended debt facilities backing the Rutland Fund Management-led buy-out of Edinburgh Woollen Mills into syndication. The £50.3m deal is split into a £23.3m five year term loan 'A' paying a margin of 225bp over Libor, a £6m six year mezzanine tranche offering 350bp over and a £21m five year revolver paying 225bp over.

Mizuho has approached a small group of banks to recommit to the recapitalisation of a £510m facility signed for Dunlop Standard Aerospace in 1998. The facilities supported the Doughty Hanson & Co-led buy-out of BTR's aerospace group. According to Mizuho, the recapitalisation will have a similar structure to the 1998 deal, although a high yield bond issue has slightly decreased the senior debt.

Rating: AAA/AA+/AAA Amount: Nkr500m

Amount: Eu350m Issue price: 100.00

EMS-Chemie, the Swiss chemicals firm, issued a Sfr300m equity-linked bond this week exchangeable into shares in either EMS-Chemie or Lonza, another Swiss chemicals firm. This is the first equity-linked deal to be sold in Europe since Lonza issued a Sfr300m convertible at the beginning of June.

Erste Bank completed one of the few genuinely successful equity transactions of the last few weeks on Wednesday night when it raised Eu642m from a secondary offering. The deal, which was lead managed by JP Morgan and Erste Bank, was structured as a rights issue without the usual discount - it was priced at Eu69.70, a 1.4% discount to the close on Wednesday. The book was more than three times covered.

Rating: Aaa/AAA Amount: Eu30m

Marking the merger of MTNWeek and EuroWeek, Chris Newlands takes a look at the state of the MTN market in Europe, and finds a determination among the top EuroMTN issuers to keep refining and adding to their well received programmes. While the debate continues over the balance between public and private issuance, EuroMTN activity as a whole is providing welcome business for the capital markets. Despite treacherous conditions, the EuroMTN market is battling on strongly. Nearly $700bn of debt has been closed this year and programme signings are hitting the market at a rate of eight a month. Around 3,200 deals have been issued in the global and Euromarkets since the start of 2002 and 70% of those deals have been traded off EuroMTN facilities.

Compiled by Douglas Glenn HSBC Bank plc, London Tel: +44 20 7336 3525

Rating: Aaa/AAA/AAA Amount: $2bn

Guarantor: Fantuzzi Reggiane SpA Amount: Eu25m (fungible with Eu100m issue launched 04/06/01)