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European Investment Bank has dropped all of the named dealers off its euro50 billion ($46.97 billion) debt issuance programme. Thirteen dealers were dropped in all - the highest number of banks dropped in one go. This is one of the most obvious indicators to date of the declining importance that is placed on dealer panels. So far this year 57 issuers have dropped dealers from their Euro-MTN programmes. This compares with just 26 issuers that dropped dealers from their panel in the same period in 2001. The investor-driven nature of the MTN business means that some issuers prefer to rely on reverse enquiry, particularly in the yen market, which accounts for 14.5% of the private placement market in 2002. KfW International Finance dropped its entire 11-strong dealer panel in June 2000. It has since gone on to issue over $14 billion and has used nine of the 11 dropped dealers on a reverse enquiry basis. The dealers dropped off European Investment Bank's programme are: Banca Commerciale Italiana, BNP Paribas, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Nomura, Salomon Smith Barney, Tokyo Mitsubishi and UBS Warburg.

Guarantor: Monte de Piedad y Caja Ahorros de Huelva y Sevilla Rating: A- (Fitch)

Rating: Aa3/AA-/AA- Amount: Eu250m (fungible with Eu600m issue launched 24/04/01)

McDonald's Corp has added Mizuho and HVB Corp as dealers to the panel off its $4 billion Euro-MTN programme. They join a panel that already has 16 named dealers on it. There are 17 trades outstanding off the programme worth $3.77 billion, which leaves just $223 million before the amount of debt reaches the programme's limit. Despite this, McDonald's Corp has not increased the ceiling.

World Bank deputy treasurer Ken Lay has taken on additional responsibility for medium-term funding and become director of the banking, capital markets and financial engineering department. The capital markets and financial engineering team, until recently headed by Gumersindo Oliveros, now reports to Lay, as do the asset and liability management, public debt management, financial products and services and reserves advisory and management teams.

Natexis Banques Populaires (NBP) has announced the launch of its capital markets unit in London. The new office is to boost the French bank's coverage of North European accounts, adding to its international offices in Milan and Madrid. Olivier Régis, previously head of capital markets at Lehman Brothers in Paris, has been appointed to head the London unit and will coordinate European fixed income, derivatives and securitisation sales. "Natexis is growing in terms of distribution and origination in fixed income and securitisation, and we have opened the London office to help this expansion, and access new borrowers and clients," Régis told EuroWeek.

Aeronautic, Defence and Space Company NV (EADS) has not yet finalised the increase on its heavily oversubscribed Eu2bn facility. Some Eu3.6bn was raised from the market in what has been a successful debut foray into the loan market. BNP Paribas, Deutsche Bank and JP Morgan arranged the blowout syndication. According to the arrangers, even with an increase, banks which committed Eu150m, Eu100m or Eu50m will be scaled back.

CROATIA The Republic of Croatia will next week price its fourth ever Samurai bond via Daiwa SMBC Securities and Nomura.

Austria JoWooD, the Austrian software designer, intends raising up to Eu30m from its two for five rights issue that was launched on Wednesday. The company will offer 2.4m new shares and 305,000 old shares at a maximum price of Eu11. CA IB will run the issue.

Senior syndication of the Eu500m five year term loan for power company Hafslund has been closed by joint bookrunners BayernLB and DnB Markets. Crédit Lyonnais, Danske Bank, Nordea, SEB Merchant Banking and Union Bank of Norway have all joined for takes of Eu60m. The deal has been launched into general syndication.

Nuon has added four dealers to its euro500 million ($469.83 million) Euro-CP programme. They are Citibank, Deutsche Bank, Lehman Brothers and UBS Warburg. Credit Suisse First Boston and Merrill Lynch were dropped to make way for the new names, while three dealers kept their places on the panel (ABN Amro, Fortis Bank Nederland and ING Financial Markets). The debt limit off the programme has been increased three-fold to euro1.5 billion. The name of the issuer has also changed from NV Nuon to Nuon Finance BV.

Mandated lead arrangers Citigroup/SSSB, BayernLB and Lloyds are co-ordinating a new £300m revolver for dual listed South African and UK financial services heavyweight Old Mutual plc. Bank of America, HSBC and RBS are also in the mandated lead arranger group.