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Impending supply from Deutsche Telekom, E.On and ABB, which could flood the market with as much as Eu16bn next week, is weighing heavily on the debt markets, despite a sharp improvement in sentiment. Deutsche Telekom is hoping to raise between Eu5bn and Eu8bn in euros and dollars in various maturities without the benefit of step-up language and, despite the aftermath of WorldCom, bankers believe the deal will go ahead.

ABN Amro is preparing to launch the $250m three year fundraising for Sinochem today (Friday). Two Chinese banks have joined the facility as top tier arrangers and one European bank will sign up before general syndication begins.

Compiled by Holger Kron Deutsche Bank, Frankfurt

Coca-Cola Enterprises has dropped Lehman Brothers as arranger and dealer off its $3.5 billion Euro-MTN programme and Deutsche Bank has been appointed as the new arranger. The change reflects Deutsche Bank's continued focus on its role as arranger of MTN programmes in a market where many banks are not placing an emphasis on arrangerships. The dealer panel is now ABN Amro, BNP Paribas, Credit Suisse First Boston, Deutsche Bank, HSBC, Morgan Stanley and Schroder Salomon Smith Barney. Deutsche Bank has a track record of edging other banks out of the arrangership seat. In August 2000 it replaced JPMorgan as arranger on Imperial Tobacco's and Telenor's Euro-MTN programmes, and before that it replaced the same US bank as arranger on 3CIF's Euro-MTN programme. It also replaced Merrill Lynch as arranger off Vattenfall's programme in 1998.

The $100m four year facility for Industrije nafte (INA) is being well received by the market. Arrangers for the deal are Mizuho and Zagrebacka banka.

Compass Group, the international catering company, signed its £

Credit Suisse First Boston raised £65.7m through a largely discounted quickfire sale in Galen, the specialist pharmaceuticals company, this week. The sale of 13m shares, completed on Wednesday, was launched on the back of the company's second quarter results in which it recorded an increase in operating profit of 24%. The results were, according to a banker close to the deal, in line with analysts' expectations.

The Republic of Croatia this week mandated Daiwa SMBC Securities and Nomura to run the books on the country's fourth Samurai bond. The expected ¥25bn six year issue is set to be launched in the week beginning June 10, while the country's football team is one of the participants in the Fifa World Cup in Japan/Korea. The mandate marks the first time that Croatia has mandated two bookrunners on a Samurai bond - its previous transactions have all been sole lead managed by Daiwa. The bankruptcies of Enron and Japanese supermarket chain Mycal along with the debt default by Argentina, have hit Japanese investor sentiment in recent months, however, making the pairing of Nomura with Daiwa - the two banks with the biggest retail networks in Japan - a safeguard against potentially weak market appetite.

Who shot Tom Davis? One minute the genial and totally blameless vice chairman of Merrill Lynch was sitting in his corner office and looking as if he didn't have a care in the world. The next he suddenly disappeared from the radar screens before you could say, "whatever happened to Herbie Allison?". Unconfirmed sightings say that someone resembling "Long Tom" was seen riding into the sunset with his saddlebag full of swag. Merrill folk barely knew of his departure. The only announcement we saw was a terse note in the Journal on May 6 which suggested that he was leaving "to focus on other personal and professional goals". What's the real story? If you believe that hogwash about focusing on other goals, you probably lie awake hoping to see the tooth fairy, and leave a mince pie and a glass of sherry out for Santa Claus by the chimney on Christmas Eve.

The $725m acquisition facility for Group 4 Falck is heading for an oversubscription. UBS Warburg, which underwrote a $1.335bn bridge loan to finance the borrower's acquisition of security services company Wackenhut, has invited sub-underwriters to commit to the deal taking $50m.

Rating: A3 Amount: £150m

Egg, the UK-based retail bank, has put its name to a $5 billion global CP and certificate of deposit programme. Deutsche Bank has won the arrangership. The programme is rated P-1 by Moody's. The Euro-CP and CD dealers are the arranger, Barclays Capital, Citibank, Egg Banking and The Royal Bank of Scotland. The US CP dealers are Banc of America, Barclays Capital, Deutsche Banc Alex Brown and Salomon Smith Barney.