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* Kommunalbanken AS Rating: Aaa/AAA

Telecom Italia has upped the limit off its global MTN programme to $12 billion from $10 billion. Caboto (Gruppo IntesaBci) and Unicredit Banca Mobiliare have been added to the dealer panel.

Televisa, the Mexican media conglomerate, will price its $275m 30 year bond issue today (Friday), earlier than expected, after becoming one of the hottest straight debt issues on Wall Street this week. Lead managers Deutsche Bank, JP Morgan and Citigroup/SSB were bombarded with more than $1bn of orders yesterday (Thursday) morning, as high grade and emerging market investors alike scrambled for a piece of the action.

CGNU, the general insurer and fund manager, has announced its preliminary results for the 12 months ended 31 December 2001, as well as revealing that it wants to change its name to Aviva. Operating profits were up 41% to £2bn, but the contribution from the fund management division dropped to £29m from £61m in 2000.

Allied Domecq will be drawing on existing credit lines and use a £150m share sale to fund its acquisition of the Malibu rum brand from Diageo for £560m. Allied - which was advised by Goldman Sachs - fought off Pernod Ricard and Vin&Sprit for the popular brand.

* Dexia Funding Netherlands NV Guarantor: Dexia Banque SA

Over $1.9 billion was raised in US dollar off 21 notes and Republic of Lebanon was the biggest contributor. It launched a $1 billion three-year note with semi-annual payments and a final coupon of 10.250%. KfW International Finance did a four-year $200 million trade via Deutsche Bank. It is callable after 18 months and semi-annually thereafter. The coupon is fixed at 4.67% and is payable semi-annually. And European Investment Bank announced a $20 million 2.5-year non-call-one note. The note is callable annually thereafter and pays a coupon fixed at 3.76%.

Globals * Citigroup

Austria Arrangers Bank Austria, Citigroup/SSSB and Dresdner Kleinwort Wasserstein will sign banks into the Eu500m five year revolving credit facility for industrial conglomerate OMV today (Friday).

Yesterday (Thursday) was the final day on which issuers could launch fungible issues unaffected by the draft EU savings tax directive. But despite a Council of Ministers working group meeting this week, questions remain over which borrowers will be able to issue ungrandfathered increases. Under Article 15 of the directive, only governments, government related entities and supranationals will be able to increase outstanding issues, on the condition that tranches launched previously become subject to withholding tax. However, no list of related entities or supranationals has been given by the working group.

Xstrata, the swiss mining company, is to sign a $2 billion Euro-CP programme on March 20th. Barclays Capital, Dresdner Kleinwort Wasserstein and JPMorgan are the arrangers. The funds will also be used to refinance Xstrata debt and provide working capital. But some details are yet to be confirmed. "Dealers are still signing up to the programme following our presentation to them this week," says Marc Gonsalves, general manager of corporate affairs, at Xstrata. He adds: "We are also taking the programme on a roadshow that starts this week and will cover Europe, the UK and the US." News of the programme's signing comes just a week after Xstrata agreed to buy the Australian and South African coal assets of Glencore International, the Swiss commodity trader that is its biggest shareholder. Xstrata's primary listing will now move to London at the end of March. It will also be listed on the SWX Swiss exchange. Mick Davis, Xstrata's chief executive, said the company will be investment grade within the next 12 months.

* Compagnie de Financement Foncier Rating: Aaa/AAA/AA