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JP Morgan has unveiled Jeci, a European credit index-linked instrument which offers a funded and unfunded tradable incarnation of big sister Maggie, the JP Morgan aggregate euro credit index. A Eu500m launch issue of Jeci-100 five year notes will be launched on March 18, and while the bonds are not officially rated, JP Morgan's algorithm suggests a rating of between A2 and A3. At the same time, the firm will also launch its trading of a Jeci-100 swap. The Jeci-100 is not an ETF-style tracker fund, as its composition of names and weightings remains static from launch, but it provides investors with a single security that follows, through a bundle of credit default swaps, the performance of 100 names in the European credit markets. The credits comprise 75 of the most liquid industrial and 25 of the most liquid financial issuers from the cash markets. In addition to the composite Jeci-100 note, there is a Jeci industrial note, ranging from BASF through to Vattenfall and including 33 triple-B rated issuers in its 75 names, as well as a Jeci senior financial note and a Jeci subordinated financial note, ranging from Abbey National through to UniCredito Italiano.

Leak has discovered this week that the market is not quite as sensible as you would all have us believe. Beneath the suits and diplomatic smiles lie an array of quirks and eccentricities that make the Islandsbanki boys look positively vanilla. Deutsche Bank's Chris Jones either has a sense of humour, or his partner forced him to use her pet name for him on his free e-mail account. MTNWeek received a message from none other than MagicMoonMonkey. It is not clear if the stress of awards time has caused it all, but a few MTNers are getting more excited than is considered healthy. Westland/Utrecht's entire MTN desk was heard to be screaming 'Awards! Awards!' when a call was made to determine their opinions on the market. It is not clear if this is part of their daily routine and we just happened to call at the right time, or whether they really think they have a magic moon monkey's chance of winning something, but their enthusiasm is commendable. But Leak has a sneaking suspicion that they must have been leaked the celebrity guest list for the awards dinner, held with the ECPA this year. Sporting heroes abound, with the likes of England rugby players, Victor Ubogu and Lawrence Dallaglio, and jockey Richard Dunwoody all playing second fiddle to the great footballing guru - Jimmy Hill.

Invitations for the Eu5.9bn equivalent facility backing Imperial Tobacco's acquisition of Germany's Reemtsma landed on the desks of targeted sub-underwriters on Wednesday morning. Banks have been invited to commit on three levels. At level 'A', lead arrangers have been asked to join for a ticket of Eu350m for an expected final take of Eu275m. Both the initial underwriting and participation fee is 50bp.

Invitations for the Eu5.9bn equivalent facility backing Imperial Tobacco's acquisition of Germany's Reemtsma landed on the desks of targeted sub-underwriters on Wednesday morning. Banks have been invited to commit on three levels. At level 'A', lead arrangers have been asked to join for a ticket of Eu350m for an expected final take of Eu275m. Both the initial underwriting and participation fee is 50bp.

Micronas, the Swiss technology company, completed a Sfr166m (Eu113m) capital increase this week to show that investor demand for small cap stocks is starting to reappear. Credit Suisse First Boston lead managed the deal, which comprised 5.35m shares priced at Sfr31. Although the pricing was a discount to the closing price of Sfr32, it was a 10% premium to the share price when Micronas first announced the deal on February 28.

Morgan Stanley has been dropped as both arranger and dealer off Nordic Investment Bank's debt issuance programme. They are replaced by Salomon Smith Barney who is already on the dealer panel. Mizuho has been added as a dealer. The issuer has also upped the shelf's limit to euro15 billion ($13.14 billion) from euro10 billion. The programme was signed in 1992 and has $9.54 billion outstanding off 197 trades.

Bahrain The selection of arranging banks for the long awaited $650m financing for Bahrain Petroleum Corporation (Bapco) is expected to get underway shortly.

* An announcement is expected shortly from Merrill Lynch concerning the reorganisation of its central and eastern Europe, Middle East and Africa client group. The bank has decided to separate its derivatives and its origination business, reversing last year's decision to combine the two groups. The new origination group will be headed up by Robert Knoess, responsible for syndicate, and Nabil Menai, formerly in charge of north African origination.

Czech Republic Cesky Telecom has officially announced its planned Ck20bn 10 year domestic issuance programme, mandating arrangers Ceska Sporitelna and Ceskoslovenska Obchodni banka. The first bond is planned to be a Ck4bn three year offering.

Denmark Group 4 Falck, the security company, has launched a Eu380m equity issue to part finance the $573m acquisition of The Wackenhut Corporation of the US. UBS Warburg is leading the offer in addition to underwriting a $1.3bn loan facility (see loans section for more details).

Transactions increased: * Landesbank Baden-Württemberg