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Converium, the reinsurer spun out of Zurich Financial Services, fell by nearly 2% on its first week of trading as the Eu1.9bn deal suffered from poor conditions in the insurance sector. Lead managers UBS Warburg and Merrill Lynch priced the flotation on Monday evening at Sfr82 and $24.59 for the American Depository Receipts, in the middle of the ranges of Sfr72-Sfr90 and $21.75-$27.19. The book was six times covered.

French issuers were the busiest in euro trading and one issuer in particular dominated in terms of volume. Credit Commercial de France did a subordinated public deal for euro500 million ($445.41 million). The note has a tenor of 10 years and pays interest semi-annually. HSBC was the bookrunner. At the opposite end of the volume scale, Danone Finance closed a three-year euro10 million MTN and Credit Agricole Indosuez did a euro13.61 million note that matures on March 20 2003. In all, 13 notes were done for $907.47 million. Landesbank Baden-Wurttemberg closed an 11-year euro10 million note that pays a quarterly coupon of 13.500%. Fellow German issuer, Bremer Landesbank Kreditanstalt Oldenburg did an 18-month euro250 million plain vanilla floater that carries a semi-annual payment frequency. JPMorgan was the bookrunner. Other trades included a 10-year euro2 million MTN from Parkland Finance and a euro600,000 trade from Svensk Exportkredit. The four-year note pays an annual coupon of 8.000%.

Just two issuers were looking for large volume as 13 euro trades were done. Irish-based, Volkswagen Financial Investments, closed the largest euro trade - a euro650 million ($580.28 million) note that was joint-led by Barclays Capital and Commerzbank. The note pays a single coupon of 4.750% and goes out to February 7 2007. It has a spread of 61 basis points over the OBL 138. And Bremer Landesbank Kreditanstalt Oldenburg did its second note for euro250 million within two days. The note is again for 18-months and pays interest semi-annually. Other issuers looked for lower volumes. Bear Stearns Companies closed a euro20 million note off its $5 billion Euro-Dragon MTN programme. The note goes out for ten years. BNP Paribas went for the same size with a note that matures on October 4 2007. Elsewhere, Rabobank Nederland did a six-year euro10 million MTN that pays an annual coupon of 6.750%. And Volkswagen Financial Services closed a six-month euro15 million note that pays a single coupon of 3.291%.

Bundes Immobilien Gesellschaft, the Austrian government-owned federal real estate entity, has signed a euro1 billion ($898.49 billion) Euro-CP facility. Deutsche Bank is the arranger. The dealers are Bank Austria Creditanstalt, Credit Suisse First Boston, Citibank, Deutsche Bank, RZB and Raiffeisen Landesbank Oberosterreich. The issuer is 100% state owned and is rated P1 by Moody's. It has a Moody's long-term rating of Aaa. It is the first Austrian issuer to sign in the Euro-CP market in 2001. Last year two signed: Erste Bank der Oesterreichischen Sparkassen with a euro1 billion Euro-CP shelf via Morgan Stanley, and Oesterreichische Kontrollbank with a euro10 billion Euro-CP shelf via Goldman Sachs.

Euro trading ended the week relatively well, as 15 trades were closed. Most deals done were for low volumes and short maturities. ABN Amro Bouwfonds Nederlandse Gemeenten closed the largest issue - a euro150 million ($133.94 million) note that has a three-year tenor. The note pays interest quarterly. Crediop Overseas Bank closed four-year euro10 million and euro20 million MTNs. Both notes pay interest annually. Bank Austria split euro80 million over two trades. It did a 25-year euro50 million note that pays interest semi-annually. And it closed a euro30 million note that goes out to August 21 2033. Credit Lyonnais Finance (Guernsey) was even busier, as it closed three notes for euro11.67 million. NIB Capital Bank went for a euro1.45 million MTN that matures on October 18 of next year. While fellow Dutch issuer, Rabobank Nederland, did a nine-year euro15 million note.

GlaxoSmithKline (GSK), the UK- based pharmaceuticals company, has put its name to a £

Public Power Corporation, the Greek electricity utility, disappointed investors by sliding on its first few days of trading, after it priced its Eu463m IPO last Friday. Banker hoped the deal, which was priced at Eu12.70 from a range of Eu12.30-Eu14.70, would re-ignite interest in Greece. But the transaction, which started trading on Wednesday, had fallen to Eu11.74 yesterday (Thursday).

Brazil The $75m USCP back-up facility for Unibanco-Uniao de Bancos Brasileiros SA, arranged by Barclays Bank (Miami), has been closed oversubscribed and increased to $100m.

Legal & General has increased the limit off its Euro-MTN programme to $2 billion from $1 billion.

* Salomon Smith Barney continued its drive to strengthen its Asian investment banking team this week, announcing that Steve Winningham is relocating from New York to Hong Kong. Winningham, a managing director, has been with Salomon since 1996 and was previously the co-head of US telecommunications investment banking. His new role is co-head of Asian telecoms along with Greg Mazur, and head of media investment banking. He starts in January 2002 and will report to Sanjiv Misra, managing director and head of Asian investment banking.

Oman Shareholders of Oman-based Bank Muscat and Industrial Bank approved the merger of the two banks this week.