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Trading in euro continued to climb as twenty-four trades were closed on Tuesday. ABN Amro led two notes for Bank Austria via the German schuldscheine market. Both notes were for euro10 million ($8.83 million) and go out to December 3 2021. Unibanco - Uniao de Bancos Brasileiros was by far the most frequent issuer closing five trades for euro4.63 million in total. The largest of the trades was for euro1.43 million and has a six-month maturity. BNP Paribas closed a one-year euro2.70 million note that pays a coupon of 22.200%. Sabadell International Finance did a euro150 million MTN that pays interest on a quarterly basis. The note has a three-year tenor. And FCE Bank closed a two-year euro400 million note via Bear Stearns. The note has a coupon of 3m Euribor+85.7bp and a discount margin of Euibor+90bp.

First Union National Bank (First Union) and Wachovia Bank National Association (Wachovia) have fused their two existing MTN programmes following a merger between the two companies. The new $45 billion global bank note programme is an amalgamation of First Union's $25 billion shelf and Wachovia's $21.56 billion facility. The arrangers on the new facility are Merrill Lynch and Wachovia Securities. The Euro-MTN dealers are Barclays Capital, Credit Suisse First Boston, First Union International Capital Markets, JPMorgan, Merrill Lynch and Salomon Smith Barney. The US MTN dealers are the same, except for Wachovia Securities replacing First Union International Capital.

The European equity-linked market continued its record breaking form this week as the Eu3.5bn exchangeable issue from France Télécom took total issuance for the year took close to the Eu40bn mark. And according to market analysts, the exceptional level of dealflow seen over the past 11 months will carry on into the new year.

The Portuguese government has mandated Caixa Geral de Depósitos and Merrill Lynch to lead manage next year's Eu3bn privatisation of Galp Energia, the oil and gas utility. The government owns 34% of Galp Energia directly, with another 13.5% owned indirectly through the state owned bank Caixa Geral de Depósitos. In July 2000, Italian oil firm Eni bought a 33% stake in Galp Energia and Spanish utility Iberdrola bought a 4% stake.

Russian gas and oil conglomerate Gazprom affirmed the confident acceptance of Russian risk in the Euroloan market with the launch of its new $200m five year deal. Arrangers ABN Amro, Moscow Narodny Bank, Bankgesellschaft Berlin and Commerzbank have invited banks to join the deal on four levels. Co-arrangers are invited to commit $20m for 90bp, $15m for 80bp, $10m for 60bp, and $5m for 50bp.

Russian gas and oil conglomerate Gazprom affirmed the confident acceptance of Russian risk in the Euroloan market with the launch of its new $200m five year deal. Arrangers ABN Amro, Moscow Narodny Bank, Bankgesellschaft Berlin and Commerzbank have invited banks to join the deal on four levels. Co-arrangers are invited to commit $20m for 90bp, $15m for 80bp, $10m for 60bp, and $5m for 50bp.

Hannover Re, the German reinsurance firm, is planning to launch a Eu200m capital increase, either at the end of this year or the start of 2002. "We want to be well prepared for a hardening market, which we are anticipating for the next two to three years," an official at the company told EuroWeek.

* General Motors Acceptance Corp Rating: A3/BBB+/A-

Lanny Lim has become the latest addition to ABN Amro's efforts to strengthen its fixed income team in Asia. Lim has been appointed to head up Asian credit research in the bank's Global Financial Markets (GFM) business, having previously run a team of analysts at Deutsche Bank in Hong Kong. At AB ts issued and traded in local debt markets, and will report to Julia Peach, the London based global head of credit research and David Wong, head of GFM Asia in Singapore. Lim is also based in the bank's Singapore office.

Angola The general syndication of the $500m four year oil receivables backed term loan for Sonangol, the state owned oil producer, has been closed oversubscribed by mandated lead arrangers BNP Paribas (joint bookrunner), Glencore, Natexis Banques Populaires (joint bookrunner) and SG (joint bookrunner). The facility will not be increased and syndicate banks are reviewing the deal's documentation.

Alusuisse-Lonza has overhauled its multi-currency CP programme. The issuer name is now Alcan Holdings Germany. The programme size has also been redenominated from Dm800 million ($359.74 million) to euro750 million ($659.55 million). The shelf was signed in 1991 via Commerzbank. The dealer panel is the arranger, Deutsche Bank and UBS Warburg.

French telecoms equipment manufacturer Alcatel, rated Baa1/BBB, will next week launch a benchmark euro transaction targeting either the three or five year maturity. A five year is considered most likely, in line with investor preferences, and unofficial price talk is in the mid-swaps plus 250bp-275bp area.