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Goldman Sachs has been dropped as a dealer off ASB Bank's $1.5 billion Euro-MTN programme. The programme was signed in April 1998 via UBS Warburg.

Hong Kong * PCCW-HKT Capital Ltd

Instituto de Credito Oficial has raised the limit off its Euro-MTN programme from euro12 billion ($10.62 billion) to euro15 billion. The issuer signed its programme in 1996 and it has $9.58 billion outstanding off 73 trades. The issuer closed a five-year $1.5 billion trade this week via Credit Suisse First Boston and Salomon Smith Barney.

Eni has raised the ceiling off its Euro-MTN programme to euro3 billion ($2.65 billion) from euro2 billion.

Investec, the South African financial services group, has taken a large step closer to achieving a dual listing in South Africa and the UK by finally gaining approval for the move from the South African finance ministry. Schroder Salomon Smith Barney is managing the deal that will see Investec separate off its international business from its domestic affairs and then list the new entity on the London Stock Exchange. Despite the split, the company will keep its operations centralised.

Italian football club Juventus has started premarketing for its Eu120m IPO, which is scheduled to be priced in the second week of December. Merrill Lynch and Banca IMI are leading the deal. It is expected to be one of the last flotations of 2001.

KPN, the heavily indebted Dutch telecoms group, this week launched a Eu5bn equity offering and announced a bold cost cutting plan, which will go a long way to reducing its debt and giving it some breathing space from the rating agencies. Both Standard & Poor's and Moody's reacted positively to KPN's issue, revising their outlooks from negative to stable on their respective BBB- and Baa3 ratings.

Kredyt Bank is due to sign a euro1 billion ($879.50 million) Euro-MTN programme in the next few weeks. Merrill Lynch is the arranger. Greg Koczara works in the treasury department at Kredyt Bank and told MTNWeek that the first issue off the programme will take place early in 2002. The notes will be issued by Kredyt Bank subsidiary in Amsterdam and will be listed on the Luxembourg Stock Exchange.

Argentina Dresdner Kleinwort Wasserstein and JP Morgan have completed syndication of the $156.5m yen equivalent term loan for Perez Companc.

The festive period has not been ignored by anyone. Moody's rating agency, members of which are rarely seen outside where event risk (of being mauled by their latest downgradee) is rife, has been sending cocktail invitations out to all its editorial contacts. The now inappropriately named Moody's has done well to avoid the dealing community - Leak's last memory of a lot of dealers drinking and dancing (at the MTNWeek awards) is one that those involved have been trying to forget since March. And it seems everyone in the market is getting into the gift-giving spirit: Leak has already received party invitations from Kommunalbanken, Moody's and had an insight of what's to come from Islandsbanki next year. So we thought we would return the favours by holding an e-competition. A bottle of wine is up for grabs if you can name the trader who said the following line... and what he is talking about. "It was a soul-searching exercise. It reminded me very much of a firm starting up a new MTN desk. And we should all see it as joining a brand new team." Answers by e-mail.

Most of the market will be enchanted at the moment by a young bespectacled boy who carries a broom, wears a big baggy cloak and promises eternal life to anyone who can find his magic pebble. No, he is not an Islandsbanki-FBA cleaner who got dragged into the shark-eating, brennivin-downing session by mistake - he will have to wait until February next year for Thorablot 2: The dealer's revenge - he is Harry Potter the boy wizard. And Morgan Stanley has dashed the hopes of hundreds of kids hoping to see the blockbuster film by buying up loads of tickets for their key investors' children instead. Unfortunately for them, MTNers Klaus Svendsen and Richard Tynan, the oldest kids on the Morgan Stanley block, will have to queue up with the normal people. Potter-mania is the last thing on Deborah Loades' mind at the moment though. She is getting married on Saturday, and her philosopher's stone weighs about 35 carats. It can't promise immortality, but it will make each second that she shows it off feel like a lifetime to everyone else. Dresdner's Henry Nevstad is looking forward to a Christmas break in Norway. His three-month old daughter has been as good as gold apparently, and whatever she asks for she will get. Let's hope the end-of-year bonus can cover it, Henry. Philip Garrett, aka Dougal, has left Deutsche's ECP desk.