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France Schroder Salomon Smith Barney sold a Eu130m block of shares in Thompson Multimedia, the French consumer electronics group, on behalf of Alcatel, the telecoms equipment manufacturer.

* Banque AGF Rating: A+ (Fitch)

* Ahold Finance USA Guarantor: Koninklikjke Ahold NV

Lufthansa, the German airline, was able to increase its convertible this week as investors showed their enthusiasm for the company. Lufthansa's stock has risen aggressively to Eu16, more than double its price in late September, and the company launched its deal to take advantage of this popularity with investors.

Euro closed last week on a high after the low level of trading on Thursday. Twenty-two trades were done on Friday for $1.69 billion and the auto sector was busy. Volkswagen Financial Services closed a euro10 million ($8.96 million) note that matures on September 20 2002. The note has a coupon of 3m Euirbor+7bp and was unlisted. Goldman Sachs was the bookrunner. General Motors Acceptance Corp of Canada did an 18-month euro25 million MTN that carries a coupon of 4.500%. And Banque PSA Finance also went for 18-months with a euro150 million trade. German issuers dominated in terms of volume. Landesbank Baden-Wurttemberg closed a euro500 million note via Barclays Capital and Nomura. The note is linked to the OBL 138 and has a spread of 30bp. The coupon is 4.250%. Hypothekenbank in Essen also issued euro500 million, but split the volume up over two trades. It did a euro250 million note that matures on June 6 2003. The plain vanilla note pays interest quarterly. Its other euro250 million trade pays a coupon of 3m Euribor+5bp and matures on June 9 2003. Morgan Stanley was the bookrunner on both trades. And French issuers were also active. Compagnie de Financement Foncier did a euro500 million trade that pays an annual coupon of 2.750%. Caisse Centrale du Credit Immobilier de France went for lower volume with a euro15 million note that pays an annual coupon of 5.950%. The note goes out to November 21 2009.

The number of euro issues was up by over 300% on the previous day's trading as 26 trades were closed. But volume was low as $508.66 million was done. And ABN Amro Bouwfonds Nederlandse Gemeenten was responsible for most of that volume, issuing two notes for euro100 million ($89.03 million) each. It closed a 12-year note that carries an annual coupon of 5.275% and a 13-year trade with an annual coupon of 5.345%. Societe Generale Acceptance was the busiest issuer. It closed four trades for euro72 million in total. The largest trade was a one-year euro50 million note that carries a coupon of 7.500%. The auto sector kept up its strong euro issuance of late as Fiat Finance closed two euro10 million notes. Both notes have a five-year tenor and pay a semi-annual coupon of 2.100%. Kommuninvest I Sverige closed a four-year euro22 million note that was part of a three-note multi-currency tranche. The fixed-rate note was led by Tsubasa Europe and pays a semi-annual coupon of 3.900%. Mizuho lead-managed a euro10 million note for Export Development Corp. The note matures on March 22 2006. Elsewhere, Compagnie de Financement Foncier closed a 10-year euro15 million note. And Cofiri International went with the same volume for its two-year MTN that pays a semi-annual coupon of 4.000%.

After the frantic trading at the end of last week, euro dipped substantially yesterday as just eight notes were issued. Volumes were low and maturities lengthy. Merrill Lynch closed the largest trade - a euro35 million ($31.22 million) note that has a nine-year tenor. Lehman Brothers went for a three-year euro30 million trade with an annual interest payment. SPVs were looking to the long-term. Deutsche Bank's financial repackaged vehicle, Credit-Linked & Structured Securities, went out for 40-years with a euro25 million note. And BBVA vehicle, Atlanteo Capital, closed a euro12.80 million trade that goes out to November 25 2041. Elsewhere, ABB International Finance did a six-year euro30 million note that carries an annual interest payment frequency. International Bank for Reconstruction & Development closed a four-year euro20 million note. It pays a semi-annual coupon of 3.280%. And Kommunalkredit Austria issued a 17-year euro30 million note that carries an annual coupon of 6.080%.

German issuers dominated volume yet again in a busy day for euro trading. Nineteen trades were closed in all for $2.20 billion. Landesbank Schleswig-Holstein did an 18-month euro500 million ($447.80 million) trade. Landesbank Sachsen closed a euro250 million MTN and a euro200 million MTN. Both notes are for 18-months and carry quarterly interest payments. And Ireland-based, Sachsen LB Europe did a euro50 million plain vanilla note via JPMorgan. JPMorgan also co-lead-managed, along with Morgan Stanley, a euro600 million note for Ahold Finance USA. The note has a tenor of 11 years and has an annual coupon of 5.875%. Moody's rated the trade Baa1. Bank Nederlandse Gemeenten did a four-year euro100 million note. The trade pays a semi-annual coupon of 4.180% and was led by Goldman Sachs. Volvo Treasury closed two notes for euro5 million and euro7 million. And Generalitat Valenciana closed a one-year euro80 million note that pays interest semi-annually.

EVN AG, the Austrian multi-utility, made its debut in the euro market this week, launching a Eu300m 10 year offering - the largest bond issue from an Austrian corporate in euros. The transaction was premarketed at a level of 45bp over mid-swaps, but towards the end of last week lead manager BNP Paribas considered widening the spread and the deal was eventually priced at 50bp over, equivalent to 83bp over the 5% July 2011 Bund.

European high yield investors were this week offered a Eu145m deal from Findexa, the Norwegian classified directories operation, and a Eu100m issue for Global Automotive Logistics, whose main business is the distribution of Renault cars. Faced with the choice between the non-cyclical directories business and a company with exposure to the troubled auto industry, European high yield investors placed more orders for the defensive Findexa issue, but both were oversubcribed, even though question marks over the two credits remained.

Fitch has published its third quarterly report on the European leveraged loan market in 2001. In the report, the ratings agency poses the question: "All doom and gloom or temporary hiatus?"

* Martin Theisinger has become head of institutional sales and country head of asset management in Germany and Austria for Schroders Investment Management. He moves from JP Morgan Fleming Asset Management, where he was head of European sales. One of Theisinger's tasks will be to generate business which is coming out of the increased focus on private pension provision in Germany and Austria. * Adrian Frost, the former head of UK equities at Deutsche Asset Management, is to join Artemis, the Edinburgh-based asset management company. Frost starts work on December 10, and will be responsible for the Artemis Income Fund from January 2002.