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* 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.

* Landwirtschaftliche Rentenbank Rating: Aaa/AAA/AAA

Croatia The Republic of Croatia intends to issue its second euro denominated domestic bond today (Friday), via local banks Zagrebacka banka and Privredna banka.

France Communications company Publicis Groupe sold a Eu174m exchangeable yesterday afternoon (Thursday) into Interpublic Group of Companies (IPG).

The downgrade of NTL to single-B credit status by ratings agency Standard & Poor's (S&P) and the 30% fall in its share price to 64 cents prompted a furore this week over its £3.15bn of outstanding syndicated loan debt. However, EuroWeek hears that loan bankers are relatively relaxed about the latest potential default of a Euromarket borrower from the telecoms sector. NTL is a UK- based cable, telecoms and internet provider.

Ten trades were closed in other currencies and Hitachi settled the biggest deal. It went out five years with its £

The market picked up for issuance in other currencies. Fifteen deals were closed in the sector but it was issuance in Hong Kong dollar that led the way. Just over $110 million was closed in Hong Kong dollar with the largest volumes coming from National Australia Bank, Britannia Building Society and Royal Bank of Scotland. National Australia Bank closed a two-year HK$200 million ($25.64 million) FRN that will be issued on December 14 2001. Britannia Building Society also went out two-years with its HK$190 million offer and Royal Bank of Scotland went out 10 years with a HK$150 million MTN that pays a coupon of 7.1% and will be issued on December 21 2001. Rheinhyp Rheinische Hypothekenbank closed the single largest trade of the day: a £

Deutsche Asset Management (DeAM) warned in a report this week that future equity returns will be much lower than many investors are expecting. The report, entitled "What can we expect for asset returns in the long term?", comes at a time when many investors have increased their exposure to equities in the expectation that 2002 will see bumper returns from the asset class.

Trading is good for other currencies. Twenty-eight deals were closed in the sector but it was an unusually large number of deals in Hong Kong dollar that led the way. Eighteen trades came in Hong Kong dollar. Compagnie de Financement Foncier was responsible for the largest trade: a HK$150 million ($19.23 million) seven-year FRN that pays a final coupon of 6.06%. Rabobank Nederland closed five trades. The largest was a HK$85 million four-year note that pays a final coupon of 5.26% and pays interest annually. Two deals were done in Australian dollar. Treasury Corp of Victoria closed the biggest: a A$800 million ($412.97 million) three-year note that was issued at a price of 99.98% and led by Nomura. The note pays a coupon of 4.45% and will be issued on December 20 2001. UBS AG (Jersey) issued a A$10 million five-year note. UBS Warburg was also busy on the issuing side and led a Swf150 million ($90.37 million) trade for Commonwealth Bank of Australia. The note pays interest semi-annually and will hit the market on December 19 2001.

* Allgemeine HypothekenBank Rheinboden AG Rating: Aa1/AAA

Italian fashion house Prada sold a Eu700m going-public bond yesterday (Thursday) to repay debt after postponing its IPO twice this year. Deutsche Bank lead managed the deal, which uses a similar structure to the deal the bank launched in April for EnBW, the German utility.