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Dow Kim, the newly appointed head of global debt markets at Merrill Lynch, has named his senior lieutenants. David Lund heads the global credit products group, which covers trading for investment grade, money markets, credit derivatives, structured credit, syndicate and lending. Doug DeMartin, who was previously head of Americas trading, is to head the global investor client group. Bob Lyons heads the global issuer client group, covering all origination worldwide. He also heads the ratings advisory, liabilities management and debt advisory groups.

Brazil Banc of America Securities has completed a $220m four tranche facility for Companhia Siderurgica Nacional (CSN).

Launch is expected today (Friday) of the Republic of Latvia's maximum Eu200m seven year Eurobond via BNP Paribas. Indicative pricing is 155bp-165bp over Bunds. "We expect this bond to be more than twice oversubscribed," said a banker at the lead manager yesterday afternoon (Thursday). "We are getting orders from funds and asset managers all over Europe."

Linde has signed a euro1 billion (897.84 million) CP programme. Deutsche Bank is the arranger. Gunther Jakob, head of corporate finance at Linde, hopes that this new facility will work in harmony with the issuer's existing euro4 billion debt issuance programme that was also arranged by Deutsche Bank in April of last year. He says: "The market is a bit rocky at the moment but we were very happy doing trades off our MTN programme before August. This new CP shelf will help us to be more flexible." The dealer panel is the arranger, Barclays Capital, Dresdner Kleiwort Wasserstein and SEB Merchant Banking.

The Christmas season has officially been opened. Not by the cold weather, nor by the wrapping paper and cheap crackers appearing in the shops, but by Kommunalbanken sending out its invitations for a reception with none other than the Norwegian Ambassador. If positions of eminence are the next step upwards into society for many of the market's dealers, this will be the perfect chance to make yourself known. UBS's Gavin Eddy, or BNP's Daniel Cogoi, with their information websites, could try and follow in the footsteps of Michael Bloomberg. Mayor of New York might be a little ambitious for now though. The invite also mentions Kommunalbanken's 'liquidity activities' of 2001, so we expect appearances from HSBC's Fergus Kiely, Morgan Stanley's Klaus Svendsen and of course Barclay's Nabil Abooze-a lot. The word is that Daniel Cogoi is on the look out for any open parties too. He was spotted at Webster's conference two weeks ago with a horde of pretty women accompanying him. Apparently if past conferences are anything to go by they would have gone out till the early hours. Unfortunately the Ambassador's reception ends at 8.30pm, so after the Ferrero Rochers everyone will have to head back to Daniel's place for liquidity reserves.

Banks concerned about their exposure to the loan market have turned to credit derivatives to ensure they are well hedged ahead of a possible global recession. The geopolitical overlay and the associated uncertainty that has stalled the loan syndication process has invigorated the derivatives market. "September 11 has increased the likelihood of companies and borrowers, not to mention sovereigns, defaulting" said a derivatives trader in London. "This has caused central banks to drop interest rates. While this has led to a small bounce in the equity and bond markets, there is a big underlying pick-up in the credit derivatives business."

Banks concerned about their exposure to the loan market have turned to credit derivatives to ensure they are well hedged ahead of a possible global recession. The geopolitical overlay and the associated uncertainty that has stalled the loan syndication process has invigorated the derivatives market. "September 11 has increased the likelihood of companies and borrowers, not to mention sovereigns, defaulting" said a derivatives trader in London. "This has caused central banks to drop interest rates. While this has led to a small bounce in the equity and bond markets, there is a big underlying pick-up in the credit derivatives business."

Bookrunners BNP Paribas and JP Morgan have begun the marketing push for what will now be the City of Moscow's final bond this year, with launch pencilled in for early next week. There will be no roadshow. The decision to go ahead with only one more issue came as a blow to Merrill Lynch and Dresdner Kleinwort Wasserstein, which had been expected to lead a third, Eu250m five year issue. Instead, they will have to draw comfort from a subsidiary role as joint leads, non-books.

Bahrain Defying the negative sentiment toward the Middle East, syndication of the $107m deal for Aluminium Bahrain (Alba) is progressing well in syndication.

* Merrill Lynch has reorganised its global equities team, following the promotions three weeks ago of Jeff Edwards and Sergio Ermotti to global co-heads of the group. Edwards' old job as global co-head of equity capital markets has been filled by Jim Birle. Birle was previously head of ECM for the Americas, and will work alongside Dante Roscini, who has been co-head of ECM since March 2000.

Lebanon Morgan Stanley and Salomon Smith Barney have been mandated to arrange the Republic of Lebanon's latest tap of the Euromarkets. The sovereign is expected to tap its December 2004 bond by at least $200m.

France Crédit Agricole took a further step towards its IPO this week when it gained approval from its regional banks to proceed with the issue. Investors are now waiting for analysts to complete their research, expected to take 10 days.