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Carlton Communications, the UK media company, last night launched a Eu639m exchangeable into Thomson Multimedia, the French consumer electronics company. SG and UBS Warburg launched the deal after the market close, imitating the trend set by France Télécom last week. The transaction enables Carlton to sell its stake in Thomson, which it received as a part payment for selling Technicolor to Thomson in January. Carlton received part of the consideration in the form of bonds, which convert into 15.5m new Thomson shares on March 16 2002.

Australia Arrangers Citibank/SSB and Westpac Banking Corp have launched a A$200m three year term loan for Sealed Air (New Zealand), guaranteed by the parent Sealed Air Corp. The borrower is a manufacturer of packaging systems and materials.

Banca Popolare di Bergamo-Credito Varesino has raised the ceiling off its debt issuance programme to euro4.5 billion ($4 billion) from euro4 billion. FinanzAttiva SIM has been added to the already 13-strong dealer panel. BPB International Finance is also a named dealer off the facility.

Banca Popolare di Verona - Banco S Geminiano e S Prospero (Luxembourg) has increased the limit off its Euro-CP programme to $2 billion from $1 billion. ABN Amro, Banca Popolare di Verona, Barclays Capital, Credit Suisse First Boston, Deutsche Bank and Royal Bank of Scotland have been added to the dealer panel.

Societe Nationale des Chemins de Fer Belges and Nationale Maatschappij van de Belgische Spoorwegen has redenominated the limit off its Euro-MTN programme to euro2 billion ($1.78 billion) from $1 billion.

BlueBay, a new asset management firm partly owned by Barclays Capital, was launched this week to exploit growing demand among institutions for fixed income funds. Barclays Capital owns 25% of the firm. Japanese bank Shinsei owns another 25%, and the remainder is held by management. Former investment bankers Hugh Willis and Mark Poole will run the firm as chief executive and chief investment officer, respectively.