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The Loan Market Association (LMA) has launched a new edition of the recommended form of primary documents. Banks, borrowers, and lawyers in the loan market are increasingly drawn to the benefits to be derived from off the shelf documentation.

John Mack, CEO of Credit Suisse First Boston, has made a major breakthrough in his strategy to create a one company culture this week by persuading Frank Quattrone and Jack DiMaio to accept pay cuts for themselves and their teams. Quattrone on Monday agreed that his technology banking group, which he runs with George Boutros and Bill Brady, would have its contracts modified to have compensation tied to the performance of the firm. In return, Quattrone has been elected to the executive board.

John Mack, CEO of Credit Suisse First Boston, has made a major breakthrough in his strategy to create a one company culture this week by persuading Frank Quattrone and Jack DiMaio to accept pay cuts for themselves and their teams. Quattrone on Monday agreed that his technology banking group, which he runs with George Boutros and Bill Brady, would have its contracts modified to have compensation tied to the performance of the firm. In return, Quattrone has been elected to the executive board.

Bahrain Syndication of the $107m loan for Aluminium Bahrain (Alba) has been closed.

Metso Corporation will soon launch the inaugural deal off its Eu1bn EuroMTN programme, which bankers expect to be a five year transaction of around Eu500m via Schroder Salomon Smith Barney. The borrower is just one of a host of corporates set to tap the euro market to take advantage of the low yields available and demand from cash rich investors.

Colt Telecom, the UK alternative telecoms carrier, is expected to gain approval on Monday for its £400m equity issue, despite opposition from some minority investors. At least one investor is understood to be planning to vote against the deal at an EGM which will be held on Monday, even though the £400m deal is effectively a lifeline from majority shareholder Fidelity Investments.

* Richard Hill has moved from ABN Amro's loan syndications team to WestLB. Hill has been appointed as an executive director and will take up the position of European head of loan distribution for primary and secondary loans in WestLB's global loan syndications group.

The City of Moscow has rounded off its urgent funding requirement for the year, after bookrunners JP Morgan and BNP Paribas successfully placed a Eu400m four year, five month transaction yesterday (Thursday). The bond was carried by a good bid from institutional accounts, thanks to the general warming of the market towards high yielding sovereign type credits, and a strong rally in the Russian sovereign in the week of launch.

Iran Moody's is reviewing the Islamic Republic of Iran's B2 foreign currency issuer rating for a possible upgrade, including its proposed Eu300m-Eu500m bond issue slated for next year.

Finland Sonera, the Finnish telecoms company, has set the pricing for its Eu1bn one for two rights offering. The company indicated this week that shares would be sold for Eu2.7, a 56.45% discount to when the pricing was announced. Since the announcement of the pricing, the shares have fallen more than 11%, closing yesterday (Thursday) at Eu5.5. Subscription for the rights started yesterday and will continue until November 28. Deutsche Bank and Goldman Sachs, which are leading the deal, have not yet decided what will happen if all the rights are not taken up.

* Landesbank Baden-Württemberg Rating: Aaa/AAA/AAA

Old Mutual has signed a £