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Bahrain Arrangers Arab Banking Corporation and SMBC have launched general syndication of the $107m deal for Aluminium Bahrain (Alba).

* Bear Stearns has laid off five senior members of its European leveraged finance team in Europe. The former head of the leveraged finance team, Simon Clarkson Webb, is believed to be one of the five. Richard Knight, who has been with the American firm for seven years, will move across to take responsibility for the operation, now reduced to 11 staff. Knight is already a senior managing director in charge of high yield capital markets, and will retain that responsibility. His new appointment is a sign that Bear Stearns remains committed to its existing - albeit reduced - leveraged finance and syndication team.

Negri Bossi, an Italian manufacturing company, and Numerica Group, a UK accountancy firm, both demonstrated that investor sentiment is beginning to turn, with the announcement of primary offerings. Numerica is close to completing its £30m institutional placing, which has been underwritten by Collins Stewart. The deal has been placed with 18 blue chip investors.

Nestlé, the world's largest food company, has announced its intentions to float a minority stake in Alcon, its wholly owned eye care business. Nestlé believes that a partial IPO would highlight the hidden value in the unit and also give both Nestlé and Alcon financial flexibility. Nestlé indicated that any money raised from the sale would be used to further develop its core food, nutrition and beverage businesses and to strengthen Nestlé's triple-A rating.

Russia * The City of Moscow's Eu300m 2004 bond has traded back up above par, and was quoted at 100.47 late yesterday (Thursday). The bond was issued last week at par, but initially fell a quarter point as retail intermediary accounts were slow to pick up paper.

In a further sign of its intentions in the euro debt markets, Nomura International has announced four new hires in debt capital markets origination this week - including Merrill Lynch's MTN head Rodolfo Diotavelli. The appointments, along with the recruitment of 13 salespeople under the head of fixed income sales, Barry Nix, will continue the work carried out by Stefano Ghersi, Najib Canaan and other senior figures to develop the Japanese firm's business outside its traditional strengths.

The French government this week launched its maiden OATei to a rapturous reception. Launched by the Agence France Trésor (AFT), it was the first government bond to be linked to euro zone inflation. The transaction, which marked a change from previous OATi offerings pegged to the domestic inflation rate, was seen as an attempt by France to broaden its international investor base, although it also clearly expanded the worldwide market for inflation linked product.

It was a busy day for other currencies on Friday with 21 deals closed. Hong Kong dollar was the favourite currency choice: it appeared in 15 trades. Credit Agricole Indosuez was particularly busy in the Hong Kong dollar. It closed six one-month trades. Its largest trade was a HK$10.70 million ($1.37 million) note that will be issued on October 26 2001 and its smallest trade was a HK$3 million offer, which will be issued on November 2 2001. Sterling had a good day - $319.12 million-worth was closed off three deals making it the third largest currency choice behind euro and dollar. Alliance and Leicester saw opportunities in the currency. It issued a £