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Espirito Santa Investment has added Banco Espirito Santo de Investimento as a dealer to its euro500 million ($441.67 million) Euro-MTN programme. The facility has 607.88 million outstanding off 33 trades.

Jumbo loans for European telcos, such as the facility for Wind, are facing tough market conditions, as bankers become wary of their exposure to the sector and are shying away from deals they would normally join. The 20 or so banks that joined general syndication of the Eu5.5bn loan for Wind will be signed in before the end of November.

* Alliance & Leicester Group Treasury plc Guarantor: Alliance & Leicester plc

* CGNU plc Rating: Aa3/A

A fairly quiet day in the Euromarket was enlivened by Lehman Brothers Holdings who closed four notes for euro49.99 million ($44.73 million) in total. Three of the trades were for euro8.33 million each and pay annual coupons of 1.400%. The larger trade was for euro25 million and carries a zero interest payment frequency. Two issuers went out for just six months. Volvo Treasury did a euro41 million note via ABN Amro. The plain vanilla note carries a coupon of 3.405%. And GMAC International Finance closed a euro26 million note that pays a single coupon of 3.605%. Credit Lyonnais Finance was the only issuer looking for volume. It closed a five-year euro150 million MTN. Parkland Finance looked for lengthy maturity with a euro6 million note that goes out to September 15 2011. The note carries a single interest payment frequency. Elsewhere, Credit Agricole-Indosuez closed a three-year euro5 million MTN and it also did two five-year notes for euro5 million and euro6 million. All three notes carry an annual interest payment frequency. And Bear Stearns followed up its two eight-year euro10 million notes from yesterday with a four-year euro6.80 million note off its $5 billion Euro-Dragon MTN programme.

Euro had a strong close to last week as 14 trades were closed for $1.08 billion. Three issuers went for particularly lengthy maturities and all looked for the same volume. Abbey National Treasury Services did a euro30 million ($26.84 million) note that reaches out to November 19 2041.UBS (Jersey) did a euro trade for the same date and volume. And Dexia Credit Local de France went out even further - to December 1 2041 - with its euro30 million trade. As well as Abbey National Treasury Services, other UK issuers were active. Royal Bank of Scotland closed a 12-year euro5 million note. And Barclays Bank did a euro5 million note with a maturity of five years. Also issuing was Bear Stearns who closed two eight-year euro10 million notes off its $5 billion Euro-Dragon MTN Programme. Merrill Lynch also closed two five-year trades for euro8.90 million and euro12.90 million. And DaimlerChrysler North America Holding did a euro250 million note. The two-year trade has a spread of 164bp and was led by Caboto-Gruppo Intesabci.

Euro trading was up substantially on Tuesday as 19 trades were closed for $5.65 billion. A euro5 billion ($4.41 billion) note from European Investment Bank off its euro17 billion Euro-area reference note programme dominated volume. The trade pays an annual interest until January 15 2007. Salomon Smith Barney was busy on the dealing side. It led a three-year euro13 million note for Municipality Finance and a one-year euro100 million note for DePfa Deutsche Pfandbriefbank. Other German issuers were active. Munchener Hypothekenbank did a one-year euro100 million note that pays an annual coupon of 2.080%. Deutsche Bahn Finance closed a euro750 million note via Deutsche Bank. The note is priced to yield 33bp over the swap rate and goes out to November 28 2013. And Deutsche Bank was also issuing - a euro23.73 million note that reaches out to October 24 2013. Bank Nederlandse Gemeenten did a euro100 million trade that has a three-year tenor. The note carries an annual coupon of 3.530% and is non-call one. Goldman Sachs was the bookrunner. Fellow Dutch issuer, Rabobank Nederland, also closed for euro100 million. The six-year note pays an annual coupon of 2.000%. Elsewhere, Banco Comercial Portugues did a three-year euro6 million note that pays interest on a semi-annual basis. And Banque Generale du Luxembourg closed a two-year euro3 million MTN that carries a coupon of 10.500%.

Fifteen euro trades were made on Thursday and UK issuers were particularly active. Alliance & Leicester Group Treasury did a three-year euro300 million ($264.64 million) MTN via JPMorgan. The note carries a coupon of 3m Euribor+12.5bp. Barclays Bank also went out for three-years, with its euro20 million note. Scottish & Newcastle went for shorter maturity, closing a six-month euro50 million MTN. Credit Lyonnais Finance (Guernsey) closed three notes for euro5.30 million combined. It did a six-month euro2.80 million note and a three-year euro1.50 million note. It also closed a euro1 million note that matures on July 5 2002. The note pays a single coupon of 8.250%. All three trades come off the issuer's euro20 billion Euro-MTN programme. Elsewhere, the financial repackaged sector went for lengthy maturities. Sires-STAR (Merrill Lynch arranged) did a ten-year euro50 million note that pays interest on a semi-annual basis. Euro-Sires (Merrill Lynch arranged) closed a euro10 million note that pays a coupon of 5.450%. The note goes out to November 15 2018. And Eirles Two (Deutsche Bank arranged) issued a euro63 million note that reaches out to February 20 2019.

Bucking the trend of a global M&A slowdown, Finnish energy group Fortum has announced its plans to acquire a 50% stake in Swedish Birka Energi. Fortum is buying out the City of Stockholm's 50% stake in Birka for a cash offer of Skr14.5bn.

For some in the careers industry, the current climate is proving fruitful. "Business has almost doubled this year," says Caroline Swain, managing director of Lee Hecht Harrison Ltd (LHH). She suspects that it may have increased even more for others, such as Meridian Consulting, one of the market leaders in the City of London. At Right Management Consultants (RMC), Anthony Payne, director, reports: "Events have accelerated and we are exceptionally busy. September 11 compounded the recessionary effects being imported from the US." All three companies deal in outplacement, the business of managing career change and transition, generally following redundancy. "We are the other side of the coin to headhunters," says Swain.

Your long term business partner, your consultant, your career adviser, your friend who puts you in a taxi at midnight. Whatever you call them, headhunters are keen to stress that they provide a multi-faceted service to the financial industry. And right now the pressure is on for recruitment firms to prove their worth. Their practices and services are coming under far closer scrutiny as the slowdown bites and they find themselves just as vulnerable as their client base. Quentin Carruthers visits the recruiters to report on their unique view of the banking world.