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Legal & General Finance has upped the limit off its Euro-CP programme to $2 billion from $1 billion. Citibank and Goldman Sachs have been added as dealers. Mitsubishi Bank was dropped from the panel.

United Utilities Electricity has dropped UBS Warburg as the arranger off its $1.5 billion Euro-CP facility. Deutsche Bank is the new arranger. The German arranger, Schweizerischer Bankverein (Deutschland), was also dropped. JPMorgan has been dropped as a dealer. NORWEB, the old issuer name, is changed to United Utilities Electricity.

UBS Australia has signed a A$7 billion ($3.61 billion) Euro-CP facility via UBS Warburg. The arranger joins BA Asia, Commonwealth Bank of Australia (Hong Kong), Deutsche Bank and National Australia Bank on the dealer panel.

Bank of Tokyo-Mitsubishi, BNP Paribas, Barclays, HSBC, National Australia Bank and Royal Bank of Scotland have arranged a £900m 364 day bridge facility for London Electricity Group, the UK subsidiary of Electricité de France. The deal is split between a £750m revolver and a £150m revolver.

US dollar was traded in 33 deals on Friday, over double the daily average since January 1 2001. Sigma Finance Corp announced five of the day's trades, one of which was a $20 million three-year trade. The others were between $3.3 million and $5.65 million and have terms of between three and five years. HSBC Bank USA did four dollar deals. It stayed primarily at the short end, going for a $500,000 two-month note, a $300,000 three-month note, a $2.27 million one-year trade and a $1.3 million six-year trade. KfW International Finance announced a $30 million 15-year deal. It starts next year, but is the issuer's 71st dollar note since January 1 this year. Its volume raised since the beginning of the year is just over $15 billion. Bank Nederlandse Gementeen has also raised the majority of its funds in US dollar. It announced a $10 million 10-year note on Friday. And AIG SunAmerica Institutional Funding did a $150 million two-year trade via Deutsche Bank. The size was matched by National Australia Bank, announcing its 20th dollar note of 2001. It goes out to December 2003. But Freddie Mac stole the show with its 14th $5 billion and over deal of 2001. The note matures in December 2003 and has a fixed part of the coupon of 3.25%.

Globals * Federal Home Loan Banks

Volvo Treasury was the only pure corporate involved in US dollar yesterday. It announced a $50 million six-month trade. And the only financial repackaged issuer in the market was Windermere Corporation I, the JPMorgan-arranged conduit, with a $45 million three-month note. The only trades bigger than these last two were the $150 million deal issued by UBS (Jersey), and the $50 million note done by Banco ABN Amro Real. UBS's goes out to July 2006 and Banco ABN's goes out to January 2003. Landwirtschaftliche Rentenbank announced a $30 million deal that goes out to January 2017. It has a fixed-rate part of the coupon of 6.24%. Most of the other of the day's trade were for less than $5 million. BNP Paribas and Credit Lyonnais Finance (Guernsey) each announced two deals. BNP's were for $4.54 million and $3 million and have respective terms of three and five years. Credit Lyonnais's are for $970,000 and $1 million and go out to November 2003 and December 2005. Diversified European Credit and European Credit (Luxembourg) went for identical trades. They both announced $1 million 10-year notes.

The US dollar market is a popular one for issuers needing to place paper before the end of the year. Twenty-five notes were denominated in the currency yesterday, well above the daily average for the year. HSBC Bank USA was responsible for six of them, ranging between $250,000 and $1 million and with terms from three months to six years. And private banks made up most of the dollar market. UBS and ABN Amro Bank both went for $10 million trades. UBS's goes out to December 2005 and ABN Amro's goes out to June next year. Landesbank Schleswig-Holstein announced one of the bigger trades of the day. It did a $35.37 million five-year deal with a fixed part of the coupon of 4.9%. NIB Capital Bank announced a $4.28 million one-year trade. And Development Bank of Singapore did its 37th dollar deal since the beginning of 2001 with a $500,000 one-month trade. European Investment Bank was the only supranational in the dollar market, and it announced the biggest dollar trade of the day. The $200 million 5-year note has a fixed part of the coupon of 4.75%. Two financial repackaged issuers were also doing business. Spices Finance did a $6 million 5-year deal and a $25 million deal with the same term. Helix Capital (Jersey) did a $20 million five-year trade. KfW International Finance announced a $68.41 million 20-year note.

Federal Home Loan Banks and HSBC Banks USA did eight of the 22 US dollar trades announced yesterday. There were two $50 million deals, a $30 million deal and a $13.85 million deal from Federal Home Loan Banks, and three deals less than $1 million and one deal for $1.2 million from HSBC. The maturities for both issuers ranged from three months to eight years. But there were some rarer names doing business too. ING Verzekeringen announced its second note of the period from January 1 2001 to date. It was a $50 million five-year trade. Kommuninvest I Sverige announced a $1.4 million one-year note. It has a fixed coupon of 8.5%. Merrill Lynch and Deutsche Bank (London) both went for $5 million five-year trades. Anthracite Rated Investments and Windermere Corporation I, the only financial repackaged issuers in the dollar market yesterday, went for a $100 million seven-year note and a $55.5 million one-year note respectively.