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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 £

Eleven trades were closed in other currencies on Friday and it was the auto sector that was particularly busy. Volkswagen Financial Services closed two trades: the largest was a £

Trades in other currencies were down on Tuesday. Only nine trades were closed in five different currency choices. Again it was Hong Kong dollar that saw the most activity. MSDW Asia Securities closed three HK$100 million ($12.82 million) one- and two-month trades. The trades come off MSDW's self-arranged $1 billion debt issuance programme. BBVA Global Finance also closed a HK$100 million note. The trade goes out to April 2003 and pays a final coupon of 2.58%. European Investment Bank (EIB) closed the day's only South African rand trade. The R150 million ($15.61 million) six-year note pays a coupon of 8.5% and was issued at a price of 97%. Royal Bank of Canada led the trade, which will be offered to the market on December 12 2001. Rabobank Nederland saw opportunities in Canadian dollar. It issued a C$100 million ($62.38 million) six-year bond that pays a coupon of 4.375%. The trade was issued at a price of 101.395% and was led by Royal Bank of Canada. The trade will be issued on December 14 2001. NIB Capital Bank closed the only sterling MTN: a £

Nineteen trades were closed in the market yesterday but it was sterling that stole the show. Just over $1 billion-worth was closed off six trades with Royal Bank of Scotland (RBS) responsible for the largest offer. It closed a £