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* Deutsche Hypothekenbank AG Hannover-Berlin Rating: AAA

* World Bank Rating: Aaa/AAA/AAA

The number of Italian private banks in the Euro-MTN market has been increased again this year, by Banca Popolare di Intra (Intra). It signed a euro1 billion ($882.89 million) Euro-MTN facility on November 8 with ING Barings/BBL (ING) as the arranger. ING won the arrangership off the back of a successful euro200 million Eurobond it managed for the issuer in December last year. There are now 42 active programmes from Italian private banks in the market, and total outstandings from the sector are close to $52 billion-worth. There are seven active programmes from the Popolare banks, and outstandings off these facilities are at $7.3 billion-worth. The dealers are the arranger, Bankgesellschaft Berlin, BNP Paribas, Caboto, Crediop, Dexia Credit Local de France, HypoVereinsbank, Natexis Banque Populaires, Salomon Smith Barney and Tokyo-Mitsubishi International.

Real Software Group, the Belgium technology company, is to raise at least Eu45m through issuing new equity, in a restructuring plan that is intended to save the company from bankruptcy. Real Software built up a heavy debt burden and ran into problems with its loss-making US entities earlier this year, before appointing new chief executive Theo Dilissen in February.

Tyco International Group this week stunned market participants with what is being viewed as the most successful financing for a triple-B or single-A credit to hit the market since September 11. The dual currency multi-tranche transaction for the US diversified conglomerate took out its Eu2bn equivalent EuroMTN programme in one hit, achieved multiple oversubscription at the tight end of price talk across the four tranches, and performed spectacularly in the secondary market.

Marconi has published an interim report on its finances, where it confirms it has drawn the full amount outstanding under the Eu4.5bn tranche of the Eu6bn credit it signed in 1998. Marconi's net debt was £4.28bn at the end of September 2001, and the beleagured telecoms equipment group said it intends to reduce this to between £2.7bn and £3.2bn by the end of the first quarter of 2002.

Fourteen trades were issued in US dollar yesterday, for a total of $308.5 million. Triple-As issued five of these notes, demonstrating the need investors feel at the moment for safe placements. Federal Home Loan Banks did a $10 million and a $15 million deal that have terms of seven and eight years respectively. They have a fixed part to the coupons of 3.5% and 4%. Five Finance Corporation did its third trade of 2001 via Salomon Smith Barney. It was a $30 million deal that goes out to November next year. World Bank was also involved, announcing a $10 million 10-year trade, and Landwirtschaftliche Rentenbank did a $16.39 million deal via Royal Bank of Scotland. It matures in May 2012 and has a zero-coupon structure. SNS Bank Nederland did an $8 million deal via National Australia Bank. It also is a zero-coupon and goes out to November next year. Abbey National Treasury Services announced a $5 million three-year trade with Salomon as bookrunner. And Credit Agricole Indosuez, another Aa2-rated borrower, did a $2.47 million deal. It matures in a year's time. Countrywide Home Loans did the biggest US dollar deal of the day. It was an $85 million trade that goes out to December 2003. It was the issuer's seventh deal of this year, and third in US dollar. The others have been denominated in yen.

* Japan Bank for International Cooperation (JBIC) Guarantor: Japan

Globals * AT&T

The US equity markets were at their busiest since May this week as five companies priced and listed on the New York exchanges. "This is certainly a very encouraging week," said one US ECM banker. "My impression is that we have reached a sustainable level and the buying community appears to agree. Investors thought they saw the bottom of the market following September 11 and now they are able to measure the upside/downside risk of each trade much more accurately." But he was quick to point out that this was not a return to the heady days of 1999 and early 2000. Instead, this week saw a clear signal from investors that they were prepared to riskmoney in new issues.

Corporate debt markets continued to rally this week after the recent round of rate cuts, with credit spreads tightening across the board. The receptive environment allowed for several successful transactions, none more so than the Eu5bn five year global bond for the EIB launched off its EARNs programme. Careful premarketing and bookbuilding resulted in a book of Eu10bn for the supranational and the deal was hailed as an unequivocal success. The revival in appetite for corporate debt was underlined by the strong demand for AT&T's jumbo multi-tranche offering denominated in dollars and euros. The US telco raised $10.01bn across four tranches and reportedly drew an order book of $30bn.

rance The Eu400m 4-3/4 year loan for Tele-Invest II SA was signed on Wednesday November 14.