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With a new loan for Gazprom, a debt package for Golden Telecom and a pipeline stuffed with bonds, Russian corporates are taking the capital markets by storm. Four banks are close to winning the mandate for a $200m five year debt facility for Russian heavyweight Gazprom.

Finland Syndication of the Eu100m five year deal for KCI Konecranes has been closed. The five year multi-currency revolver pays a margin of 60bp over Euribor.

Sony Global Treasury Services has signed a $7 billion global CP programme. Goldman Sachs is the arranger. The Euro-CP dealers are the arranger, Barclays Capital, Deutsche Bank, JPMorgan and UBS Warburg. The US CP dealers are the arranger, Credit Suisse First Boston, Deutsche Bank, JPMorgan, Merrill Lynch and Morgan Stanley.

* Bank Austria AG Guarantor: City of Vienna

Standard & Poor's (S&P) last Friday (November 2) upgraded Railtrack plc's corporate and senior unsecured ratings to BB+, a move that some observers considered a U-turn. The agency had lowered the ratings from A to CC and C, respectively, on October 9, two days after the UK government put Railtrack, which owns the national railway infrastructure, into administration.

Nasdaq, the major growth exchange in the US, announced yesterday evening (Thursday) that it wants an outright merger with one of the big European exchanges, in a move that could settle the battle for European exchange dominance. Nasdaq's move follows a turbulent time for the European exchanges. Last week saw the conclusion of the London International Financial Futures and Options Exchange (Liffe) sale, with Euronext emerging the winner. This has left the London Stock Exchange (LSE) out in the cold and looking for a new partner.

Nasdaq, the major growth exchange in the US, announced yesterday evening (Thursday) that it wants an outright merger with one of the big European exchanges, in a move that could settle the battle for European exchange dominance. Nasdaq's move follows a turbulent time for the European exchanges. Last week saw the conclusion of the London International Financial Futures and Options Exchange (Liffe) sale, with Euronext emerging the winner. This has left the London Stock Exchange (LSE) out in the cold and looking for a new partner.

* BAA plc Guarantors: Gatwick Airport Ltd, Heathrow Ltd, Stansted Airport Ltd

Stepstone, the Norwegian internet-based recruitment company, is planning to launch a Eu35m capital increase to strengthen its balance sheet and ensure its survival. The struggling company announced on Monday that it will hold a shareholders' meeting on November 20 to approve its plans to raise between Eu20m and Eu35m.

* Ford Motor Credit Company Rating: A2/BBB+/A+

UBS Warburg completed two secondary trades in the space of two days this week, when it sold stock in UK software company Marlborough Stirling and the mining group Anglo American. On Tuesday, the bank completed a £19.6m accelerated bookbuild for Marlborough Stirling, on behalf of private equity house Apax Partners. Marlborough was followed on Wednesday by a £87.2m risk-based trade in Anglo American.