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Only two trades came in other currencies on Monday. The largest was a Swf80 million ($49.20 million) three-year note from Earls. The note, which will be issued on October 9 2001, pays a final coupon of 3.085%. The day's other trade came in sterling. The £

Hong Kong dollar remained the other currency of choice on Friday. Union Bank of Norway closed a three-year HK$215 million ($27.57 million) MTN that pays interest quarterly. Fellow Norwegian issuer, Den norske Bank, closed a three-year HK$148 million note that carries a quarterly interest payment frequency. Norwegian issuers have tapped the Hong Kong dollar market 16 times this year for $261.94 million, according to MTNWare. Development Bank of Singapore also went for the currency, closing a HK$3.70 million note that matures next month, October 26. The note carries a zero interest payment frequency. The only other currency traded was a five-year Nkr400 million ($46.04 million) note by Bank Nederlandse Gemeenten. The plain vanilla note carries a final coupon of 6.625% and pays interest annually. Fortis Bank was the bookrunner.

Five trades came in other currencies yesterday: four in Hong Kong dollar and one in sterling. Reuters Group was responsible for the sterling trade. It went out two years with its £

A report from an analyst at Dresdner Kleinwort Wasserstein this week suggested that the net debt of troubled telecom equipment manufacturer Marconi exceeds the company's enterprise value. The report began: "Given the precarious state of its balance sheet, core operations and customer base, Marconi is unlikely to survive unless a major rescue package is provided by a strategic backer or a hostile buyer in the imminent future."

Romanian oil and gas company SNP Petrom has finally issued a Eu125m five year Eurobond via ABN Amro and ING Barings, following a protracted suspension. The bond had been primed and ready for launch on September 11.

* Compagnie de Financement Foncier Rating: Aaa/AAA/AAA

Pirelli announced the long awaited financial and industrial strategy for the Olivetti-Telecom Italia Group yesterday (Thursday), at the same time revealing an ambitious plan to raise Eu4bn through a combined equity and convertible rights issue.

Pirelli announced the long awaited financial and industrial strategy for the Olivetti-Telecom Italia Group yesterday (Thursday), at the same time revealing an ambitious plan to raise Eu4bn through a combined equity and convertible rights issue.

* SNS bank Nederland NV Rating: A2/A/A+

Noel Dunn, the former head of Goldman Sachs' European syndicate who was hired by Bear Stearns in May to head its northern European debt coverage operation, has recruited two managing directors. They are former Lehman Brothers debt capital markets official Heidi Crebo-Rediker, and Gerard Harte, who was in corporate origination for the UK and Ireland at JP Morgan.

Oilfield services company Schlumberger this week became the first corporate to premarket, launch and price a transaction in the euro market since September 11, and the success of its Eu2bn equivalent financing resoundingly proved that investors are again ready to look at credit if the sector is defensive and the price is right. Demand for lower rated corporates was confirmed by a successful transaction for triple-B tobacco company Gallaher, which had been in the middle of its roadshow when the terrorist attacks in the US took place. Like triple-B utility Innogy, which had been on the point of pricing its deal on September 11 and completed its issue last week, Gallaher was welcomed because of the defensive qualities of its sector.