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OTE, the Greek telecom firm, has signed a euro1.5 billion ($1.35 billion) MTN shelf via Deutsche Bank. OTE is the first Greek corporate to join the market. The signing of OTE's facility has been in the pipeline since 1999 and it comes as the Greek government is set to reduce its 42% ownership of OTE. An OTE spokesman says: "We have no immediate funding needs for the programme at present. Our first trade will probably come some time in 2002." The timing of any deal is likely to be decided on future acquisitions. OTE is rated A by Standard & Poor's and A2 by Moody's. The dealer panel is Alpha Bank, Credit Suisse First Boston, Merrill Lynch, Morgan Stanley, National Bank of Greece and Schroder Salomon Smith Barney.

Eleven trades were closed in other currencies on Friday. Hong Kong dollar was again the most popular choice for issuers but deals were closed in five different currency types. Bank of Scotland was busy in Hong Kong dollar and closed two trades. BOS International closed a HK$250 million ($32.05 million) note that matures in April 2003. The note pays a final coupon of 2.78% and will be issued on November 9 2001, and Bank of Scotland Treasury Services closed a HK$100 million FRN that pays a final coupon of 2.6%. The note goes out to February 2003. SNS Bank Nederland went out a little longer with its HK$50 million seven-year FRN. The note pays a final coupon of 5.342% and will be issued on November 9 2008. And Den Norske Bank also opportunities in the currency. It issued a HK$75 million FRN that goes out to November 2004. Australian dollar made an appearance on Friday: Export Finance & Insurance Corp closed a A$130 million ($65.20 million) three-year note that pays interest semi-annually. The note offers a final coupon of 4.1% and will be issued on November 20 2001. The other day's trading came in sterling and Singapore dollar. Barclays Bank closed a £

* Bank Nederlandse Gemeenten NV Rating: Aaa/AAA/AAA

Converium, the reinsurance unit being spun off by Zurich Financial Services, started pre-marketing to investors this week for its Eu2bn-Eu2.5bn IPO. Zurich revealed its intentions to offload Converium the week before the September 11 attacks. Immediately after the attacks, investors were sceptical of the deal, as the entire insurance sector fell on the back of fears of massive claims. However, two months on investors have become more positive towards the sector, eyeing the probability of increased premiums over the next year.

* Commerzbank AG Rating: A1/A+

US dollar swap spreads continued to crunch lower this week, leaving 10 year spreads lower than at any time since mid-summer 1998. At the close of trading yesterday (Thursday) the five year mid-market was 58bp over the new 3.5% Treasury due November 2006, while 10 year spreads were about 60bp. The 10 year is about 3bp softer than a week ago. The Federal Reserve's decision to take the Fed Funds rate to 2% on Tuesday seems to have had little effect on swap spreads.

Croatia Deutsche Bank has been mandated to arrange a $150m credit for the Croatian Roads Company (HAC).

The European Investment Bank will next week launch a Eu5bn five year global Euro Area Reference Note (EARN), which should be the supranational's most faithful expression of the principles outlined when it launched the benchmark programme in March 1999. And bankers, who have regularly criticised the supranational's apparent lack of commitment to its stated goal of being "a non-opportunistic issuer of euros in terms of benchmark funding", believe that the EIB will successfully grasp the opportunity to revitalise its reputation in the international markets.

The European Investment Bank will next week launch a Eu5bn five year global Euro Area Reference Note (EARN), which should be the supranational's most faithful expression of the principles outlined when it launched the benchmark programme in March 1999. And bankers, who have regularly criticised the supranational's apparent lack of commitment to its stated goal of being "a non-opportunistic issuer of euros in terms of benchmark funding", believe that the EIB will successfully grasp the opportunity to revitalise its reputation in the international markets.

Premier carrier Emirates Airlines this week gave a much welcome fillip to the aerospace industry when it announced plans to invest $15bn in 68 new aircraft. Typically, 20% of aircraft financing is raised from equities, and loans bankers were gleeful at the thought of funding 80% of the jumbo order.

Guatemala * Republic of Guatemala

France Télécom this week proved that the depth of the euro market is back to its pre-September 11 level by executing a Eu5bn transaction in just two days, completing what is expected to be Europe’s last jumbo telecoms issue this year.