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The first Euro-CP signing in over a year from the German private bank sector happened on Tuesday, October 23. Deutsche Apotheker- und Arztebank's (DAPO Bank) euro1 billion ($893.18 million) programme takes the number of live programmes from that sector to 31. Deutsche Bank is the arranger off DAPO Bank's facility. The lack of recent signings means Michael Grimm, head of funding at DAPO Bank, is confident of being noticed by investors. He says: " We won't do a roadshow but next week we will visit our dealers in London and do a short presentation of what we want." The first trade will be done in early November and most of the outstandings, which will be maintained at around euro300 million to euro500 million, will be denominated in euro, although US dollar and sterling will also be used. Grimm, who is also responsible for DAPO Bank's euro6 billion Euro-MTN facility, adds: "We were able to lower our funding needs last year and have found that in the short term volatility is not so bad. I don't think we will have a problem with issuing what we want." The dealers are the arranger, Barclays Capital, Morgan Stanley and Westdeutsche Landesbank.

GMAC International Finance has upped the ceiling off its euro25 billion Euro-MTN shelf to euro35 billion ($31.33 billion). The programme has $24.10 billion outstanding off 208 trades.

Ford priced a Eu1bn two year FRN, a $1.5bn three year FRN, and $3bn five year and $2.5bn 10 year fixed rate deals this week for Ford Motor Credit Corp (FMCC). At the same time, Ford re-opened the 7.45% July 2031 Global Landmark Security (GlobLS) for Ford Motor Company with an additional $1.5bn. The offering was originally conceived as a $3bn benchmark for FMCC. The borrower typically declines to comment on its derivative business, but large portions of debt offerings on behalf of FMCC are usually swapped back to floating rate dollars to match its assets. It is highly likely that this happened to the offering priced this week. In other words, the two year Eu1bn floater was probably swapped to floating dollars, the $1.5bn three year floater was probably left in floating dollars, the five and 10 year fixed rate tranches were probably swapped to floating dollars, while the 30 year piece would have been left in fixed dollars.

GMAC will today (Friday) join the US corporate rush for historically low all-in funding costs in the high grade fixed income market by launching a minimum $4bn global offering, just days after Ford’s blowout $9.4bn equivalent multi-currency global deal.

HVB Real Estate has announced the dealers off its euro25 billion ($22.55 billion) Euro-MTN shelf. They are Barclays Capital, BNP Paribas, Deutsche Bank, Dresdner KW, Goldman Sachs, HypoVereinsbank, Morgan Stanley, Salomon Smith Barney and UBS Warburg.

GMAC will today (Friday) join the US corporate rush for historically low all-in funding costs in the high grade fixed income market by launching a minimum $4bn global offering, just days after Ford’s blowout $9.4bn equivalent multi-currency global deal.

The Republic of Guatemala and Venezuelan oil concern PDVSA are going ahead with roadshows on Monday, despite signs that Argentina's problems are once again reaching crisis point. PDVSA Finance Ltd, the financing arm of the state owned Venezuelan oil company, is marketing an $800m issue of intermediate and long dated bonds backed by oil receivables.

The Irish covered bond (ICB) market took an important step on Tuesday with the introduction of a parliamentary bill that will define the market and should pave the way for the first offering in 2002. The spotlight is on Rheinhyp and DePfa to issue the first ICB. Either should then be joined by up to eight other issuers, providing total annual issuance of Eu10bn-Eu15bn.

Chile BBVA Securities Inc, Barclays, Dresdner Kleinwort Wasserstein and ING Barings are in the market with a $200m amortising loan for Compania de Telecomunicaciones de Chile SA (CTC).

Many well-known faces were to be seen at the Sheraton Park Lane Hotel in London on Thursday for Websters MTN conference. The whole HSBC crowd was there, which makes Leak wonder who was left to answer their phones. Other names at the conference included Royal Bank of Scotland's Sanjay 'Slimfast' Sofat, the suave Cyril Bonnet from CNCEP, SEK's Ulrika Bohlin and Mike Timms, the ex-IFR journalist. The ever-popular Timms is having to recycle his business cards now. Leak received a lovely one which already had someone else's number scribbled on the back. We hope she wasn't anyone special, Mike. If Leak receives a phone call in a month's time asking for it back, we'll know he's remembered her name. But some of the gadgets at the conference were of a higher standard than anyone could have hoped for. And, with its quality diaries and phone holders, BNP Paribas would have got the best freebie-giver award. Unfortunately there isn't one. The pre-conference parties went off very well and it seems all and sundry headed for London's Piccadilly on Wednesday night. BNP Paribas hosted a wild caviar and vodka evening at Caviar House next door to the Ritz. The caviar went down a treat and apparently the vodka tasted like orange juice, which sounds dangerous. And Mizuho started its evening with some drinks and dinner at the Ritz, followed by a trip to the theatre. Very grown up. After nine years in MTNs and having seen the market grow from just 20 issuers, Deutsche Bank's leading MTN star, head trader Tiina Lee, has left the desk. She has moved over to UK and Scandinavian financial institutions. Chris Jones, Mike Bransford and Ali Hussain are left by themselves, but if Chris Jones can go fishing in Iceland in shorts, we are sure he can manage an MTN desk.

European equity capital markets are preparing themselves for a dramatic change in the way they do business as the stock exchanges of Europe ready themselves for battle. Tom Illsley looks at what strategies the major exchanges are putting in place to make sure they come out on top in the race to consolidate