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Shares in Kvaerner, the Anglo-Norwegian engineering firm, collapsed this week as it announced a NKr1.5bn-NKr2bn (Eu188m-Eu250m) rights issue. The conglomerate's lending banks forced the company to announce the equity issue as part of a long term financing deal. Investors reacted negatively, with shares falling 65% on Wednesday and a further 14% yesterday (Thursday).

JPMorgan International Derivatives has increased the debt limit of its Euro-MTN programme from $500 million to $3 billion.

Landesbank Schleswig-Holstein has doubled the limit off its global MTN programme to $20 billion from $10 billion. The shelf has $11.11 billion outstanding off 65 trades.

Deutsche Lufthansa was forced yesterday (Thursday) to shelve plans for its first straight bond in 15 years, as airlines across the world struggled to assess the cost of last week's tragedy in the US. The German carrier had intended to raise Eu500m through lead manager WestLB to increase its stake in US caterer Sky Chefs, and roadshows had continued after the terrorist attacks.

Israel Citibank signed banks into the $100m five year loan for Israeli Telecommunications Corp (Bezeq) on Friday September 14.

* The future of Carol Anne Menzi Collier, who heads the public sector group at ABN Amro, is in doubt, after the bank decided to merge her group with Henry Tillman's financial institutions group, leaving Tillman in charge. ABN Amro is in discussions with Menzi Collier about her position.

New York is not back to normal, not by a long shot, and getting back to any semblance of what life was like before September 11 is more a question of whether than of when. The downtown financial district has been cut in half, lengthwise, with businesses east of Broadway up and running, at least nominally. The area west of Broadway remains a disaster area, although amazingly the New York Mercantile Exchange (NYMEX), sheltered from the blast by the Merrill Lynch tower, is operating, on a shortened schedule. The only access is by ferry, however, raising the rather weird prospect of a double-reverse commute. Even then, just to get to the building requires a NYMEX pass and a passport; all cameras and recording devices are banned; no re-entry into the building is allowed; and the only permissible destination on leaving NYMEX is the ferry terminal.

New York is not back to normal, not by a long shot, and getting back to any semblance of what life was like before September 11 is more a question of whether than of when. The downtown financial district has been cut in half, lengthwise, with businesses east of Broadway up and running, at least nominally. The area west of Broadway remains a disaster area, although amazingly the New York Mercantile Exchange (NYMEX), sheltered from the blast by the Merrill Lynch tower, is operating, on a shortened schedule. The only access is by ferry, however, raising the rather weird prospect of a double-reverse commute. Even then, just to get to the building requires a NYMEX pass and a passport; all cameras and recording devices are banned; no re-entry into the building is allowed; and the only permissible destination on leaving NYMEX is the ferry terminal.

* Dexia Funding Netherlands Guarantor: Dexia Bank

Outside of the dominant euro, US dollar and yen, Hong Kong dollar dominated yesterday's trading. Svensk Exportkredit closed a 10-year HK$80 million ($10.26 million) note off its $10 billion Asian MTN programme. The plain vanilla note pays interest annually and carries a final coupon of 6.100%. HSBC (Netherlands) also closed for HK$80 million. The note matures on the November 7 of this year and has a zero interest payment frequency. Credit Lyonnais Finance (Guernsey) went for smaller volume, with a HK$8 million MTN that matures on November 14 2001. Societe Generale Acceptence closed three Hong Kong dollar trades, all for HK$77.50 and all with zero interest payment frequencies. Two of the notes mature on November 16 2001, while the other matures on December 21 of this year. The only other currency traded was Australian dollar. New South Wales Treasury Corp closed a A$200 million ($96.87 million) MTN that matures on October 17 2005. The note has a final coupon of 4.530% and pays interest semi-annually.

* Bayerische Hypo- und Vereinsbank AG

Trades in other currencies hit a low on Friday. Only one transaction was made: a HK$77.50 million ($9.94 million) three-month note issued by Societe Generale Acceptance (SG). The note comes off the issuer's euro30 billion ($27.32 billion) Euro-MTN programme. SG was the bookrunner off the trade. The note will be issued on December 21 2001.