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Societe Nationale des Chemins de fer Francais has increased the limit off its Euro-MTN programme to euro7 billion ($6.13 billion) from euro3 billion.

State of Israel officials have been in London this week for presentations by banks hoping to lead two benchmark Eurobonds totalling $1bn that the sovereign intends to issue within the next year.

Islandsbanki has raised the limit off its Euro-MTN programme from euro2 billion ($1.76 billion) to euro2.5 billion. Islandsbanki has also replaced ABN Amro as the arranger and as a dealer off the programme. Bank of America has been dropped as a dealer off the programme, while Barclays Capital and Bayerische Hypo-Vereinsbank have been added as dealers.

State of Israel officials have been in London this week for presentations by banks hoping to lead two benchmark Eurobonds totalling $1bn that the sovereign intends to issue within the next year.

The Republic of Italy has increased the ceiling off its programme for the issuance of debt instruments from $24 billion to $32 billion.

France Télécom reaffirmed its popularity with yen investors by increasing the largest ever yen denominated bond issue from a corporate by a further ¥100bn this week. As a result of continued Japanese investor demand, the company was able to raise the ¥175bn two year FRN tranche of its recent Euroyen bond issue to ¥275bn, bringing the two tranche deal to a record ¥325bn.

Venezuela Syndication is under way for the $470m 14 year commercial facilities for the Hamaca heavy oil project. Banks have been offered tickets of $30m for 100bp, $20m for 75bp and $10m for 50bp. Mandated lead arrangers BNP Paribas (joint bookrunner) and Royal Bank of Scotland (joint bookrunner and documentation bank) have been joined by Bank of Tokyo-Mitsubishi (joint bookrunner), Barclays Capital, BayernLB, Export Development Corporation of Canada, ING and WestLB as arrangers. The financing for the project is split between the $470m commercial loan and a $630m 17 year loan from US Ex-Im Bank. The commercial piece is priced at 85bp over Libor pre-completion. Post-completion, the margin ranges from 225bp to 425bp. The project has been awarded an investment grade rating from Moody's and FitchIBCA. Sponsors of the project are Phillips Petroleum (40%), Texaco (30%) and PDVSA (30%). The project is operated for the sponsors by Petrolera Amerivan. When fully operational, the Hamaca project will produce 190,000 barrels a day of extra-heavy API crude oil.

Dealers have been complaining all week that issuers are just not picking up the phones - most corporates are away on holiday, especially those in mainland Europe. While this is driving some to despair, others have decided on a more "if you can't beat 'em, join 'em" attitude and are jetting off themselves. Deutsche Bank's Euro-CP and MTN originator, Stephanie Sfakianos, is going to Sardinia for a trip on a yacht, while Deutsche's MTN trader, Ali Hussain, has been off to Greece. Rupert Lewis, the ex-JPMorgan trader, has already said "arrivederci" to the market, but the blond-haired winter sports fanatic is now brushing up on his communication skills by learning Italian. Is it part of a cunning plan to get his foot in the door of an Italian bank? Or is he is preparing for this winter's ski season in the Italian Alps?

The London Stock Exchange (LSE) has sharply criticised a European Commission directive on the harmonisation of listing standards. The directive states that the same standards should apply to all public offers on regulated markets and that all prospectuses must be approved by a competent authority. It also dictates that European issuers must file a central prospectus that should be updated each year.

Mexico is believed to be preparing a $1bn 30 year global bond. Syndicate managers confirmed yesterday (Thursday) that they were in talks with the sovereign for what they considered to be a "logical trade". "It makes sense to bring a high convexity Mexican bond to market," said one senior emerging markets trader in New York.

Bahrain A number of banks are lining up for the advisory mandate for the 750MW Hidd power expansion project. Banks understood to be bidding include ABC, BNP Paribas, Citibank/SSSB and HSBC. The debt facilities are likely to be worth around $350m and are expected to include export credit agency facilities.