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* General Electric Capital Corp Rating: Aaa/AAA

Morgan Stanley Capital International's (MSCI) shift to freefloat is forcing investors to adopt a global approach to emerging markets, and banks are following suit. While some of the more forward thinking emerging markets investors have had global research and portfolio management capability in place for a decade, many more have now been spurred to follow suit. This week, sellsiders Deutsche Bank and Merrill Lynch announced plans to create global emerging markets equity platforms.

Directv, the US digital satellite television provider, has sold Eu153m of shares in Thomson Multimedia, the global media company. Goldman Sachs managed the block trade, which was sold on Tuesday at a price of Eu37.2 and reduces Directv's stake in Thomson Multimedia from 12.9m shares to 8.8m.

What is the real story about Allianz's decision to put the Dresdner Kleinwort Wasserstein flotation on hold and to fold the investment bank into a new "corporates and markets" division? If you were dumb enough to believe everything on the grapevine, Bruce Wasserstein is about to jump ship and may even sue for constructive dismissal because he isn't running his own show. London investment banking supremo Tim Shacklock was assumed to be so disillusioned that he had hung a "Looking for a new home" sign above his door. In Asia, DrKW employees were said to be throwing themselves into Hong Kong harbour and Tokyo Bay, while in New York the last DrKW staffer to jump in the East River was a sissy. In London DrKW résumés were said to be raining down harder than unwanted presents from the local pigeon population.

Bulgaria BayernLB has won the mandate to arrange a Eu10m 364 day facility for First Investment Bank. The facility is guaranteed by the EIB.

EFG Eurobank Ergasias has signed a euro500 million ($440.30 million) Euro-CP programme through its UK-based funding subsidiary, EFG Hellas (EFG). Deutsche Bank is the arranger. EFG is the first Greek entity to establish a Euro-CP programme. The programme will complement EFG's euro1.5 billion Euro-MTN shelf that was signed in 1999. Deutsche Bank, EFG Eurobank Ergasias and Goldman Sachs are on the dealer panel.

Pirelli's acquisition of a controlling interest in Olivetti could lead to a Eu1bn capital increase at Olivetti, analysts predicted this week. The takeover, which was announced last weekend, means the end for Roberto Colaninno, former chief executive of Olivetti and mastermind of Olivetti's hostile takeover of Telecom Italia two years ago. With Pirelli, Benetton, UniCredito Banca Mobiliare and IntesaBci to take charge of Olivetti, investors are expecting a radically different financial strategy.

* Banque PSA Finance Rating: A3/A-

Europäische Hypothekenbank SA Luxembourg (Eurohypo) will seek to broaden its funding base after launching a Eu5bn multi-currency debt issuance programme (DIP) last Friday (July 27) which caters for both secured and unsecured debt. Deutsche Bank arranged the programme, which includes as dealers ABN Amro, Barclays Capital, CDC IXIS, Dresdner Kleinwort Wasserstein, JP Morgan, Morgan Stanley, SG and UBS Warburg.

Europaische Hypothekenbank (Eurohypo) set up a euro5 billion ($4.41 billion) debt issuance programme on July 27. Deutsche Bank is the arranger. Reinolf Dibus is Eurohypo's managing director. He explains why there was a need to set the programme up. He says: "We are frequent issuers in the covered bond market, but we had some problems with documentation. This programme will give us flexibility and a cost-efficient way of issuing." Eurohypo, based in Luxembourg, is a frequent issuer of jumbo bonds as well as lettres de gage and the programme will be used for deals under euro500 million. Dibus says: "The programme will not be just for opportunistic funding. Our main currencies will be US dollar, Swiss franc and euro. But all jumbo bonds will be issued as standalone bonds." Dibus considers jumbo bonds to be those over euro500 million, with a minimum maturity of three years and at least three joint-lead managers. The borrower has not decided on its first trade yet, but Dibus says: "We will issue off the programme in the next few weeks, but it will not be a very big trade - certainly less than euro500 million." It will not be Eurohypo's first time in the MTN market. The bank set up a Euro-MTN programme in 1991, denominated in ecu. This programme remains dormant. Eurohypo's Dublin branch also has a euro1.5 billion Euro-CP programme signed in 1998 and arranged by Deutsche Bank. The borrower has already been to meet investors on a roadshow in May and will not be roadshowing again in the near future. Dibus says: "We have not planned a roadshow especially for this programme, but we went on a big roadshow in May around Asia, Europe and the US. The roadshow was to market our US dollar jumbo project, but we also spoke to investors about the debt issuance programme." The dealer panel is ABN Amro, Barclays Capital, CDC IXIS Capital Markets, Deutsche Bank, Dresdner Kleinwort Wasserstein, JPMorgan, Morgan Stanley, SG and UBS Warburg.

It was a busy day for the euro in the MTN market as euro587.11million ($516.99 million) was traded off twenty notes. Fortis Ifico was the busiest issuer, as it concluded three euro trades - for euro3 million, euro10 million and euro22.50 million. All the notes are issued on August 22 and have a tenor of five years. HSBC (Netherlands) was busy with two euro20 million trades that are issued on August 6. Both notes come at the short-end, maturing in just over a month. FSA Global Funding concluded the longest-dated trade - a euro127 million note that reaches out to June 29 2015. Salomon Smith Barney acts as the bookrunner off the trade. Salomon Smith Barney also placed a trade for Banque et Caisse d'Epargne de L'Etat Luxembourg. The euro3.45 million MTN matures in one year. Westland Utrecht/Hypotheekbank teamed up with one of its most frequent bookrunner's, ABN Amro, on a two-year euro21 million trade. The note has a zero interest payment frequency. AIG SunAmerica Institutional Funding concluded a seven-year euro70 million note that pays interest singularly. The trade comes in the week that the issuer announced it has increased the limit off its note issuance programme from $15 billion to $25 billion. In addition, Merrill Lynch has replaced BNP Paribas as the arranger and dealer off the programme.

* Abbey National Treasury Services plc Guarantor: Abbey National plc