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Will John Mack open the floodgates?" This was the question being asked along the Sotogrande cocktail party circuit this week as the new CSFB supremo was reported to be asking certain key executives to take a voluntary pay cut. Those high on the list were said to include CSFB's high tech banking genius, Frank Quattrone, some investment bankers from DLJ and the bond group headed by Jack Dimaio who threatened to move to Barclays Capital. The confrontation between John Mack and the CSFB high-rollers promises to be one of the most interesting in years. What is already clear is that Mr Mack has the total support of Lukas Muhlemann, the chairman of Credit Suisse. Mack has been given a mandate to "clean house" and if that means breaking a few bones, who cares?

Council of Europe Development Bank has increased the debt capacity off its euro10 million ($8.80 million) Euro-MTN programme to euro15 billion. It has also dropped Merrill Lynch as the arranger and has appointed BNP Paribas to the post instead.

Deutsche Bank in London has lost its second senior equity syndicate member since April with the departure of Tom Kennedy this week to BNP Paribas. Kennedy will join BNP Paribas in September as a senior member of the equity syndicate desk. His departure will be a blow to Deutsche Bank, as it comes just a few months after the retirement of Dawn Singleton, the former head of London's syndicate desk.

Dexia Crediop (previously known as Crediop) has redenominated and increased the debt capacity off its $3 billion Euro-MTN programme to euro8 billion ($7.04 billion). UBS Warburg and Dexia Banque Internationale a Luxembourg have been dropped as dealers, while Goldman Sachs and SG have been added to the dealer group.

Even at the height of the summer season, the international swap markets enjoyed a relatively busy week. In the dollar sector, the combination of low rates, tight corporate spreads and a vertiginous yield curve proved irresistible to corporate borrowers. A large portion of the debt seen was also swapped to floating rate. In the euro market, there has been considerable interbank trading in the hope that the European Central Bank (ECB) will soon cut rates. At the same time, the market learned this week that the Danish Central Bank has been active in the cross-currency swap market converting Danish krone to euros.

Hungary The $50m dual currency loan for the Hungarian Export-Import Bank has been closed oversubscribed and the borrower is considering an increase.

Mexico * United Mexican States

* Autonomous Region of the Azores Rating: A1

Thursday's announced deals in euro were issued primarily from French and German borrowers. Societe Generale Acceptance did two trades for euro2.7 million ($2.39 million) and euro25 million. The first goes out to October 2006 and the second to December 2009. And France Telecom did a euro200 million two-year trade. Credit Lyonnais Finance did one of the smallest trades of the day, a euro1.29 million note that matures in November next year. Meanwhile, Deutsche Verkehrs Bank and Landesbank Sachsen both went for euro50 million notes. Deutsche Verkehrs Bank's note matures in August 2011 and pays 6%, while Sachsen's goes out to February 2003 and pays interest quarterly. Dresdner Bank and Munchener Hypothekenbank were the other two German issuers trading yesterday. They issued euro150 million four-year and euro100 million two-year trades respectively.

* Deutsche Telekom International Finance BV Guarantor: Deutsche Telekom AG

Euro trades announced on Monday appeared in several different guises. There was the short, the long, the small and the big. Sonera Corp did a euro200 million ($177.13 million) trade that matures in February 2003 and pays 5.125%, and Hypothekenbank in Essen issued a euro500 million note that also matures in February 2003. It pays interest quarterly. SGA Societe General Acceptance opted for the other end of the size scale, issuing a euro2 million note. It goes out to August 2011 and pays interest quarterly. Credit Lyonnais Finance followed suit, with a euro3.05 million zero-coupon trade that goes out to August 2006. The day's longest trade was a euro25 million note issued by Bank Austria. It has a tenor of 30 years and pays interest quarterly. St Michael Finance was making itself known with a euro50 million five-year trade that pays 5.25%, and BCL International Finance was feeling a bit more generous, issuing as it did a euro10.4 million note with a coupon of 8%. It matures this time next year.

Euro trading was quiet on Friday but was boosted by two big trades. Deutsche Telekom International Finance weighed in with a euro500 ($439.78 million) trade. The two-year note is issued on August 28. The bookrunner is Lehman Brothers. Diageo closed a five-year euro300 million note that pays interest quarterly. Westland/Utrecht Hypotheekbank is to issue a one-year euro150 million note on August 8. The note pays interest singularly and has a final coupon of 4.235%. In contrast to the larger trades, Commerzbank International closed a euro2.4 million note to be issued on August 10. The note, which has a zero interest payment frequency, matures on August 7 next year. Also issuing were Banque Generale du Luxembourg (euro5 million), Merrill Lynch (euro7.7 million), Deutsche Flugsicherung GmbH (euro40 million) and Barclays Bank (euro229 million).