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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.

Barclays Capital has hired Vince Balducci, who was head of OTC derivatives, North America at Deutsche Bank until 1998, to replace Oka Usi as head of risk finance. Usi is planning to leave Barclays to start his own independent investment company, but will stay for a while to help the transition. Balducci reports to Grant Kvalheim, global head of credit products at Barclays Capital, who was the most senior of a trio of senior DCM hires from Deutsche in May (see EuroWeek 703).

National Grid this week overcame a lack of name recognition and the complication of issuing at holding company level to raise Eu2bn of five and 10 year money in a market that is traditionally quiet at this time of year. The roadshow, conducted by the group's treasurer, Martin O'Donovan, and his team, was key to the success of the financing.

National Grid this week overcame a lack of name recognition and the complication of issuing at holding company level to raise Eu2bn of five and 10 year money in a market that is traditionally quiet at this time of year. The roadshow, conducted by the group's treasurer, Martin O'Donovan, and his team, was key to the success of the financing.

Bulgaria A London-based Bulgarian banker says speculation that the new government of Bulgaria led by Simeon Saxe Cobourg-Gotha is considering a Eu300m-Eu400m Eurobond is premature.

Greece The Thessaloniki Port Authority in Greece completed the only IPO on the European markets this week, raising Eu17m. All of the 2.5m shares were sold by the state.

* Fortis Finance NV Guarantor: Fortis Bank

New Zealand has added Nomura as a dealer to its $3 billion Euro-MTN programme. Merrill Lynch and UBS Warburg have been dropped as dealers.

Only sterling, Danish krone and Hong Kong dollar made an appearance yesterday. It is the first time in several days that Singapore dollar has not been issued. Abbey National Treasury Services put some large sterling trades through the market.

Sterling was absent today, but the market saw the return of Danish krone, Swiss franc and Swedish krona. General Electric and GE Card Services Canada issued Dkr600 million ($70.55 million) and Dkr550 million notes respectively. The Dkr600 million 18-month note pays a final coupon of 4.8% and matures in February 2003, while the Dkr550 million pays a final coupon of 4.75% and goes out to October 2002. General Electric also issued in Swedish krona. The Skr300 million ($28.34 million) 18-month trade pays a final coupon of 4.85%. Telefonaktiebolaget LM Ericsson was also present in this currency with a Skr215 million four-year note that pays a final coupon of 6.5%. Hong Kong dollar was as popular as ever. It attracted mainly bank issuers such as Singapore Development Bank and SNS Bank Nederland. BOS International (Australia) issued a HK$80 million ($10.26 million) one-year note and a HK$60 million 30-month trade. Nederlandse Waterschapsbank closed a Sfr150 million ($86.84 million) six-year trade that pays a final coupon of 2.5%. And Singapore dollar saw trades from Development Bank of Singapore and Norddeutsche Landesbank. The latter issued a S$17 million ($9.43 million) five-year trade that pays a final coupon of 3.11% and a S$9.5 million seven-year note that pays a final coupon of 3.35%.