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CIBC World Markets has set up a $5 billion pass-through note programme in the name of High Income Trust Securities.

Dana Corporation, the Toledo, Ohio-based auto parts supplier, increased its dual tranche dollar/sterling issue this week to $575m and Eu200m, respectively, from an original level of around $500m equivalent. Both tranches were priced through the talk of 9.25%. The dollar notes were priced at par with a coupon of 9%, while the euro notes were priced at 99.186 on the same coupon, offering a yield of 9.125%. JP Morgan and Deutsche Bank were joint bookrunners.

* France Télécom Rating: A3/A-/A-

* 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.