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* Republic of Austria Rating: Aaa/AAA

Syngenta's inaugural bond was oversubscribed and increased this week as investors clamoured for paper in a brand new sector for the euro market. The world's largest agribusiness company, formed last November from the spin-off of Astrazeneca and Novartis' agribusinesses, had hoped to raise Eu950m to refinance the debt that financed its formation.

Telecom New Zealand has doubled the limit off its $1 billion Euro-MTN programme to $2 billion.

After lengthy talks, Vakiflar Bankasi has awarded the mandate for a $70m one year term loan to relationship banks. Joint arrangers are American Express Bank, Bank of New York, HypoVereinsbank, Bayerische Landesbank, Citibank, Commerzbank, Dresdner Kleinwort Wasserstein, JP Morgan and WestLB.

A Eu250m 11.125% 10 year Venezuelan euro issue fell short of market expectations this week as European institutional investors remained cautious about Latin credits in light of their recent volatility. The deal, led by Credit Suisse First Boston and JP Morgan, was priced attractively for the borrower at 99.04 to yield 11.29%, 629bp over Bunds, about 10bp inside of much higher rated Colombian euro paper.

The Euroloan market’s confidence in the beleaguered telecoms sector will be severely tested next week with the launch of a Eu5.5bn facility for Italian telecoms operator Wind Telecomunicazioni, via ABN Amro, IntesaBci, BNP Paribas, Citibank/SSSB, Dresdner Kleinwort Wasserstein and JP Morgan.

Vodafone Group has issued its second trade of 2001: a £

The Basle committee on banking supervision has extended its timetable for implementation of the new capital accord. The revised timetable calls for an additional round of consultation next year with final implementation in 2005. In a statement, the committee cited "the extremely high quality of the comments received" for the delay. There were over 250 submissions from industry and academia, many of them strongly critical of the new proposals. A decision to reconsider will be welcomed by the financial services industry.

Michael Donahue has resigned from Merrill Lynch, where he was co-head of European securitisation and portfolio credit derivatives. He has gone to BNP Paribas to be global head of securitisation, and a tug of war has developed between BNP Paribas and Merrill Lynch over other members of the securitisation team at Merrill.

Telecom Italia this week launched the first public securitisation by a European telecoms company — a Eu700m bond that is likely to be followed by several more issues from the sector.