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Angus Rosborough, a high yield bond analyst at Morgan Stanley, has gone to ING Barings. With effect from July 2, he becomes a senior high yield analyst. He will cover the European consumer related sectors, including media, retail, gaming, food.

UK aerospace and defence systems company BAE Systems this week completed its $2.05bn securitisation, which has been in the pipeline for almost a year and is backed by vendor finance on around 450 commercial regional aircraft. Lead managed by Schroder Salomon Smith Barney, the deal was snapped up by investors who, despite the deal's complexity (the offering circular was 600 pages long), were attracted by the BAE name.

A bank meeting was held yesterday (Thursday) in London for the launch of syndication of the $1.5bn three year multi-currency revolving credit for Invensys plc, the automations and controls company. The deal is being arranged and underwritten by Banc of America Securities (book manager), Barclays Capital (book manager), BNP Paribas and JP Morgan (book manager).

Finagen, the Italian leasing company that specialises in high value equipment or real estate which is 98% owned by Alleanza, Italy's largest life insurer, this week completed a Eu276.8m securitisation backed by its leases. Lead managed by Credit Suisse First Boston, the deal paid the price for being delayed by a month because Finagen had to update its processing systems before the deal could be given the green light.

Morgan Stanley launched $354m exchangeable into UBS, which was so aggressively priced it led observers to claim that the bank had retained most of it. The bought deal, issued by Zurich International, a subsidiary of Zurich Financial Services, was launched on Wednesday morning before the market opened for trading. The bond traded down straight after issue, ending Wednesday at 99-99.5 from an issue price of par.

KfW International Finance has concluded a non-syndicated £

Kingfisher is set to issue two yen notes on June 8. The issues are for ¥8.5 billion ($71.3 million) and ¥4.9 billion. Both notes pay interest singularly and have final coupons of 0.210%. They also both mature on May 30, 2002.

Landeskreditbank Baden-Wurttemburg has signed a euro5 billion ($4.24 billion) debt issuance programme. The issuer's original euro7 billion shelf was reconfigured under Landesbank Baden-Wurttemburg in January 1999.

* Swedish Export Credit Rating: Aa2/AA+

What a difference a week makes. There we were in sun-soaked, broiling Marrakech watching the world go by and trying to have a short rest. The Sheraton Marrakech, where we always stay, is definitely not a swishy venue compared to the Ammanjenna or the distinctly jaded La Mamounia. However, the staff are to die for and we are treated like U2 (we are too old and circumspect to be mistaken for Oasis) or a Goldman Sachs partner. But the hotel is fun. So many groups come in and out that it is like a railway station. In the first two days we had what seemed to be a German petrol-pump attendants conference, a high ranking Jesuit convention and then delegates from an African-Arab summit in aid of starving children. The Jesuits kept to themselves and the Arab-African summiteers were conspicuous mainly by the number of lounging idle overweight bodyguards. "Who pays for these guys?" we asked ourselves, as you don't have to be a World Bank economist to know that 98% of the African countries are potless. We much preferred the German petrol pump attendants who like to call themselves petrol retail distributors. In terms of clothes chic they looked as if they came from East Germany before the Berlin Wall came down. But the men were fun and gold medal Olympic drinkers and as for the wives and long limbed girlfriends, who needs to be concerned about the world of chic when you are wearing no more than a bikini bottom, a light smearing of sun oil and a big smile!

Merrill is one man down again as Mike Bransford walks over to do credit derivatives on Deutsche Bank's trading desk. His ex-colleagues at Merrill say they will miss him and that he is an all-round good bloke. Rodolfo Diotallevi at Merrill missed out on about a year's worth of gossip while he was trekking in Guatamala and sunbathing in Miami recently. Imagine his surprise to return and find no Mike Bransford, no Arturo Lorente and no Robert Mohamed. And Leak hears SNS Bank will be thanking its favourite dealers with a traditional box of chocolates. The boys at SNS were so pleased at being voted issuer making best use of its programme in the annual dealer survey that they also felt the need to present themselves with an award in the shape of a golden parking bollard, which they have called 'the golden dick.' Hopefully the chocolates will not come in the same shape, or some dealers might find it hard to swallow.