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Sanpaolo IMI Bank is set to issue a seven-year euro45 million ($38.1 million) note on June 13. The non-syndicated note pays interest annually. Lehman Brothers is the lead dealer on the trade.

Lehman Brothers completed a Eu300m best-of exchangeable for Swiss Life Finance, the Swiss insurance company, on Tuesday. The five year bond will offer investors the choice of converting their holding into HSBC Holdings or Swiss Life shares. There is an outstanding Eu50m greenshoe yet to be exercised. The offer of two stocks will give the bondholder more value, and a choice of which stock to convert into. This was a good piece of business for Lehman. Swiss Life is rated AA- by Standard and Poor's and as a banker close to the deal said: "It's a great name be assoc-iated with".

Bahrain Arrangers Deutsche Bank and JP Morgan have successfully wrapped up the syndication of the $300m five year facility for Investcorp. The deal was oversubscribed and the arrangers are now working on final allocations.

* Schroders has unified the management of its fixed income teams under Bob Michele. Michele, who retains overall responsibility for North American fixed income in New York, becomes global head of the fixed income group. "We have had fixed income teams in various parts of the world - the US, the UK and Asia - for some time," Andrew Sykes, the director responsible for fixed income, told EuroWeek. "Individually we have got some very good teams in place yet the business is increasingly driven by global trends."

Danone, the French foods company, launched a successful Eu750m convertible this week via JP Morgan and Crédit Agricole Indosuez Lazard. The deal was more than 4-1/2 times oversubscribed, more because of the popularity of the underlying equity than because of the structure or coupon of the bond.

Colombia and Uruguay took advantage of growing demand from retail investors for Latin American euro denominated deals in the absence of any strong emerging market supply and amid renewed confidence of market stability after Argentina completed its debt swap. Colombia added Eu200m to its 11.375% 2008 issue, taking it to Eu800m, and Uruguay priced a Eu200m 10 year bond at 210bp over Bunds via Dresdner Kleinwort Wasserstein and UBS Warburg.

The syndication of the £400m five year multi-currency revolver for Hays, the business services group, has been closed oversubscribed by arrangers Barclays, Lloyds TSB and WestLB. The borrower has opted for an increase to £450m. Fourteen banks came into the deal. The margin on the loan ranges between an initial 37.5bp and 45bp when fully drawn.

Turk Eximbank this week became the first top tier Turkish bank to award a mandate for a refinancing since Turkey's financial crisis. ABN Amro, Bank of Tokyo-Mitsubishi, Bayerische Landesbank, Citibank, Commerzbank, Natexis Banques Populaires and WestLB are joint arrangers of the $75m one year term loan.

Globals * European Bank for Reconstruction & Development

* Barclays Bank plc Rating: Aa3/AA-

AT&T Corp, the US telecoms operator, signed a $4 billion multi-currency Euro-CP programme on Tuesday, June 5, with Goldman Sachs as arranger. The issuer signed a euro1 billion Euro-CP facility in 1994 but the shelf is unused, according to CPWare. This new programme will complement AT&T Corp's two existing US CP programmes. The programme is expected to start trading on Monday, June 11. Its ratings of A-1+ by Standard & Poor's and P-1 by Moody's mean it is entering an attractive sector of the market. Although telecoms have experienced credit problems recently, investors have not been put off. The dealers are the arranger, Citibank, Deutsche Bank and Lehman Brothers.

Bulgaria The EBRD has provided a Eu5m loan for the new bank ProCredit Bank.