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International home appliance manufacturer Whirlpool Corp has awarded ABN Amro and JP Morgan the mandate to lead manage a five year inaugural euro offering, set to be at least Eu300m. Launch will take place after the completion of a European roadshow starting on Monday June 11. "This debut transaction gives Whirlpool the opportunity to diversify its funding sources," Blair Clark, vice president, treasury department at Whirlpool, told EuroWeek. "We have a large presence in Europe, an affinity with the European sector, and it is a market where we want to issue debt.

Austria Arrangers Dresdner Kleinwort Wasserstein (joint bookrunner), JP Morgan (joint bookrunner) and WestLB (joint bookrunner) launched the one stage syndication of the Eu1bn facility for Connect Austria yesterday (Thursday). A bank presentation will be held next Monday.

* Jackson National Life Funding LLC Rating: Aa3

The launch of the Eu200m Zentaris IPO this week highlighted the beginning of a potential new wave in European biotech offerings, despite the fact that investors are still reluctant to invest into the sector. The German cancer research corporation, which is being sold by chemicals maker Degussa, is the largest of a range of firms hoping to win investor approval across Scandinavia, France and Germany.

The new issues market got off to a cracking start this month, even as some analysts claimed that the pace would slow markedly after the record $80bn priced in May in the dollar sector alone. There was healthy issuance in both euros and dollars, and, particularly in euros, the calendar remains full. Euro swap spreads have narrowed steadily in recent weeks under the weight of new issues. The bid side of five year swap spreads is at or below 30bp, while 10 years is now trading at/or below 40bp over Bunds. There is about another Eu40bn due to be issued this month, a great deal of which should be swapped out of fixed euros. Therefore it would not be a surprise if swap spreads came in even more. The 10 year is expected to test the recent low of 35bp over Bunds.

Bear Stearns' London office has hired a team of fixed income salespeople, including four managing directors. Seven more have joined the fixed income and derivatives sales team in New York. In London, Gilles Albou joins from Park Place Capital as part of the French coverage team. Volker Vogler joins from Nomura in the Germany team. Chris Vujnovich joins from UBS in fixed income derivatives sales. Jeff Crowne, the fourth managing director in the group, comes from AIG Trading to the foreign exchange team.

It is with regret that EuroWeek must apologise unreservedly to Francis Leung in respect of certain statements made in Ian Kerr's column A Week in the Markets in Issue 703, Friday May 18 2001. In that article, we mistakenly confused Francis Leung, former head of corporate finance and equities business at Peregrine Investment Holdings Limited soon to become managing director and chairman at Salomon Smith Barney Asia operating from Hong Kong, with Andre Lee who was a managing director of Peregrine Fixed Income Limited.

Nomura is close to hiring a new head of securitisation for its London office. EuroWeek learnt this week that Nomura has made an offer to a candidate and is waiting for a response, with an announcement expected within days.