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Kuwait Banks were signed into the debut $100m five year loan for Burgan Bank yesterday (Thursday).

National Grid will test investor appetite for utility debt early next week when it issues around Eu2bn of five and 10 year bonds via Barclays Capital, Deutsche Bank and JP Morgan. The funds are being raised in connection with National Grid's acquisition of Niagara Mohawk, an electricity and gas utility located in New York State. The acquisition is still pending, awaiting SEC approval and the rate review of the state regulator. It should, however, be completed by the end of 2001.

Companies whose share price regularly falls below Eu1, and whose market capitalisation drops below Eu20m, will be thrown off the Neuer Markt, under new rules announced by Deutsche Börse. Deutsche Börse has introduced the rules in a bid to restore confidence in its struggling high growth exchange.

Azerbaijan Fitch has upgraded the Republic of Azerbaijan from B+ to BB-. The agency highlighted the country's Oil Fund, which invests abroad revenues from the country's oil exports, estimated by Fitch to be $500m in 2001.

Bear Stearns will lead manage its first European equity capital markets deal ever in the next few days, according to sources within the bank. The US bank, which has only recently started building an investment banking franchise in Europe, has a mandate for a large convertible bond, and is expected to launch it next week. GERMANY

UBS Warburg has created a new role for Brad Orgill to manage the bank's equities businesses across the region. As head of Asia Pacific equities, Orgill will have responsibility for the three separate businesses in Japan, Australasia and the 10 markets that are included in UBS Warburg's Asia operation.

UBS and Bank of Western Australia were the only two takers for Aussie dollar, with A$50 million ($25.42 million) and A$38 million respectively. Banque et Caisse d'Epargne de l'Etat Luxembourg chose one-year Sfr16.50 million ($9.52 million), paying a final coupon of 9%. Hong Kong dollar was again a popular choice. HSBC Investment Bank (Netherlands) closed two HK$80 million ($10.26 million) trades due on July 27, maturing in September 2001. The longest-dated trades in Hong Kong dollar came from Credit Lyonnais Finance (Guernsey) and SNS Bank Nederland (SNS). The first closed a HK$150 million two-year trade paying a final coupon of 4.63%, while SNS closed a HK$110 million note due on August 6 and maturing in 2003. The note pays a final coupon of 4.71%. Cadbury Schweppes Finance closed five- and seven-year trades in Singapore dollar. The five-year S$22 million ($12.05 million) note pays interest semi-annually and a final coupon of 3.5%. The seven-year S$8 million trade pays a final coupon of 3.65%.

Hong Kong dollar, sterling, zloty and Swiss franc offered short-term opportunities, particularly to the banking sector. Development Bank of Singapore again dominated the Hong Kong dollar sector, with four 30-day trades between HK$1.28 million ($164,120) and HK$6.99 million. KBC Financial Products and Credit Lyonnais Finance also joined the one-month sector with HK$30 million and two HK$8 million trades respectively. BOS International took a view on three-year Hong Kong dollar with its HK$100 million trade that pays interest quarterly. Sterling provided some one- and two-month opportunities for the banking sector. Barclays Bank stayed at the very short end, with a £

Three issuers chose sterling between three and 31 years yesterday. Barclays Bank's £

Yen, US dollar and euro dominated the market yesterday, leaving other currencies little room for manoeuvre. But Goldman Sachs closed two Singapore dollar trades. The first is a S$50 million ($27.53 million) five-year note that pays interest semi-annually and a final coupon of 3.48%. The second is a seven-year S$25 million, which also pays interest semi-annually and a final coupon of 3.82%. Sterling offered some opportunities in one- and two-year tenors for the banking sector. Landesbank Baden-Wurttemberg closed a £

* Dexia Hypothekenbank Berlin AG Rating: AAA

Cameroon Mandated arrangers Citibank/ SSSB and Standard Bank are assigning final allocations to banks participating in the Eu95m term loan for MTN Cameroon.