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Kommuninvest I Sverige (Kommuninvest) yesterday closed three yen trades through three different bookrunners. Deutsche Bank led a ¥1 billion ($8.15 million) inverse FRN to be issued on June 15 with a tenor of 15 years. The trade is callable after six months and semi-annually thereafter. The coupon at the end of the first year pays 2% and thereafter it pays 2.3% -6m yenlibor. The Japanese bank Tsubasa led Kommuninvest's ¥600 million private placement, maturing in May 2021. This is the first time Tsubasa has led a trade issued under a Euro-MTN programme, according to MTNWare. The trade is a power reverse dual currency (PRDC) non-call three, callable annually thereafter. For the first three years the coupon is fixed at 4% and thereafter is pays 14% x FX - 10%. Maria Viimne is the senior funding officer at Kommuninvest. She says: "We have seen several of these trades recently, paying these coupons." Mizuho also managed a PRDC for Kommuninvest. The ¥300 million note is a non-call one, callable annually thereafter. It also matures in 2021. The coupon at the end of the first year is 4.2% and thereafter will be 16.2% x FX -12%. Over 90% of Kommuninvest's funding this year has been in yen and most of this has had a maturity between 15 and 20 years.

The Eu1.755m facility backing the acquisition of Kappa Alpha Holding by Kappa Packaging will be launched in to the market today (Friday) by underwriters Barclays (global co-ordinator and joint bookrunner) and Deutsche Bank (joint bookrunner). The loan will be the largest senior debt facility backing an equity house driven purchase in the European market.

Landesbank Schleswig-Holstein is set to issue a HK$100 million ($12.8 million) Euro-MTN. The note, which has a single interest payment and a final coupon 5.080%, goes out until December 29, 2003.

Landesbank Schleswig-Holstein Girozentrale is set to issue a euro650 million ($557 million) Euro-MTN on July 6. The note, which matures on June 6, 2003, pays interest singularly.

Mexico Dresdner Kleinwort Wasserstein has completed a $143m five year term loan for Mexican holding company Apasco SA de CV.

MTNers are on the move. But Robert Mohamed can't decide if he's coming or going. Having left Merrill Lynch for Deutsche in 1994 he was poached back by the US firm in February this year. Now he's decided the German bank doesn't look so bad from a distance after all, and has come trotting back. Robert's role is yet to be confirmed, but Stephanie Sfakianos will remain head of MTN and CP origination. Another man rumoured to be re-entering the fray is Rupert Lewis. Rupert has spent the last three months in the sun, on a set of skis in Chamonix, France, after finding life at JP Morgan slightly lacking in those two departments. Apparently he has returned looking extremely tanned, and his hair has turned a bright shade of blonde. If anyone sees an MTNer looking a little bit lost and very much like a vanilla cornet be sure to tell him that Merrill is now looking for a new head of money market origination. Miles Hunt is the final member of our dynamic trio. He is leaving Citibank Credit Structures to fill a seat on the MTN desk next to Garrath Fulford, at Chase. And with the bank holiday weekend coming up Nabil Abooze-alot from Barclays has decided to fly over to France. But it appears that he doesn't trust pilots, because he's flying the plane himself. As long as he can find a hire-shop that has planes with bumpers he'll be making use of his pilot's licence for the first time.

Lehman Brothers has signed its second financial repackaged debt issuance programme of this month. The $5 billion programme for the issue of limited resource obligations is signed under the name Crystal Finance. Lehman is the sole arranger and dealer. The programme follows on from Lehman Brothers $10 billion Euro-MTN facility under the name Anthracite Rated Investments signed earlier this month (see MTNWeek, issue 231).

The eastern European loan market has been busy this week with one signing, five closings, two launches and one mandate. The pricing on the deals reflects the stark division between EU accession countries and those not in the first wave of EU membership.

The London Stock Exchange (LSE) announced yesterday (Thursday) its intentions to float the exchange on the main market by the end of July in a deal that could be worth as much as £1.2bn. Don Cruickshank, chairman of the exchange, said: "We have reached the point now where we are ready to move to a full listing, offering us the flexibility to pursue the strategy developed by Clara Furse and her team." Clara Furse, CEO of the LSE, said: "As a business we must seek to position ourselves as Europe's leading capital market exchange organisation and exchange service provider rather than purely as a stock exchange." She added: "If that means pursuing corporate deals, that is what we will do."

Rowena Chu has joined Deutsche Bank as head of equity capital markets (ECM) for north Asia, a new position.

MBNA Europe Funding has dropped Morgan Stanley and SG as dealers from its euro4 billion ($3.42 billion) Euro-MTN programme. Westdeutsche Landesbank has been added as a dealer.

McDonalds has issued a ¥15 billion ($125.3 million) 10-year note that pays a final coupon of 1.5%. The note was issued at a price of 96.761% and was led by Salomon Smith Barney. It is the second note McDonald's has issue dhtis year. The first was a euro300 million ($257.08 million) note led by Morgan Stanley.