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Scottish & Newcastle has issued a euro150 million ($129.33 million) FRN that goes out to July 2003. The note will be issued on July 16 2001. It is only the fourth time that the issuer has come to the market in 2001. Its last trade was a ¥3 billion five-year transaction that pays a final coupon of 0.938%. The note pays interest semi-annually and was issued at a price of 100%.

The successful signing of the Eu1.33bn facility for Finnish operator Sonera has provided a spark of light in the telecoms sector, proving that if the pricing and structure are right then even a company as beleaguered as Sonera can pull support from relationship banks. However, two new transactions from Swedish companies Tele 2 and Ericsson suggest that telecoms companies are finding they will have to pay up to tap the loan market.

The successful signing of the Eu1.33bn facility for Finnish operator Sonera has provided a spark of light in the telecoms sector, proving that if the pricing and structure are right then even a company as beleaguered as Sonera can pull support from relationship banks. However, two new transactions from Swedish companies Tele 2 and Ericsson suggest that telecoms companies are finding they will have to pay up to tap the loan market.

Market report Compiled by Richard Favis, RBC DS Global Markets, Johannesburg

Tough conditions in the equity markets this week took their toll on new issues, with Statoil’s Eu3.3bn IPO only just trading above the issue price and JCDecaux forced to slash the price range and delay the launch of its Eu1bn IPO.

Tough conditions in the equity markets this week took their toll on new issues, with Statoil’s Eu3.3bn IPO only just trading above the issue price and JCDecaux forced to slash the price range and delay the launch of its Eu1bn IPO.

* International Business Machines Corp Rating: A1/A+/AA-

* Deutsche Finance (Netherlands) BV Guarantor: Deutsche Bank AG

Swiss Reinsurance has raised the ceiling off its debt issuance programme from $1 billion to $2 billion.

Banca Popolare Commercio and Industria (BPCI) put its name to a euro1 billion ($854.96 million) Euro-MTN programme last week, June 13 2001. Schroder Salomon Smith Barney has won the mandate to act as arranger off the programme. It is the eighth Italian Bank to sign an MTN programme since the beginning of 2000, including Banca Monte dei Paschi di Siena, one of BPCI's direct rivals, which signed its euro7 billion Euro-MTN programme in June last year. The programme also marks the first time that Schroder Salomon Smith Barney has arranged an Italian programme since 1999. The last time was for Cassa di Risparmio in Bologna's euro3 billion Euro-MTN programme in July that year. BPCI has more than 200 branches in central and northern Italy and seeks new customers through frequent acquisitions, expansion of its product line and an emphasis on credit lending. The dealers off the programme are the arranger, ABN Amro, Banca Intermobiliare, Barclays Capital, Credit Agricole Indosuez, Deutsche Bank and Unicredit Banca Mobiliare.

Dresdner Kleinwort Wasserstein launched a $100m three year Eurobond last Friday for Bank TuranAlem (BTA), the first ever from Kazakhstan's third largest bank. The deal, rated B1/B, provides the first new Eurobond from Kazakhstan since the republic's $350m seven year transaction in April 2000. It also offers an attractive 11.5% coupon, priced to yield 11.85%, along with the promise of diversification out of the rocky Latin market.