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Seven bidders for the Italian generation plant Elettrogen are waiting to hear who has won the auction. Energy Entel, which is selling off its three subsidiaries, and the Italian treasury have promised to announce the result by the end of May.

Jyske Bank has issued a euro20 million ($17.65 million) note that goes out to May 2024. It pays a final coupon of 7%, and is Jyske Bank's third note of the year. All have been in euro and all have maturities of 10 years or more.

The European leveraged loan market is again set to prove its capacity to absorb jumbo leveraged loans as lead arrangers and underwriters Barclays (global co-ordinator and joint bookrunner) and Deutsche Bank (joint bookrunner) prime the market for the launch of a Eu1.75bn senior facility backing the acquisition of Kappa Alpha Holding by Kappa Packaging. Following the Eu1.4bn LBO facility for Messer Griesheim, the Kappa deal will be the largest senior debt facility backing an equity house driven purchase in the European market.

Kommunekredit has closed a ¥500 million ($4.06 million) 20-year power-reverse dual-convertible trade. The bookrunner was Daiwa SBCM Europe. The trade is a Bermudan callable, non-call-one, callable thereafter every six months and it pays a final coupon of 4%. Kommunekredit has issued two yen trades this year, a US dollar and a euro trade. Eske Hansen, at the issuer's funding department, says: "We have not done this type of note for some time, but we would like to do more of this kind of trade in future. The price was very attractive."

Bond markets received a boost on Tuesday from the US Federal Reserve's latest 50bp cut in interest rates, sparking fresh supply from a host of corporate borrowers. Issuance on both sides of the Atlantic picked up after the Fed meeting as corporates hastened to take advantage of the cheaper borrowing available through the lower rates.

Kone Corp, the Finnish elevator and escalator company, has signed a Eu1bn EMTN programme via joint arrangers Nordea and Schroder Salomon Smith Barney. The dealer group also includes ABN Amro, BNP Paribas, Okobank and SEB Merchant Banking. The issuers under the programme will be Kone Holdings (Canada) Inc and Koné France SA. The programme will extend the options and maturities available to Kone beyond its euro commercial paper programme's limits.

Argentina JP Morgan and HSBC Securities are in the market with a $150m one year US CP back-up facility for HSBC Bank Argentina SA. The deal renews a $200m LC facility signed in June 2000 that was arranged by the same banks.

Annemarie Ganatra, of HSBC's MTN desk, has seen her world go Per-shaped. A major event has occurred that has shoved her well out of the 'market'. But she hasn't pulled herself away from MTNs, she has found herself a Danish boyfriend - called Per. Annemarie, considered the hottest property in the market, now spends all her spare time cooking romantic meals and staring dreamily at the trades flicking past on her screen. Fergus Kiely must be regretting the day he sent her out for some pastries. No doubt the issuer parties this summer won't be as much fun with Annemarie out of the market. Dealers are already wondering what treat SEK has in store this year. Leak hopes that SEK's Ulrika Bohlin will at least hit the dance floor again. Last year it was a mystery tour that started in Stockholm and ended up somewhere near the North Pole. And no doubt dealers are already salivating at the thought of Islandsbanki-FBA's next party. Thankfully the pickled-shark event has come and gone; the worry is that the next one will be even 'tastier'. As long as there's plenty of Brennivin, Ingvar, no one will mind.

The Latin American new issue market picked up slightly today (Wednesday) as borrowers moved to take advantage of optimism that Argentina’s pending $15bn-$20bn debt swap will be successful.

Lehman Brothers (Lehman) has signed a $10 billion Euro-MTN facility under the name Anthracite Rated Investments. Lehman is the sole arranger and dealer. It is the second SPV that Lehman has signed in the last five years. Its last facility came in July 2000 under the name of Marble Finance. The $5 billion shelf has $411.14 million outstanding off 26 issues. Anthracite Rated Investments is the fourth SPV to come to the market this year. The most recent addition came three weeks ago from Bank of America. The $5 billion SPV was signed under the name of Helix Capital. The other programmes signed this year were CIBC's Piccadilly Finance, Credit Suisse First Boston's (CSFB) New York Life Funding and Morgan Stanley's Spices Finance. CSFB's Aa1 rated facility was the first rated shelf to come to the market in 12 months. All of this year's facilities have yet to issue their first trades.

* Den norske Bank AS Rating: A1/A/A+