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McDonald's Corporation has upped the ceiling off its $2.5 billion Euro-MTN programme to $4 billion. Royal Bank of Canada has been replaced by Fortis Bank on the dealer panel. Vodafone Group has dropped Goldman Sachs from its euro8 billion ($6.79 billion) Euro-MTN programme. The programme has just over $2 billion outstanding off two notes. Hapoalim International has raised the limit off its $1.5 billion global MTN programme to $2.5 billion. Spintab has added ABN Amro and Deutsche Bank as dealers off its euro15 billion ($12.73 billion) programme for the issuance of debt instruments. ABN Amro has increased the limit off its $15 billion debt issuance programme to $20 billion. Combined Global Funding has dropped AON Capital Markets as a dealer from its $1 billion debt instrument programme and added BNP Paribas and Schroder Salomon Smith Barney. The facility was signed over a year ago but only has two small notes outstanding. Federal State of Saxony-Anhalt has upped and redenominated its Dm6 billion ($2.6 billion) debt issuance programme to euro6 billion ($5.09 billion). It has dropped HSBC Trinkaus & Burghardt, JP Morgan and Salomon Smith Barney from the dealer panel, and added ABN Amro, Anton v. Below, DG Bank, Merrill Lynch and Mizuho.

Estonia The Estonian parliament has passed budgetary amendment clearing the way for the Republic of Estonia to issue a Eu100m Eurobond. The legislation means formal bidding can begin by investment banks hoping to lead manage the debut issue. Bankers expect a mandate to be awarded by next month, with launch from September.

France The Eu473m IPO for Nexans, the French cable company owned by Alcatel, is moving into its final stages and, according to a banker close to the deal, has met with good demand. Alcatel intends to sell no less than 17.5m shares, representing 70% of Nexans, but there is also a provision to increase the size of the offer up to 100%, which would raise Eu675m if the offer was priced at the top of the range. The price range has been set between Eu23.5-Eu27.

NordSee, the German fish restaurant chain, will announce a price range for its Eu200m IPO this weekend, after premarketing the company for the past two weeks. Germany's third largest fast food chain, behind McDonald's and Burger King, plans to set final pricing on June 25. The deal is being lead managed by UBS Warburg. The IPO is a combination of 40% primary shares and 60% secondary shares. The secondary shares are mainly being sold by private equity house Apax Partners, which owns 88% of the company and will retain more than 10% after the IPO.

* Statnett SF Rating: Aaa/AAA

Svensk Exportkredit (SEK) has issued only the third ever Eurolats bond, a Lats6.4m (Eu11.8m) one year offering via local intermediary Parex Bank. The bond offers a 6% coupon, priced at par, and a one year maturity. The deal marks a step forward for Parex in its pan-Baltic investment banking business. It did not lead managed either previous Eurolat deal, although it was a co-manager in a previous deal for Nordiska Investieringsbanken (NIB).

Thomas Deininger has joined Bear Stearns in London from HypoVereinsbank as a vice president in the loan syndicate and par loan trading team. He will focus on primary and secondary loan distribution and will be working with Oliver Blount, Victoria Ford and Ross Williams.

* Allgemeine Hypothekenbank AG Rating: Aa1/AAA/AAA

The Republic of South Africa has closed a 20-year yen trade, its second trade this year. The ¥30 billion ($251.7 million) note is non-syndicated and pays a final coupon of 3.8%. In April the borrower issued a euro500 million ($424.2 million) seven-year syndicated trade. Deutsche Bank and Merrill Lynch were the joint lead managers.

KPN's share price fell heavily this week on speculation that the Dutch telco is considering a Eu5bn rights issue. In the wake of British Telecom's £5.9bn right issue, which is in the market, investors showed their reluctance for a similar deal for KPN by selling the stock in vast quantities. The speculation showed the level of uncertainty with which investors now view the company, in the face of its huge Eu23bn debt pile and inability to carry out the asset sales that it promised it would execute.

The South African domestic market passed another milestone in the development of its corporate bond sector with a popular R1.2bn (Eu176m) five year deal by the Harmony Gold Mining Company. The issue, the first ever from a mining company, was launched this week via JP Morgan. A banker in the syndicate said the main concern for the bookrunner was pricing, and that JP had done a sterling job to convince borrower's and investors.

RTL Group, the Luxembourg-based broadcaster, is due to sign a euro1 billion ($849.2 million) Euro-CP shelf. Moody's has assigned an A3 long-term issuer rating and a P-2 short-term debt rating.