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* Republic of Austria Rating: Aaa/AAA/AAA

Toyota has overhauled one of its four Euro-CP programmes. Toyota Finance Australia has been added as an issuer to the existing issuers, Toyota Motor Finance Netherlands, Toyota Financial Services and Toyota (GB). The ceiling off the programme has been raised from euro1.5 billion ($1.33 billion) to euro2.2 billion. Deutsche Bank has replaced Citibank as the issuing and paying agent.

Caixa Geral de Depositos and Nederlandse Waterschapsbank have both issued thirty-year yen trades. The first is a ¥500 million ($4.09 million) note that pays interest semi-annually. The second is a ¥1 billion Bermuda-callable note that was managed by Daiwa SBCM Europe and pays 5.5%. Tom Meuwissen, head of treasury at Nederlandse Waterschapsbank, says: "Yen is definitely the cheapest currency at the moment, and I hope it stays like this. Unfortunately it doesn't always offer the sizes we would like, but we still hope to raise between euro3 billion ($2,65 billion) and euro4 billion this year."

UBS Warburg yesterday (Thursday) launched two contrasting convertible deals for Switzerland-based Givaudan and Jelmoli Holding. Givaudan, a world leader in fragrances and flavours, launched a $200m deal, at the same time as retail firm Jelmoli was selling a Sfr200m (Eu130m) convertible deal.

MassMutual Global Funding LLC Rating: AAA

Lehman Brothers has replaced BNP Paribas as sole arranger and dealer off Premiere Funding International's $1.5 billion note issuance programme.

Global communications and IT company Marconi has launched a Eu3bn multi-currency facility to the loan market. The loan will be launched to general syndication today (Friday). Demonstrating that the credit has lost none of its attractiveness to lenders since the GEC restructuring, the company has assembled an impressive group of banks to lead the deal. The lead arrangers on the facility are ABN Amro, Barclays Capital (joint bookrunner), BNP Paribas, Citibank/SSSB, Commerzbank, CSFB, Deutsche Bank, HSBC (joint bookrunner), IBJ, IntesaBci, JP Morgan, Royal Bank of Scotland, UBS Warburg and WestLB.

MassMutual Global Funding (MassMutual) closed a £

Former UK prime minister, John Major, is the latest in a long line of senior public figures to sign up with The Carlyle Group. Major, who was prime minister between late 1990 and May 1997, becomes chairman of Carlyle Europe.

Bahrain EuroWeek hears that banks are bidding for the mandate of a $100m loan for Bahrain International Bank. Proceeds will refinance a $75m revolving credit due for maturity next year.

British Telecom’s hopes of remaining a single-A credit were crushed yesterday evening (Thursday) when Moody’s slashed its rating by two notches from A2 to Baa1.

British Telecom’s hopes of remaining a single-A credit were crushed yesterday evening (Thursday) when Moody’s slashed its rating by two notches from A2 to Baa1.