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Transco has increased the limit off its Euro-MTN programme from euro5 billion ($4.38 billion) to euro6 billion. Barclays Capital and HSBC have been added as dealers.

UBS launched a $260m bond exchangeable into Yukos this week that, according to bankers, is only the fifth ever exchangeable with underlying Russian stock. The deal was structured to help holding company Yukos Universal reduce its shareholding in Russia's second largest oil company, Yukos, which has a market capitalisation of $8bn. UBS Warburg, the lead manager, issued the bond after structuring a hedging arrangement with Yukos Universal.

UBS Warburg has set up a $5 billion secured debt issuance programme under the name of J-SPARC.

The retail sector in the UK kept the loan market busy this week with debt mandates being awarded for the demerger of Woolworths and the ABN Amro Private Equity backed buy-out of WH Smith. Barclays, HSBC and Royal Bank of Scotland have won the mandate to arrange the £250m three year facility for high street retailer Woolworths. The company will start trading on August 28 following its spin-off from parent company Kingfisher.

Union Bank of Norway has raised the ceiling off its Euro-MTN programme from $5 billion to $7.5 billion.

EuroHypo (London) and HSBC are arranging a £550m 10 year non-recourse loan secured on Lakeside Shopping Centre. Liberty International, which owns Lakeside through subsidiary Capital Shopping Centres plc, has joined the facility as an underwriter.

Globals * AIG SunAmerica Global Funding

Yesterday's trading saw a swing away from US dollar towards euro. Ten notes were closed in dollar, down from 25 on Tuesday, making up just over 30% of the market. The Republic of Lebanon issued the biggest trade: a $600 million seven-year trade. This is Lebanon's third big MTN to be issued this week. It has also issued a $750 million note and another $600 million trade. All the notes are mature in 2008. And SPVs Earls and Signum issued $15 million and $10 million notes respectively. Deutsche Bank arranged Earls in 1996 and the three-year trade under the SPV programme brings outstandings off the programme to $1.15 billion. Signum was arranged by Goldman Sachs, also in 1996 and the trade goes out to 2011. Again private banks were the predominant issuer sector in US dollar. SG Australia issued a $140 million three-year note, Abbey National Treasury Services issued a $20 million five-year trade that pays a final coupon of 4.9%, and Rabobank Nederland's $100 million three-year deal pays a final coupon of 4.625%. Landesbank Schleswig-Holstein was the only public bank in the US dollar market with a $68 million five-year trade.