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China Shanghai General Motors' $600m five year facility, arranged by Citibank/Salomon Smith Barney (Hong Kong), has been closed. The $160m offshore tranche has been closed for two weeks. Documents are still being finalised for the $440m onshore portion, led by Industrial & Commercial Bank of China. Proceeds will refinance an $821m loan arranged by Citicorp International and completed in September 1998.

Asia Pacific * Kingfisher Trust 2001-1G

Australia The A$150m three year acquisition financing for Downer Group, arranged by BA Asia, has been closed. The arranger held A$40m.

Has the dust settled on Barclays Capital where the bank's chief executive, Robert Diamond, carried out a daring smash'n'grab raid on Deutsche last week? Will this go down as one of the greatest victories in history - or as a replay of Napoleon's decision to march on Moscow? Rarely have we heard such rancour and so many divided opinions. Bob Diamond remains one of the most admired leaders in the industry. Here is the man who took over Barclays Capital when it looked like orphan Annie, and turned it into Cinderella all dressed and ready to go to the ball. With Edson Mitchell sadly no longer in contention, Diamond was set to be the new king of the Euromarkets. We were looking forward to the coronation which was due to be held in the Velvet Club in Geneva. If you haven't been to the Velvet Club, you don't know what you are missing, but do remember to take lots of mille Swiss franc notes.

Banco BI Creditanstalt has increased the limit off its Euro-MTN programme from $100 million to $250 million. Banco Interfinanzas, Barclays Capital and West Merchant Bank were dropped as dealers.

Goldman Sachs and Schroder Salomon Smith Barney (SSSB) barely completed a tough Eu425m exchangeable for BCP Finance Bank this week, even though they revised the terms following the first day of marketing. Investors punished the two banks for what they thought was over-aggressive pricing by shunning the deal, which was exchangeable into shares in parent Banco Comercial Português.

Bendigo Bank has dropped three dealers off its $500 million Euro-MTN programme: ABN Amro, HSBC and UBS Warburg have all been axed as dealers. Nomura and Westdeutsche Landesbank have been added to the dealer panel.

Vattenfall Treasury has issued a ¥5 billion ($40.48 million) one-year trade. It pays a final coupon of 0.245%.

Standard and Poor's (S&P) raised the outlook on Vivendi Environnement (VE) from negative to positive last Friday, setting up the utility for its debut euro transaction, due in early to mid-June. The rating agency confirmed VE's rating of BBB+. The utility's parent company, Vivendi Universal (VU), has a BBB rating on negative outlook.

Venantius AB has added Mizuho International as a dealer to its $3 billion Euro-MTN programme.

Volkswagen Financial Services has concluded a one-year euro23 million ($19.9 million) note and a ¥3 billion ($24.45 million) note, both of which are to be issued on May 29. The yen note, which matures on February 27, 2002, pays a single interest payment frequency and has a final coupon of 0.090%. The euro trade pays interest semi-annually.