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SAir Group, the troubled parent of Swiss national airline Swissair, was downgraded three notches today (Monday) by Moody’s following the release of disappointing results for full year 2000 and the announcement of an about turn in strategy.

Scandinavian Airlines System (SAS)signed a euro1 billion ($886.70 million) Euro-MTN shelf on March 21. Salomon Smith Barney is the arranger and one of the named dealers. The other dealers are ABN Amro, Daiwa SBCM Europe, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley Dean Witter, SEB Debt Capital Markets and UBS Warburg.

Denmark The general syndication of the $100m five year multi-currency revolver for Copenhagen Airport is oversubscribed although arranger Handelsbanken Markets is waiting on responses from a couple more banks before closing the books.

Deutsche Bank, Dresdner Kleinwort Wasserstein and Morgan Stanley Dean Witter have been mandated to arrange what is believed to be the largest financing in the satellite communications sector for Société Européenne des Satellites (SES). The debt facilities back the acquisition by SES of GE Americam Communications, the satellite arm of General Electric.

Bahrain EuroWeek hears that Citibank has put in an offer to underwrite the Eu345m three year term loan for the Al-Hidd power station expansion project. So far, five other banks have also submitted proposals: Gulf International Bank, National Bank of Bahrain, International Bank of Japan, ABC Bank and National Bank of Abu Dhabi (NBAD).

Sumitomo Bank and Standard Bank will launch next week the $500m two year term loan for Mobile Telephone Networks, South Africa’s second largest GSM network operator.

* Carl von Boehm-Bezing, one of Deutsche Bank's most senior managers is to retire on the advice of his doctors. Von Boehm-Bezing is Joe Ackermann's co-head of the corporate and investment banking division, and a member, of 11 years standing, of Deutsche's managing board. He will resign from the board at the bank's general meeting on May 17. Jürgen Fitschen, a divisional board member and a member of the corporate and investment bank executive committee has joined the board. The two will overlap to help smooth the transition, but it has not yet been decided how von Boehm-Bezing's management responsibilities will be assigned.

Dixons completed the first European exchangeable bond into an internet stock this week, and was even able to price the issue with one of the lowest bond floors of 2001. The UK electronics retailer sold a Eu260m bond exchangeable into French internet service provider (ISP) and directories business Wanadoo. The notes carry a bond floor of just 86% to 89%, well under the average for 2001 of 91%.

Müller Logistik will have the difficult task at its Eu22m-Eu26m IPO of differentiating itself from its comparables on the Neuer Markt. The logistics company, which is offering 2.45m shares at Eu9-Eu10.5, must persuade investors who are already nervous to take a chance and buy its shares. "Investors are, given the circumstances, very interested but certainly very cautious," said a banker close to the deal. Müller looks to set itself apart from competitors such as Thiel Logistik and Microlog by providing a service based more on advice and consultancy than assets and goods. "Explanation is able to replace inventory," said the banker. "It is a very lean company. They do not invest in assets."

Nasdaq has acquired a 58% stake in Easdaq, the Brussels-based pan-European exchange, in the third leg of its global expansion and its first step into Europe. The new entity will use the name Nasdaq Europe. Frank Zarb, Nasdaq's chairman, speaking at a press conference yesterday (Thursday), said: "We will continue to fill up the global platform, and this is a very important piece of it."

Nederlandse Waterschapsbank has upped the limit off its Euro-CP programme from euro3 billion ($2.66 billion) to euro10 billion.

Societe Nationale des Chemins de fer Francais has concluded a four-year $13 million trade to be issued on March 28. Mizuho International acts as the lead dealer on the trade. The note pays semi-annual interest and has a final coupon of 5.000%. The note is traded off the issuer's euro3 billion ($2.68 billion) Euro-MTN programme, signed in January 1998.