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UBS Warburg used an audacious new structure to raise Eu2bn for Allianz this week, after investors responded enthusiastically to an instrument with returns linked to the Dax index. The notes are exchangeable for shares, but were bought by investors outside the traditional range of convertible investors, bringing into question whether they should be classified as exchangeable bonds.

Asia * RAMS Mortgage Corporation Ltd Series 9

China BA Asia has launched a $200m 364 day standby LC for COSCO (Cayman) Co. The deal is guaranteed by parent company China Ocean Shipping (Group) Co.

Ed Brown has quit his post at Credit Suisse First Boston and is to join Barclays Capital, heading up the leveraged loans syndication team - a division within the bank that specialises in structuring and executing syndicated loans for clients of Barclays' financial sponsor coverage group. He will report to Tim Ritchie, managing director and head of global loans. Brown's departure from CSFB, where he was a director in the loan capital markets group concentrating on leveraged and acquisition finance, comes two months after his former boss at CSFB, Grant Johnson, left after his position was made redundant.

Investors will be analysing the unusual business plan of Italian multi-channel commerce firm Dmail.it this week, as bookbuilding progresses for its Eu36m-Eu44m IPO. The price range has been set at Eu25-Eu30, valuing the company at Eu150m at the top end of the range.

Cadbury Schweppes has chosen the last possible moment of 2000 to make its debut in the private MTN market. Apart from its inaugural public deal in May 2000 (a $300 million five-year deal), it has done nothing since singing in May 1999. The two trades that it issued were both for euro10 million ($8.9 million) and both mature December 29 2002. Terry Bird, Cadbury Schweppes' group treasurer refused to disclose any details about the trade but he told MTNWeek in March, when it had yet to issue any debt: "We reckon that we need to issue two or three times a year to justify the set-up costs of a programme."

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA