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JP Morgan veteran Rene Vanguestaine has joined New York advisory firm Broadgate Consultants. Vanguestaine spent 32 years at JP Morgan, where he focused on the bank’s American depository receipt (ADR) business.

Unibanco - Uniao de Bancos Brasileiros (Unibanco) has closed a $10 million non-syndicated trade, its third of this kind this year. The three-year trade pays a final coupon of 8.5%. So far it has issued 18 trades in 2001, all denominated in dollar. Unibanco funds almost entirely in US dollar - just 16 of the 646 issued off its $2 billion Euro-MTN programme, which was signed in 1993, were in currencies other than US dollar.

Caisse Nationale Des Caisses d'Epargne et de Prevoyance issued four notes in 2000, having signed its euro10 billion ($9.14 billion) Euro-MTN programme in September, but has already more than trebled that activity this year. Its most recent note is a ¥1 billion ($8.63 million) multi-callable CMS-linked note. The call option is available every 6 months and the coupon is based on the 10-year yen swap rate minus the two-year yen swap rate. BNP Paribas was bookrunner and the note matures in March 2011. Cyril Bonnet, part of the capital markets department at the issuer, says: "We find a lot of interest in Japan for our paper. You are constrained to doing structured notes, but we're happy to do them."