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Iberdrola has returned to the three-year dollar sector for the first time since July. The $37 million FRN matures on December 15 2003. It is only the third time the AA-/A1 rated Spanish utility has issued in dollar, after making its debut in the currency in July. The bookrunner was HSBC. Iberdrola signed its euro3 billion Euro-MTN programme in July 1998. It has $2.19 outstanding off 17 issues. Ten different banks have acted as bookrunner for the issuer, with BBVA being the leading dealer, having placed five notes worth $820.7 million. BBVA is co-arranger of the programme alongside Deutsche Bank.

Repackaged vehicles have been feeding the surprisingly healthy appetite for 40-year euro-denominated trades. Credit-Linked & Structured Securities (CLASS), Deutsche Bank's Channel Island's SPV, returned to the 40-year sector after only a two-week break. It issued a euro2.85 million ($2.79 billion) and a euro25.23 million note. The small one has an issue date of January 5 2001 and it matures December 5 2040. The larger trade will be issued January 15 and will mature December 15 2040. The repackaging desk at Deutsche says that there is no call and the coupon is variable and linked to a pool of underlying credits. There is no principal protection. "The investors are getting a long, lumpy cash-flow," the official says. Atlanteo Capital, a Jersey-based SPV, arranged by BBVA, has sold its 11th note of the year, and its fifth 40-year trade. The euro4.15 million trade matures - like the CLASS notes - one month short of 40 years: maturity date is 25 November 2040. Interest is paid monthly.

* Inter-American Development Bank Rating: Aaa/AAA

Oxford Glycosciences priced its £150m secondary offering at a slight discount to the closing price on Thursday, with the stock gaining 5.43%. The company sold 13.36m new shares at 1275p. The stock rose strongly on its first day to close at 1357.50p. Lehman Brothers led the deal with Cazenove and Credit Suisse First Boston as co-managers.

* ING Verzekeringen NV Rating: Aa2

Portugal Telecom and Telenor had to lean heavily on domestic institutions to complete their respective Eu2.2bn and Eu1.9bn equity issues this week, but proved that it is still possible for telecommunications companies to raise money in the equity market.

Telstra has increased the limit on its $4 billion debt issuance programme to $6 billion. IBJ International has been dropped from the dealer panel. Barclays Capital, Mizuho International, RBC Dominion Securities and UBS Warburg have been added as dealers.

Portugal Telecom and Telenor had to lean heavily on domestic institutions to complete their respective Eu2.2bn and Eu1.9bn equity issues this week, but proved that it is still possible for telecommunications companies to raise money in the equity market.

If proof were needed that there is still plenty of room for niche players in the MTN market, people should look no further than Tokyo Mitsubishi International and its performance in the last few weeks. It has managed to print tickets for a range of clients, but concentrating on the Landesbank sector. Today, December 12 2000, it did a ¥700 million ($6.31 million) callable FRN for Westland/Utrecht Hypotheekenbank. It matures December 21 2010 and is callable every six months after the first six months. The first coupon is 2.7% and increases by 30 bps every six months. The maximum coupon, in 2010, is 5.4%. Westland/Utrecht says that it expects the trade to be called within two years. TMI has also done a ¥300 million 20-year power reverse dual note for Bayerische Landesbank. The initial coupon is 7%, payable in dollars. It is callable any year after the first year. Its issue date is December 21 2000; it matures December 22 2020. Other issuers in the 20-year yen sector were Credit Agricole with a ¥100 million and BNP Paribas with a ¥500 million note. TMI says that it has seen increased liquidity from Japanese investors since the rally in JGBs cooled a few weeks ago.

Cars prove to be in the fast lane of the private market, with most telecoms concentrating on the public market.