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Barclays Capital has scored a major coup by taking Grant Kvalheim, John Winter and Peter Goettler from Deutsche Bank in New York. Kvalheim becomes global head of credit products and a member of the firm's executive committee. Based in New York, he reports to Bob Diamond, CEO of Barclays Capital.

An initiative to promote investment in bonds by UK retail clients was today (Tuesday) launched by Barclays Capital and UK stockbroker Winterflood Securities.

SG Cowen is testing investors' sentiment for the biotech sector by launching an Eu81m secondary offering for NicOx, the French biotech company. The biotech sector, much like internet stocks, has fallen a great deal in the last year as investors have looked to decrease the risk in their portfolios. But NicOx hopes to persuade investors that its pipeline of deals will result in a turnaround in profits.

Anxious to get more funding done before another wave of Argentine angst hits the emerging markets, Brazil yesterday (Thursday) priced a $1bn 2005 bond that offers investors the option to extend it into an outstanding 2020 deal in eight months' time. The transaction, led by Deutsche Bank and JP Morgan, struggled in a tough environment. Many global and dedicated bond investors, while bullish on Brazil's long term fundamentals, have been scaling back on their Brazilian weightings because of the strong negative effect Argentina's woes have had on Brazilian bond prices.

British Telecommunications (BT), the UK's second largest telecoms company, launched its record breaking £5.9bn (Eu9.5bn) rights issue yesterday (Thursday) in an attempt to cut mounting debts. The deal will be 3-1/2 times larger than any previous rights issue in the UK.

The international bond markets were on fire this week, driving deals to multiple levels of oversubscription and creating severe allocation headaches for lead managers. WorldCom was the most stunning in terms of scale and oversubscription. The US long distance telecoms provider's $11.9bn equivalent multi-currency bond attracted orders in the region of $35bn and allocations were in the order of

* Helaba International Finance plc Guarantor: Landesbank Hessen-Thüringen Girozentrale