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The Eurobond industry breathed a sigh of relief this week as the battle against a proposed EU-wide withholding tax was won, EU finance ministers instead deciding on Monday to pursue their fight against tax evasion through a system of sharing information. The planned withholding tax had long cast a daunting shadow over the market, threatening to cause an exodus of investors and capital from the Eurobond industry into rival financial centres such as Switzerland.

Eridania Beghin-Say has dropped UBS Warburg as a dealer from its $500 million debt issuance programme.

* Allgemeine Hypothekenbank AG Rating: A2/A-/A

Europäische Hypothekenbank der Deutschen Bank yesterday (Thursday) launched its first global Hypothekenpfandbrief of the year. Pricing for the Eu1.5bn December 2010 is expected today (Friday). Three joint lead managers - Barclays Capital, Deutsche Bank and Dresdner Kleinwort Benson - will be joined by an eight strong co-lead group. The deal has an indicated spread of 63.5bp-65.5bp over Bunds.

Truth, it would appear, is stranger than fiction. Pieter van Dyck has turned from banking to journalism. His colourful career has taken in SBC, ABN Amro and a brief stint as a dotcomer at DCM online, the outfit responsible for e-mtn.com. However, always the empire builder, he thought he'd strike out alone and start an online news service. MTN dealers will be the lucky recipients of his efforts. Stand aside FT.com, the flying Dutchman is on the loose. And it turns out he has hired ex-MTNWatch hacks Ian White and Joti Mangat, who both jumped the MCM ship, as reported in last week's Leak. The two were aggrieved to hear that MCM is being bought out by an investment bank, so they went to work for a born-again media mogul. Pieter and his staff of two are busy getting the scoops in an office near St Catherine's dock on the outskirts of the City of London. And you can tell Christmas is upon us. MTNers have started slacking off because they know their bonuses have been decided. Various invitations of differing quality have landed on Leak's desk, tempting it to join in the Yuletide spirit. The most promising looks like Daiwa's sushi and mulled wine party. It must rank with Daniel Cogoi and his beard as one of the market's great combinations.

Barclays is multiplying and has found a couple of new MTNers to join old hands Nabil Aboulzelof and Apostolos Saflekos on the desk. Oliver Johnson is moving over from Barclays' CP desk. He'll be joined by one other when he starts next month. Watch this space... And Barclays' Stephen Larkin has had enough of CP origination. He's moving up the ladder to start trading CP and will be replaced by business school grad Michael Kristensen, from Denmark. And another trader scaling some dizzy heights this weekend is CSFB's Simon Hill. The lucky filly he'll be mounting will be at least 16 hands in her socks. Simon is trotting off to a horse-riding lesson. And talking of outdoor pursuits we must say good luck to Scott Hindmarch, CP dealer and only ex-sailor on Lehman's payroll. He thinks a quick spin in a yacht down the east coast of America will cleanse the spirit. Only if you fall over board, Scott. Meanwhile Leak hears that Pieter van Dyck has started the foundations for his latest empire: e-mails to dealers with market news. Nothing like a few trades waiting on your screen for when you get in.

AEM Torino, the municipal electricity utility of Turin, this week priced its Eu208m offer towards the top end of the range, reflecting strong demand for a company that should benefit from the deregulation of the Italian electricity market. The deal was priced at Eu2.7 from a price range of Eu2.3-Eu2.85. The shares will start trading on the Italian Exchange today (Friday). Banca IMI led the deal.

Merita Bank has upped its Euro-MTN shelf to euro7 billion ($5.91 billion) from euro5 billion. Unibank has been added as an issuer and dealer. Barclays Capital and Salomons have also been added to the dealer panel.

Oman The $150m five year facility for Bank Muscat was launched into general syndication this week. Fuji Bank, KBC, Sanwa and Standard Chartered joined the facility as arrangers taking $12.5m each.

Banca Popolare di Milano (BPM) signed its euro2 billion ($1.72 billion) Euro-MTN programme on Wednesday, November 15. Merrill Lynch has been appointed as arranger. An official in the corporate finance department of BPM says: "The medium term is growing and we have more need now in this sector. The programme means we will be able to access the market at short notice and with flexibility. We will mainly issue in euro, but also dollar." BPM is planning its first trade for next week and Merrill Lynch and Banca d'Intermediazione Mobiliare IMI will manage the deal. The official at BPM adds: "We chose Merrill Lynch as arranger because they guaranteed us the widest distribution capacity and our relationship with them was consolidated when they did a L700 trillion ($310.77 billion) subordinated convertible bond for us in June 1998." The dealers are Banca Akros, Banca d'Intermediazione Mobiliare IMI, Barclays Capital, Bear Stearns, Credit Agricole Indosuez, Dexia Capital Markets, Goldman Sachs, Salomon Smith Barney, UBS Warburg, the arranger and the issuer. It is the first time that Banca Akros has been included in an MTN dealer panel. It is 100% owned by BPM and has an active relationship with Italian institutional investors. The programme is rated A2 by Moody's, A by Standard & Poor's and A by Fitch.

* At an investors' meeting on Wednesday, BNP Paribas indicated its intention to hire 1,000 bankers by the end of 2002, if market conditions "remain buoyant". The hires would come in the front office of the corporate and investment bank, but no details of geography or platform were forthcoming. * Cazenove & Co, the leading UK broker, has announced its intention to list on the London Stock Exchange.