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Nationwide Building Society has signed a $2 billion senior and subordinated MTN programme. No arranger is listed in the documentation but Credit Suisse First Boston, Lehman Brothers, Merrill Lynch, Morgan Stanley Dean Witter and Salomon Smith Barney have been named as dealers.

The Neuer Markt new issues market all but dried up this week as the Nasdaq fell dramatically, dragging the high growth exchange in Frankfurt down with it. The Nemax all-share index dropped 4.4% yesterday (Thursday), and is in danger of suffering further losses after a day in which the Nasdaq composite fell as much as 6.8% following a profits warning by Gateway, the fourth largest personal computer manufacturer. Internet marketing provider ad pepper also dealt the market a heavy blow, slashing its projected revenues for the year from Eu23m to Eu16m. "This is a massive disappointment," said a Neuer Markt fund manager in Frankfurt. "Investors are really angry."

The Neuer Markt new issues market all but dried up this week as the Nasdaq fell dramatically, dragging the high growth exchange in Frankfurt down with it. The Nemax all-share index dropped 4.4% yesterday (Thursday), and is in danger of suffering further losses after a day in which the Nasdaq composite fell as much as 6.8% following a profits warning by Gateway, the fourth largest personal computer manufacturer. Internet marketing provider ad pepper also dealt the market a heavy blow, slashing its projected revenues for the year from Eu23m to Eu16m. "This is a massive disappointment," said a Neuer Markt fund manager in Frankfurt. "Investors are really angry."

Finland Software producer Aldata Solution will next week sell shares worth Eu74.5m in a vendor placing to finance the acquisition of French-German owned software house OI Synform.

The rise of credit derivatives, especially portfolio trades, is providing attractive new opportunities for investors.

United States Danske Bank has signed banks into a $210m extendible 364 day revolver for Man-Glenwood Holdings. After oversubscription, the facility was increased from $190m.

DePfa Group on Wednesday announced plans to split itself into distinct property and public finance units, signalling the mounting pressures mortgage banks are facing in an increasingly competitive market. The plans involve creating a public sector finance bank, DePfa-Bank Europe, and a property bank, DePfa Bank AG, by 2002, with a view to separate listings.

MOST END USERS OF CREDIT derivatives, both buyers and sellers of protection, enthuse about the benefits of internet trading. They like the idea of being able to deal directly with each other without the need to rely on bank market makers.

* Bayerische Handelsbank AG Rating: AAA

The Republic of Poland is set to kick off new issuance from eastern European sovereigns in early 2001 with a minimum Eu500m 10 year bond issue. About 10 invited banks submitted hotly contested bids by yesterday's (Thursday) deadline for what will probably be the republic's sole offering in 2001. Bidding banks will be reduced to a shortlist next week, with the issuer looking to mandate the deal by the end of the year.

* European Bank for Reconstruction & Development Rating: Aaa/AAA

The big event in the euro market this week was the launch and pricing of the second leg of Freddie Mac's EuReference Note programme. The US Government Sponsored Enterprise (GSE) added a five year benchmark to its yield curve in the European currency. In September, the agency issued at 10 years.