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Kreditanstalt für Wiederaufbau (KfW) looks set to break with its long held flexible approach to the market by announcing a benchmark funding programme of at least Eu10bn next Wednesday when it outlines its funding plans for the year. The German development bank is expected to establish a programme similar to the European Investment Bank's EARNs and Freddie Mac's EuReference Notes, committing itself to two global issues of Eu5bn during 2001. A debut 10 year issue is likely in March after roadshows and a five year transaction later in the year.

Kommunalbanken has increased the debt ceiling off its debt instrument programme from euro2 billion ($1.88 billion) to euro4 billion. IBJ International has been dropped as a dealer. HypoVereinsbank, Mizuho and Merrill Lynch have been added to the dealer panel.

Landesbank Baden-Wurttemberg has added ING Barings as a dealer to its euro20 billion ($18.79 billion) Euro-CP and Euro-CD programme. The update was completed on January 2.

After intense speculation, the full details of the Eu765m buy-out of Lafarge Speciality Building Products from Lafarge SA are in the market. The buy-out is backed by Eu640m of financing divided into Eu540m senior debt facilities and Eu100m senior subordinated debt.

Chile Dresdner Kleinwort Wasserstein is arranging a $100m five year term loan for paper, pulp and packaging company Empresas CMPC.

Commerzbank has appointed Domenico Lellis and Anthony Brennan as directors of its structured aquisition team. The move boosts the German bank's presence in the European leveraged market, an area that is fast becoming one of the most active and lucrative in the financial markets. Lellis joins from BNP Paribas where he was head of loan sales and trading for Europe, Middle East and Africa, and reported to Julian van Kan. Before that, he headed the leveraged finance team for Paribas in Italy. At Commerzbank, he will work on the origination and structuring of leveraged buy-outs, but will be working closely with the syndication team.

The market's most elusive Irishman has been spotted back in his home town of Dublin. Cuddly David Hartigan, who used to run K2's treasury until he ran off in September, was seen in the Dublin Salsa Club chatting to a lovely lass by the name of Sarah. We're not sure what David's wife-to-be thinks of his footloose and fancy-free ways. He is to get married in July to a girl from Tipperary. This means he is the only MTNer to be able to legitimately sing the old song: "It's a long way to Tipperary/ It's a long way to go / it's a long, long way to Tipperary, to the sweetest girl I know . . ." Anyway, as he has been unemployed for the last four months it's about time Dave got himself a job to support his wild bachelor lifestyle and upcoming domestic bliss. But we hear that may have been sorted out and that his fiancee may not be the only reason he has to stay in Ireland . . . Another treasurer on the move is African Development Bank's Thierry De Longuemar, who has decided that the novelty of working in Abidjan, dodging bullets fired from rebels trying to overthrow the government, has worn off. He is to move to London to as yet undisclosed bank, leaving Danielle Coolen-Prentice in charge of the treasury. And Islandsbanki-FBA, the issuers who never seem to keep still, are to hit London in February with a Thorrablot party. For those whose knowledge of medieval Icelandic is a little rusty the Thorrablot party is a mid-winter Viking eating and drinking binge where Neanderthal men (MTN dealers) welcome the spring (bonuses). Ingvar Ragnarsson and Bill Symington are the usual suspects in charge of the event and have chosen to host it in a central London bookshop, which seems a little strange. No less strange is the invitation, which as Islandsbanki-FBA fans know, are gimmicks to be treasured. After the fishhook, the compass and schnapps, the market has this time been treated to packets of vacuum-packed shark meat. We understand that a London-based French MTN house (who could that possibly be?) has had to call in the health and safety experts after a foolish dealer failed to read the small print on the pack of fish and opened it. The smell was so bad that all trading was suspended for the morning. You have been warned. But any dealer who can't stand the smell in Marylebone could always make their way down to HSBC. Fergus Kiely is hiring two more MTN dealers to join his desk, which is situated across the road from . . . Fishmongers' Hall. How appropriate.

* General Electric Capital Corp Rating: Aaa/AAA/AAA

DaimlerChrysler Co-ordination Centre has done its second Swiss franc note of the last 12 months: a three-year Sfr15 million ($9.12 million) trade that pays a final coupon of 4.31%. Commerzbank is the bookrunner off the note, which will be issued at a price of 99.753%. The note comes during a tough time for the auto sector. As Anthony Everill, Merril Lynch's head of Euro-MTNs said when reviewing 2000: "Telecoms have been banner headlines for the whole year. It's not like they snuck up on us. But the auto-sector has had a more pronounced effect. The spread widening in that market has impacted the whole market."

Croatia The $35m three year term revolver for HBOR, arranged by Standard Bank, will be launched in the market today (Friday).

Egypt The $100m three year facility for Banque Misr has been successfully completed. The bank is a first time borrower. The deal was oversubscribed but not increased and as a result lenders were scaled back.

Kommunalbanken has done its 10th yen trade of 2001: a 21-year ¥500 million ($4.51 million) issue. The note pays a final coupon of 4% and will be issued on February 8 2001. The bank was unable to talk to about the structure of the trade but long-dated yen trades are very popular at the moment when attached to a power reverse dual. Maria Vilmne, senior funding officer at Kommuninvest, one of Kommunalbanken's Nordic partners, says: "Of all the structured enquiry we see coming out of Japan, about 75% of this is made up of power reverse dual currency notes."