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ABN Amro has set up a debt instrument programme specifically for issuing equity-linked notes. The signing date was December 21 2000.

Abbey National has issued its third sterling trade in as many weeks: a £

There are high jinks as well as the usual frisky fun and games at Deutsche Bank in London, where "Banker of the Year 2000" Josef Ackermann is holding the reins after the sad loss of brilliant team leader Edson Mitchell. Ackermann knows he can make any amount of promotions to plug the gaps in his front line, but his efforts will have no more lasting effect than wet Polyfilla. To replace Mitchell, he will eventually be forced to look outside. But please do not doubt Ackermann's skills or his powers of persuasion. As an example, take the clever and thoroughly likeable Colin Grassie, who was due to leave Deutsche to become head of sales at BNP Paribas. Indeed, Colin had packed his Louis Vuitton bags and the Frenchies at BNP Paribas were ready to welcome him with 21 gun salutes and a gold pass card for every restaurant in Europe with three Michelin stars. BNP Paribas is on something of a roll at the moment, and Philippe Blavier and David Ovenden have clearly decided that they have the brainpower and financial resources to compete with the bulge bracket American houses.

South Africa A $100m mining project financing will be launched within the next two weeks on behalf of Avgold.

What could be the most momentous decision in the European equity capital markets in 2001 will be made this weekend. On Monday, bankers across continental Europe will focus their attention on Paris, as France Télécom announces a bookbuilding range for the IPO of Orange, which is expected to raise Eu9bn-Eu13bn. There have already been more than 600 one-on-one meetings with investors. "An incredibly intensive premarketing campaign has taken place across Europe," said one banker. Sales meetings took place yesterday (Thursday) in Paris and continue today (Friday) in London. Bookbuilding will begin on Tuesday.

Argentina received strong international demand for a $500m add-on to its existing 30 year bond this week in a transaction targeted local pension funds, fuelling market confidence that its imminent $3bn plus dollar exchange offer will be well received.

Argentina received strong international demand for a $500m add-on to its existing 30 year bond this week in a transaction targeted local pension funds, fuelling market confidence that its imminent $3bn plus dollar exchange offer will be well received.

China Arranger BA Asia is waiting on one straggler before closing the $200m 264 day letter of credit facility for COSCO (Cayman) Co. Most of the original syndicate have signed up for the rollover and the few that dropped out have been replaced with new lenders.

Asia * HomeSide Mortgage Securities Trust 2001-1

Svensk Exportkredit issued a ¥500 million ($4.21 million) power-reverse dual-currency note, dated January 19. Salomon Smith Barney was the lead dealer. The note is callable, depending on the following market conditions: the forward FX rates, the interest rate differential between dollar and yen and the interest rate in Japan. A member of the borrower's treasury says: "We haven't seen much plain vanilla for quite a while. This is a very typical structure. Japanese investors are doing lots of these to enhance their yield." Other borrowers to issue twenty-year yen trades between ¥500 million and ¥800 million are Export Finance & Insurance Corp (EFIC) (also via Salomon Smith Barney), Kommunalbanken (via Mizuho International), Bayerische Landesbank and African Development Bank.

The Republic of Italy this week once more demonstrated its innovative approach to raising funds, launching a strategic sterling bond and an opportunistic euro transaction designed to exploit the segmentation of the market. The £700m tap of the republic's 6% 2028 bond brought the issue up to the crucial £1bn size, giving the sterling market a true sovereign benchmark. The republic had no target size in mind when first contemplating the deal - the £700m launched was the result of investor demand. "At £1bn, we now have a very liquid benchmark," said Fabrizio Ghisellini, Italy's head of international funding, "and, in order to underline that liquidity, syndicate banks have committed to making a market with a given spread in the secondary market."

Reseau Ferre de France has issued three times this year and each time has been in sterling. Their latest trade is a 35-year £