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Turkey The refinancing for Türkiye Garanti Bankasi's Eu400m 364 day facility from last year will be launched in the next two weeks. The 12 arrangers in the 2000 facility and some additional banks have been approached by the borrower to lead the deal. However, at this stage no names or figures have been confirmed.

* Rafael Martinez, one of Europe's best known mortgage backed securities investors, is to move from Artesia Banking Corp to Fortis Bank on January 22. The hire will bring Fortis Bank's ABS/MBS team, headed by Stefaan De Doncker, to five. Martinez will be buying and trading both ABS and MBS. The unit, which is part of the credit spread group managed by Ralf Bauer, is increasing its activity, both in investing for the bank's balance sheet and in buying assets to be funded in Fortis's asset backed commercial paper conduit, Scaldis Capital Ltd.

Munchener Hypothekenbank (Munchener Hypo) has signed a euro10 billion ($9.37 billion) Euro-MTN facility via Deutsche Bank and DG Bank. Two private trades have already been issued off the programme. The first, a euro100 million one-year fixed-rate note was lead managed by CDC Marches. And UBS Warburg lead managed a euro100 million FRN. But the issuer is not ready to issue a large public note involving all its dealers. Richard Leib, head of treasury at Munchener Hypo, says: "We may do one if levels become more attractive." Leib explains why the programme was set up: "We saw some international investors coming to us, but our documentation didn't fit their requirements. We're a more domestic-oriented bank, so the legal process was not easy, but we are happy now we have the documentation set up." Munchener Hypo will be restricted in what it can issue. Leib explains: "We also have to take care of what we are allowed to do under German mortgage law. We're not as flexible as commercial banks. For example we are not allowed to take any FX exposure or any equity risk. All our currencies have to be swapped back to euro." The dealer panel is ABN Amro, Barclays Capital, CDC Marches, Commerzbank, Dresdner Bank, GZ-Bank, HypoVereinsbank, JP Morgan, Salomon Smith Barney, UBS Warburg, WestLB, WGZ-Bank and the arrangers.

Denmark Despite poor market conditions, Danionics, the Denmark-based battery manufacturer, is due to be the first listing of the year on the Copenhagen Stock Exchange. The company's management is confident the Dkr496m-Dkr620m (Eu66m-Eu83m) IPO will go ahead. The issue, including a greenshoe of 400,000 shares, will constitute 3.1m shares, of which 2.1m are new.

* Kommunalbanken AS Rating: Aaa/AAA

Pfandbrief Bank International has made its first trade of the year: a Sfr10 million ($6.08 million) three-year note that pays interest of Sfr Libor-flat quarterly. It is the Luxembourg-based bank's sixth trade off its euro7.5 billion ($7.11 billion) Euro-MTN programme, and takes its outstandings to $947.98 million. Eight other Swiss franc trades have been done this year, including a six-year Sfr1 billion trade from the Republic of Italy. Credit Lyonnais, Earls Four, Akademiska Hus, Bank Austria, Bayerische Landesbank and Vorarlberger Landes- und Hypothekenbank have all been involved in smaller Swiss franc trades ranging from one to 12 years in maturity. Martin Schulte, head of treasury at Pfandbrief Bank, says: "With structures going out of fashion last year it looked like the rapid growth of the MTN market was coming to an end. But we will establish our name with vanilla issuance first, and spreads are starting to tighten so this year should be quite interesting."

* Deutsche Genossenschafts Hypothekenbank AG Rating: AAA/AAA (S&P/Fitch)

* Commerzbank AG Rating: Aa3/AA-/A+

Commonwealth Bank of Australia has issued an A$18 million ($10.02 million) trade managing the deal itself. The note pays a coupon of 5.6% semi-annually and has no structure attached. The issuer has done two other deals this year, but this is the first to be announced publicly. Jacques Lumb, head of new issues at the bank, says: "The majority of our funds this year will come from the US and Japan, with a strong emphasis on the far east. We are quite keen on structures such as callables, bermudans and some types of FX trades too out of that market. We will also be doing one or two public trades this year."

Egypt Five bidding bank groups were obliged to send representatives to Cairo yesterday (Thursday) for the opening of the sealed envelopes containing their bids for fees and expenses on the Arab Republic of Egypt's debut $500m-$1bn five to 10 year bond issue.

DaimlerChrysler this week stole the limelight in the international corporate bond markets when it attracted over $25bn of orders for a $7.1bn multi-tranche issue in dollars, euro and sterling, but left market participants questioning the rationale behind the deal.

The Republic of Croatia is aiming to hit the bulk of its Eu1bn annual funding target by the end of February. It has mandated Daiwa SBCM for a ¥20bn five year Samurai to launch early next month and, on Tuesday, asked 10 banks to bid on a seven to 10 year euro denominated transaction by today (Friday). The ministry of finance will mandate the euro deal in a couple of weeks, but its immediate priority is the Samurai bond - its third such deal in just over a year and the third to be lead managed by Daiwa.