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Dresdner Bank signed a euro10 billion ($8.58 billion) multi-currency CP programme last week, with Dresdner Bank as arranger and sole dealer. The A-1+/P-1 rated facility will be used to complement the issuer's other financing vehicles by covering its short-term funding requirements.

Technology consulting company Devoteam managed to price shares in its Eu111m secondary offering at a discount of just 0.02% this week, but in the first day of trading the stock fell by 19%. The company priced its secondary offering at Eu70.85, from a closing price of Eu71.

Estonia HypoVereinsbank has closed a $205m project financing of a nameplate galvanising line in Tallinn. The line produces 400,000 tonnes of nameplates a year.

Italian utility Enel this week issued its first bond offering since its partial privatisation, with Deutsche Bank and JP Morgan selling Eu750m of 5.875% five year bonds, priced at a spread of 92bp over the 2006 BTAN. The bond issue follows Enel's acquisition of telecoms company Infostrada from Vodafone - which is due for completion next February - but was not directly related to the purchase. Nonetheless, it is not coincidental that Enel is raising its profile in the bond markets at a time when it is pursuing a variety of acquisitions.

Enel is planning on signing a euro3 billion ($2.57 billion) global MTN programme. The programme has been assigned a A+ rating by Standard & Poor's. The Italian utility is 70% owned by the Italian state.

Eon, the German conglomerate, has signed a euro2 billion ($1.72 billion) Euro-MTN facility. Eon was created out of the merger between Viag and Veba and the new facility replaces Veba's existing $2 billion Euro-MTN facilty. Deutsche Bank and Morgan Stanley Dean Witter are the arrangers. Hans-Gisbert Ulmke, financial director at Eon says: "We do not have the necessity to raise funds at the moment. The programme took two months to sort out and we would rather do it at a time when we don't need funding. It's just a safety measure." The dealers off the facility are the arrangers, Commerzbank, Credit Suisse First Boston, Dresdner Bank, JP Morgan, Merrill Lynch, UBS Warburg and Westdeutsche Landesbank.

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.