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* Bank of Scotland Treasury Services plc Guarantor: Bank of Scotland

The Deutsche Börse completed a textbook Eu900m IPO this week. The shares were priced at the top of the range and then rose 8% in the first two days of trading, after the deal was 23 times oversubscribed. Lead managers Deutsche Bank and Goldman Sachs priced the 3.2m new shares at the top of the Eu285-Eu335 range. The stock then opened trading at Eu362 on Monday, and reached Eu391 on Tuesday. Although the shares have come down since then, they closed yesterday (Thursday) at Eu384.

General Motors Acceptance Corp of Canada (GMAC) has done its second trade of the year: an eight-year Dkr500 million ($65.79 million) note that pays a final coupon of 6%. The trade will be issued on February 27 2001 and the lead dealer is Deutsche Bank. It is the fifth Danish krone note that GMAC has issued in the last 12 months. The last note was a five-year Dkr400 million issue that paid a final coupon of 6.125%. The lead dealer off the trade was KBC Bank.

The UK leveraged retail sector was given a much needed boost last night (Thursday) when Schroder Ventures announced that the arranging underwriting stage of the senior debt backing its buy-out of Homebase had been heavily oversubscribed. UBS Warburg, lead arranger of the debt, closed off the arranger phase after the five banks approached in early January had all signed up. Fuji Bank, HSBC, HypoVereinsbank, RBS and WestLB were asked to underwrite a testing £125m each for a gross fee of 175bp a month ago. At the time, market observers questioned the size of tickets, suggesting UBS Warburg would have its work cut out to sell such large amounts for a deal in the traditionally difficult UK retail sector.

Hutchison Whampoa was roadshowing a $1.5bn 10 and 30 year global bond issue this week, in what will be one of the largest deals from Asia since Hutchison's own blockbuster $2bn offering in July 1997. The transaction is lead managed by Goldman Sachs and Merrill Lynch - who led the previous deal which had 10, 20, 30 and 40 year tranches - and newcomer JP Morgan.

InfoVista, a global leader in service level management, has cancelled the Eu20m capital increase part of its Eu110m secondary offering, after its stock lost 5.45% ahead of the pricing on Wednesday. Lehman Brothers, BNP Paribas and BE Unterburg Towbin led the deal.

The top Euro-MTN houses gathered yesterday for the first time in any formal way for nearly two years. The International Primary Market Association (IPMA) MTN committee met with Tiina Lee, head of Euro-MTNs at Deutsche bank, in the chair. "The MTN committee has not met for two years and it was overdue for revisions," says Lee. "A lot of people have moved on since it last met and IPMA thought it was about time it was revamped." The committee discussed the EU withholding tax and its effect on the MTN market. The EU has said that any bonds issued after March 1 2001 will be liable to withholding tax. The MTN body considered whether it is necessary to extend that date for MTN trades so that the market can sort out the necessary documentation. Lee points out, however, that as the EU directive only applies to individual retail investors the impact should not be too great. A dealer who was at the meeting says the one problem that has yet to be resolved is whether fungible notes issued after March 1 would be exempt from grandfathering. The other topic on the MTN committee's agenda was the possibility of creating a centralized database of MTN documents. This would help dealers trading for issuers on a reverse enquiry basis and who do not have access to programme documents. The last time the body gathered to implement changes to market procedure was in November 1998, when Matt Carter, who headed Credit Suisse First Boston's MTN desk at the time, was the chairman. At that meeting a standardized pricing supplement was agreed on. Lee says that there is no need for the committee to meet on a regular basis. She feels it should only meet if there is something specific to discuss. The members of the committee are BNP Paribas, Credit Suisse First Boston, Goldman Sachs, HSBC, JP Morgan Chase, Merrill Lynch, Morgan Stanley Dean Witter, Salomon Smith Barney and UBS Warburg.

A stream of managing directors have left JP Morgan Chase in the weeks after bonus season. UBS Warburg has recruited three of them. Brian McBride becomes co-head of European leveraged finance, working alongside the existing co-heads, Michael Grayer and Ian Hardington. He reports to Art Penn, global head of leveraged finance.

Chile Dresdner Kleinwort Wasserstein and Bank of America have launched the $150m pre-export finance facility for Empresa Nacional de Mineria (Enami).

Landesbank Baden-Wurttemberg issued three 20-year non-syndicated yen trades. The ¥1 billion ($8.57 million) note pays interest semi-annually and the final coupon is 3.65%. The other trades were a ¥500 million paying a final coupon of 2.9% and a ¥600 million paying 2.5% on the final coupon.

Landesbank Schleswig-Holstein has issued a 30-year US dollar FRN. The $25 million FRN will be sold on February 19. The landesbank has also sold a $22.73 million FRN maturing 2040 that pays interest at three month Libor+0.42%.