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Australia Pacific Century CyberWorks' and Telstra Corp's joint venture, IP Backbone Co, is tapping the market for a $2bn three tranche facility through arrangers Barclays Capital and Chase Manhattan Asia.

* Toyota Finance Australia Ltd Guarantor: Toyota Motor Finance Netherlands BV

Bank fur Arbeit und Wirtschaft (BAWAG) has announced the details of its euro3 billion ($2.72 billion) Euro-MTN programme, expected to sign by mid-June. And Bayerische Landesbank will arrange the facility, only its second arrangership in five years. BAWAG, an Austrian retail bank and securities house is 46% owned by the arranger, which is rated Aaa. Previously BAWAG has placed its debt successfully in Germany, especially Bavaria, and Austria, but it plans to increase its investor base internationally with the programme. Only five Austrian issuers have signed since January 1999. Three of these were banks and one was the Republic of Austria itself. Dealers off the programme are ABN Amro, Credit Suisse First Boston, Goldman Sachs, Morgan Stanley Dean Witter, BNP Paribas Group, the issuer and the arranger. The inaugural is expected in the Autumn and BAWAG hopes to attract investor interest with a roadshow in June. It is rated Aa3 by Moody's.

BAWAG and Vorarlberger Landes- und Hypothekenbank were both active - in the week that Hypo Tirol Bank signed its euro2 billion Euro-MTN programme, swelling the number of Austrian borrowers in the market. Bawag went for a ten-year yen note. The ¥1 billion ($9.01 million) trade was sold via DKB international. It is the issuers second yen trade in a month after making its debut in the currency with a 12-year note on November 15. The coupon on this note is termed as a FX/step-up reverse FRN hybrid. Interest, which is paid semi annually, is 2.2% a year until December 12 2001, 3% minus 6-mth Libor until December 12 2002, 3.3% minus 6-mth Libor until December 12 2003, 3.7% minus 6-mth Libor until December 12 2004, 4.2% minus 6-mth Libor until December 12 2005, 4.8% minus 6-mth Libor until December 12 2006, 5.5% minus 6-mth Libor until December 12 2007, 6.3% minus 6-mth Libor until 20/12/2008, thereafter 7.2% minus 6-mth Libor. Vorarlberger issued a three-year euro8 million ($7 million) that pays a single final coupon of 8.11% when it matures on December 7 2003. This is the Austrian bank's 32nd note that it has issued since it signed its programme a year ago. It has raised $808.25 million off its euro1 billion programme.

Bank of New Zealand has signed a $2 billion global CP programme and National Australia Bank is the arranger. It is the arranger's first appearance in the global or Euro-CP market since 1994. Bank of New Zealand is expecting good investor appetite despite being the issuer's first step into the CP market. The issuer hopes its P-1 ratings from Moody's and A-1+ from Standard & Poor's will help acheive this. Allan Olsen, manager for short-term sales and trading at National Australia Bank, says: "Primary paper will be issued at Libor -10 to -12 basis points under normal market conditions. This is where we perceive the market to be with this rating." The programme was set up in anticipation of expected asset growth in New Zealand. It is only the second New Zealand issuer to have signed a Euro- or global CP programme in the last three years, but the borrower is keen to issue in a wide range of currencies. The dealers off the facility are the arranger, Barclays Capital, Deutsche Bank, Goldman Sachs, JP Morgan and UBS Warburg.

"Cazenove to allow public through front door - coaches welcome!" Of course it had to happen. Personally we blame it all first on the suffragettes and then the arrival of 'dress-down' Fridays. Cazenove held out magnificently against the decline in social standards but is said to have decided to throw in the towel when some of their best clients started arriving for lunch wearing Gucci loafers rather than proper hand-made lace-up shoes. "We surrendered before the trainers arrived," said an insider.

European Bank for Reconstruction and Development has added Barclays Capital and Credit Suisse First Boston to its euro3 billion ($2.53 billion) global CP shelf.

A number of leveraged buy-outs were being worked on this week which are unlikely to be launched before year end. DB Capital Partners and French holiday group Pierre & Vacances have signed an agreement with Scottish & Newcastle to buy its Center Parcs leisure group for Eu1.124bn (£670m).

* Cirio SpA Amount: Eu150m

Credit derivatives have so far made a far greater contribution to bank balance sheet CDOs than to arbitrage transactions - but that is beginning to change.

Finance for Danish Industry has increased its euro5 billion ($4.22 billion) Euro-MTN programme to euro7 billion. Swedbank has been added as a dealer. It has also taken the opportunity to update its $200 million CP programme, signed in 1989. It has replaced it with a fresh programme with an increased ceiling of euro2 billion and appointed Citibank as the arranger. The dealers off the replacement are Citibank, Credit Suisse First Boston, Deutsche Bank and the issuer itself.