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* Allianz Finance BV

Freddie Mac is set to storm the euro sector next month when it launches a Eu5bn transaction, the inaugural deal off a new EuroReference Note programme the US agency announced this week.

The post-summer period is looking increasingly interesting, with a number of very large deals waiting in the wings. Freddie Mac joined the ranks of eager issuers this week when it announced it was establishing a euro denominated Reference Note programme to supplement its dollars calendar. It will issue Eu20bn a year, with Eu5bn launched every quarter. Freddie Mac is obliged to take all debt back to dollars, so in September the basis swap market will be the recipient of a very large position. Most reports suggest that Freddie will issue at 10 years.

WITH GERMANY’S UMTS auction having ended yesterday (Thursday), several of the six winners are looking to raise funds from the loan market to finance the purchase of the licences. The companies have to pay Eu8.5bn within 10 days.

WITH GERMANY’S UMTS auction having ended yesterday (Thursday), several of the six winners are looking to raise funds from the loan market to finance the purchase of the licences. The companies have to pay Eu8.5bn within 10 days.

ROBERT Stellato has left Goldman Sachs, where he was co-head of Nasdaq trading and head of New York institutional sales. He has been appointed to the newly created position of head of global institutional sales at Knight Trading, the US based market maker. Knight is a liquidity centre for OTC and listed stock transactions. It is one of the largest execution destinations for internet based share transactions.

THE APPOINTMENT of the bookrunners for the IPO of CosmOTE means the mandates for the all big telecoms deal expected in Europe this year have been handed out. Merrill Lynch won the title of sole global co-ordinator for the IPO of CosmOTE, Greek incumbent operator OTE's mobile unit. The issue, which is likely to consist of about 15% of the unit, is tipped to raise Eu750m-Eu900m. Schroder Salomon Smith Barney will be joint bookrunner with Merrill Lynch.

GOLDMAN SACHS has recruited Zar Amrolia from Deutsche Bank as a managing director and co-chief operating officer of global foreign exchange. Jon Lopatin, head of global foreign exchange sales and head of foreign exchange e-commerce retires at the end of November. Amrolia will arrive at the beginning of November, eventually replacing him.

GRANADA Media has dismissed as "pure speculation" reports that Morgan Stanley Dean Witter has been appointed to manage the IPO of ONdigital, the media unit Granada Media and Carlton Communications both have 50% stakes in. The deal is expected to raise about £600m and come to market in the second half of this year. "The IPO is going to happen," said a new media analyst in London. "When Charles Allen [chairman of Granada Media] bought the United TV assets earlier this year, he said the ONdigital IPO was very much on the agenda, and he recently reaffirmed that."

HSBC has achieved its highest position in the MTNWeek league tables since the tables were first capped at $250 million in January 1999. The bank is now seventh in the table (see back page) with $4.56 billion issued off 97 trades since January 1. This is more than double the amount of debt HSBC lead managed in the same period last year. Most of the bank's business has been for corporates, traditionally one of its strongest client bases. Its three most recent trades were large deals for Scottish & Newcastle, Scottish Power and Compagnie de Saint-Gobain. But HSBC's success comes as a fellow UK house suffers a slump. Following the Royal Bank of Scotland takeover, Greenwich NatWest now languishes in 30th position in the league table. Its head of Euro-MTNs, Matt Pass, left last month leaving Kirsty McFarlane to run the desk on her own. A source at the bank says there are no plans to hire anyone else.