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Allgemeine HypothekenBank has increased its euro3 billion ($2.60 billion) multi-currency CP programme to euro5 billion. It has also added ABN Amro and ING Bank NV to the dealer panel.

Another UK utility is to tap the Euro-MTN market in order to raise funds to satisfy increasingly strict regulatory requirements. Anglian Water (Anglian) signed a euro1.5 billion ($1.45 billion ) Euro-MTN programme on Wednesday, March 22. Barclays Capital has won the arrangership, as first rumoured in MTNWeek, issue 157. All UK utilities, since the beginning of 2000, have been told to cut their customers' bills as well as undertake capital expenditure programmes. Many have faced ratings downgrades and all have had to raise extra funds. Jane Pilcher, group treasurer at Anglian, says: "There's been a period of uncertainty over the last 18 months. But now the regulator has published its price review at least we have entered a stable landscape." Anglian has to undertake a capital expenditure programme totalling £

China China Mobile (Hong Kong) arrangers Bank of China and China Construction Bank have signed a Rmb12.5bn dual tranche facility this week. Funds are being raised via wholly owned subsidiary China Mobile (Shenzhen).

Europe * Fennica No 5 Plc

Australia Adelaide Airport has mandated ANZ Investment Bank for a A$220m term loan. The terms of the deal are still being finalised.

Autonomy will list on the London Stock Exchange's techMARK index in early November while an offer of existing shares via Deutsche Bank and Goldman Sachs is expected to raise between £300m and £400m. The London listing will add to the Easdaq and Nasdaq listings the company already has. Both listings will remain, but the Easdaq listing will be redenominated in sterling.

Has some 21st Century equivalent of Guy Fawkes lit the fuse under Credit Suisse First Boston which might threaten to blow the prestigious international investment bank into half a tonne of savoury mince? Thank heavens that Guy Fawkes never managed to put his Zippo lighter to the fuse, and it was Fawkes who was hung, drawn and quartered before being turned into an early Stuart dynasty kebab. We have commented on CSFB several times in these columns. Suffice to say that, in our opinion at least, something seems to be rotting in the CSFB barrel. Our sensitive noses, which can pick up a pickled herring past its sell-by date at 200m, detects something even more sinister. How about the smell of warm bodies on their way down to the knackers yard?

Torrid market conditions could force a downsizing of Lehman Brothers and Merrill Lynch's $300m share offering for UK-Irish data encryption firm Baltimore Technologies which is due to price on Wednesday. The sale, which comes about through the purchase of Content Technologies of the US, will sell 24m existing shares for investors in Content who received stock in the acquisition. It is this portion of the deal which is at risk of being reduced, according to some market observers.

Deutsche Bank has bought National Discount Brokers Group for $864m - a premium of more than 90%. The deal brings with it NDB Capital Markets, NDB's market making subsidiary, as well as an on-line brokerage and a clearing subsidiary. The deal gives Deutsche a 4.5% share of Nasdaq volume, boosting its ranking from around 15th place to fifth.

Barclays capital, bookrunner off only one trade for Thames Water, has been dropped as a dealer from the utility's debt issuance programme. The bank has been replaced by HSBC and Morgan Stanley Dean Witter on the dealer panel. An official from the treasury at Thames Water says: "We wanted to reward those dealers that have been active for us in order to maintain a dealer panel that serves us best." Morgan Stanley sold $144.72 million-worth of debt off three trades for the issurer and HSBC was responsible for $143.53 million off two issues. Barclays Capital managed only $16.92 million off its one issue since the programme was signed in October 1997. In addition to rearranging its dealer panel, Thames Water also increased the limit of its programme from $3 billion to $4 billion.

BEST EURO-CP HOUSE OF 1999 As the number of banks signalling their intention to rejoin the Euro-CP market increases every day, and more and more issuers are accessing the market, the need to identify top market players is crucial. Research for this award included CPWare data, issuer and dealer opinion and pitches from the top 15 banks. This was a tough decision as the market is so tightly fought-over by a small number of banks with Citibank faring very well. But Deutsche Bank is top of the CPWare arranger league table, with 23 mandates signed in 1999. It also tops this year's dealership table with 46 signings, amounting to a total size of over $30 billion. The bank has been a leader in the market boasting 48%euro outstandings. As the only Euroland bank with an active presence in the market, it has been able to take advantage of its retail network. It's the market leader in Germany and the largest foreign bank in Italy and Spain. It's encouraging a broader marketplace for issuers of all types, including hybrid domestic or Euro- programmes such as those for Belgacom and KPN, which bridge the issuer's investor base between domestic and international markets. The bank also put together asset backed facilities such as that of Bills Securitisation, which securitises pools of German bills of exchange. It is one of the few asset backed, as opposed to credit arbitrage, vehicles in Europe. And Deutsche Bank is a significant contributor to the range of important regulatory reforms to the market. John Ford, head of sales at the bank, chairs the ECP Association. He has negotiated associate membership of ISMA and the monitoring of trades within the Trax system. This will help confer regulated status on Euro-CP and thereby broaden market distribution.

BNP Paribas has launched an online Euro-MTN trading system. The internet portal, called MTNMaster, will provide data on issuer requirements and libor targets. It will enable investors to see what issuers need. And it will show investors not only vanilla trades but also structures available through BNP Paribas. It is hoped this will help the process of matching issuers to investors. Daniel Cogoi, head of MTNs at BNP Paribas, introduced the website at the global MTN market conference in London on Thursday, October 12. Interest was shown for the trading system at the conference with many issuers keen to submit their details for the free subscription. BNP Paribas will release further details about the site next week. MTNMaster is the second MTN trading portal of its kind. It follows UBS Warburg's online trading system, which provides information on vanilla trades, launched in October 1999.