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* WestLB Finance (Curaçao) NV Guarantor: Westdeutsche Landesbank Girozentrale

Siemens has dropped Siemens Coordinations Center as an issuer from its euro3.5 billion ($3.33 billion) debt instrument programme.

* World Bank Rating: Aaa/AAA/AAA

Societe Generale has increased the size of its euro20 billion ($19.06 billion) Euro-MTN shelf to euro30 billion. IBJ has been dropped as a dealer and National Australia Bank, SG Bank & Trust and Commonwealth Bank of Australia have been added to the dealer panel.

CITICORP International, Deutsche Bank, Dresdner Kleinwort Benson and Standard Chartered have launched the $200m dual tranche facility for Industrial Bank of Korea. Following the spate of one year deals for Korean banks in late 1999, the borrower is picking up on this year's trend for three year money. Hana, Kookmin, KorAm, Shinhan and H&CB are either syndicating or have completed deals with three year maturities, showing the improvement in investor sentiment for medium term Korean debt.

Mandated arranger SG has closed syndication of the $206.514m senior debt backing the buyout of Revlon Professional Products, now called Colomer Group, from Revlon Group. The facility is in documentation, having raised an oversubscription of around 50%. It will be signed in August.

Four Spanish savings banks are set to sign a euro2 billion ($1.9 billion) Euro-MTN programme. It is the first facility in the market that allows issuance by multiple independent issuers. Caja Monte de Piedad y Caja de Ahorros de Huelva y Sevilla, Caja de Ahorros Provincial San Fernando de Sevilla y Jerez, Caja General de Ahorros de Canarias and Caja de Ahorros y Monte de Piedad de las Balears (the cajas) are all named off the shelf which has been jointly arranged by BNP Paribas and CECA, the association of the Spanish savings banks. Once the documentation is in place other savings banks will be able to join the programme as issuers and as a result the ceiling will be raised. With 50 such banks in Spain, the potential for the growth of the facility is large. Spanish cajas have historically funded themselves via domestic markets. The Euro-MTN vehicle will reduce funding costs and increase name recognition. But no public inaugural is planned. Roberto Aleu Sanchez, head of capital markets at CECA and spokesman for the cajas, says: "These banks have already been doing private transactions in some European markets so it is likely that they will continue to do that. But public deals are going to be important." The cajas are entering a crowded sector but Sanchez says: "The cajas can show good profitability and a strong return on equity. And most of them will be a new name for the market which is attractive to investors." The cajas can issue through Cayman Island SPVs and they could also have the guarantee of Aa3-rated CECA, at the association's discretion. The dealers are the two arrangers, ABN Amro, Bayerische Landesbank, Deutsche Bank, Morgan Stanley Dean Witter, Salomon Smith Barney, SG, and Swedbank. The four issuers are all rated A-minus for their long-term debt by Fitch IBCA.

* Abbey National Treasury Services plc Guarantor: Abbey National plc

Stadtsparkasse Koln has upped its debt issuance programme to euro3 billion ($2.8 billion) from euro2 billion.

DOLLAR swaps traded in a tight range all week. By Thursday afternoon (yesterday) the five year mid-market was about 100bp over the 6.75% Treasury due 2005, and the 10 year mid was 120.5bp over the 6.50% Treasury due 2010. Five year swaps have hardly moved over the last week, and 10 year spreads have contracted by roughly only 1bp. Two year spreads are at 81.5bp and the 30 year spread is 137.5bp over the long bond.

* Commerzbank AG Rating: A1/A+/A+

TWO UK technology companies had dramatically different outcomes to their IPOs this week. Dresdner Kleinwort Benson priced Telework at the top of the range, following a nine times oversubscription, while Merrill Lynch was forced to slash the price of shares in iTouch.