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The world's largest private owner of oil, Russia's Lukoil, will list on the NYSE this year simultaneously with an American depository receipt (ADR) issue. About 6% of Lukoil, the country's largest oil producer, may be issued as level three ADRs. The management of Lukoil hope to prove it can meet the standards of western financial markets. Russian companies have a poor reputation, based on "years of closed books and doors", according to an analyst in London. The exposure that a level three ADR issue requires may settle any fears. Such an issue demands three years of accounts to be published to Generally Accepted Accounting Practices (Gaap).

SBAB, the Swedish issuer also known as Statens Bostadsfinansierings, issued a Skr40 million ($4.2 million) FRN yesterday. The trade was non-syndicated and matures in 2003.

Denmark LB Kiel has signed banks into the Eu65m facility for Danish bank Amtssparkassen Fyn. The arranger was joined by co-arrangers Hamburgische Landesbank and Landesbank Rhineland-Pfalz. Bankgesellschaft Berlin, Landesbank Baden-Württemburg, Landesbank Saar, Landwirtschaftliche Rentenbank and NordLB joined in the second round of syndication.

John Mack, Morgan Stanley Dean Witter president and COO resigned on Wednesday. Another Morgan Stanley veteran, CFO Robert Scott, will replace Mack with effect from March 21.

SNS Bank Nederland (SNS) has increased the size of its euro10 billion ($9.38 billion) debt issuance programme to euro20 billion. SG has been dropped as a dealer. The following banks have joined the dealer panel: BNP Paribas, Goldman Sachs, HSBC and UBS Warburg. Both HSBC and Goldman Sachs were involved in the SNS's euro700 million Eurobond in September 2000. SNS Bank is known for rewarding active reverse enquiry dealers by asking them to join the dealer panel off the MTN programme. See MTNWeek issue 201.

Market report Compiled by Vusi Mhlanzi, RBC DS Global Markets, South Africa. Tel: +27 11 784 5065

Stadtsparkasse Koln, the Aa3 rated German bank, has launched its second Swiss franc deal of the week. Following its earlier Sfr100 million ($61.2 million) one-year trade, it has sold a ten-year Sfr75 million note. The trade matures on January 31 2011 and pays interest quarterly. Since signing its Euro-MTN programme in November 1998, the issuer has raised $1.4 billion-worth of debt from 20 MTNs.

Svenska Handelsbanken has issued a £

* Bank Nederlandse Gemeenten Rating: Aaa/AAA/AAA

BMW has been making use of both sides of the Atlantic, with a euro15 million ($14.09 million) deal that goes out to July 2003, and a $100 million issue that matures in January 2003. The bookrunner off the euro trade was UBS Warburg, and the fixed-rate note pays interest quarterly. The US dollar-denominated deal is a floating-rate note. Fredrik Altmann, capital markets at BMW, says: "Spread widening will continue, but at this stage of the year we are still very aggressive with our levels. Our strategy won't change at all, so like the last six years we will wait to see what our dealers will bring us."

* Akademiska Hus Rating: AA