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Metso Corporation, the triple-B manufacturer from Finland, will sign a euro1 billion ($861.6 million) Euro-MTN programme next week. The arranger is Salomon Smith Barney. Barclays Capital and Deutsche Bank will be among the dealers.

Qatar Sumitomo has closed the $500m seven year financing for The State of Qatar. Six banks joined in the first round of underwriting as sub-underwriting lead arrangers. In the second round, banks were asked to underwrite $30m with target takes of $20m, or to take and hold $20m. Around 12 banks are thought to have joined at this level, mostly for take and hold tickets.

* Royal Bank of Scotland's securitisation group has hired Stephen Walker as head of analytics. Walker, who left Greenwich NatWest in April, returns to the capital markets following a stint at insurance brokerage Benfield Greig. Reporting to Philip Basil, head of securitisation at RBS in London, he replaces Doug Tiesi who left for DLJ in May. * Deutsche Börse's Eurex Clearing has begun offering cash trading in fixed income. It is now the central counterparty on the Eurex-bonds platform. BHF-Bank, Nord LB, HypoVereinsbank, DG Bank and Bankgesellschaft have started trading.

Telefónica Móviles (TEM), the Spanish mobile operator, has reduced the size of its IPO to 8.9% of the company's share capital, less than the 10%-12% expected. The shares will be priced between Eu10.85 and Eu13.25, raising between Eu3.74bn and Eu4.57bn. Books open today (Friday), with pricing scheduled for November 20, and listing expected in Madrid and New York on November 22.

Following its successful IPO, Mass Transit Railway Corp (MTRC) reinforced its international reputation by launching a quick-fire $600m global bond issue this week to strong investor demand. MTRC proved that concerns about market conditions would not hinder its plans with the rapid launch of the transaction without syndication.

Nomura this week launched an innovative Eu1bn securitisation backed by Swedish residential mortgages for Sveriges Bostadsfinansiering AB, the Swedish National Housing Finance Corp (SBAB). The deal, oversubscribed by euro investors, was unusual in that it also offered a yen tranche. European securitisations rarely offer paper in yen, while soft bullet bonds with long legal maturities are still relatively unfamiliar in Japan.

Uncertainty about the Dutch government's proposed changes to the tax treatment of securitisations played havoc in the market this week. The two most recently issued deals, SNS Bank's Hermes II and DBV Levensverzekeringsmaatschappij's Holland Homes closed on schedule, but SNS Bank had to abandon its planned sale of a subordinated tranche, fearing that the tax changes could leave the deal with a cash shortfall.

Merrill Lynch this week launched the first collateralised debt obligation for a Portuguese borrower with a Eu286m securitisation of investment grade Eurobonds for Banco Comercial Português. The deal found a warm reception from investors and was oversubscribed well inside the lead's initial price expectations.

RFC Mortgage Services Ltd, the UK non-conforming mortgage lender owned by GMAC's Residential Funding Corp, this week launched a £180m securitisation using a credit enhancement structure unique to the UK. Lead managed by Deutsche Bank, the deal offered two triple-A tranches wrapped by triple-A rated monoline insurer Ambac.

The Eu1.35bn securitisation of insurance premiums owed to INAIL (Istituto Nazionale per l'Assicurazione contro gli Infortuni sul Lavoro), the Italian agency that provides compulsory insurance against industrial accidents, will be launched late next week. The lead managers will be Banca di Roma, BNP Paribas, JP Morgan and Mediocredito Centrale.

Lehman Brothers this week launched its £84m securitisation of 13 theatres in London's West End for the Really Useful Theatre Group (RUT), that is owned by the composer Andrew Lloyd-Webber and Bridgepoint Capital. The deal brings a new and colourful asset class into the European securitisation market, but one that is unlikely to be repeated more than once or twice, since there are few theatre portfolios of the necessary size and quality.

Caledonian Environmental Services plc this week raised £63.6m to finance construction of a waste water treatment plant in Fife, Scotland by securitising its 40 year contract to build and run the facility. RBC Dominion Securities arranged the deal, wrapped by MBIA Assurance SA, with RBS Financial Markets as joint bookrunner.