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MBNA International Bank changed the habit of a lifetime this week by issuing the senior tranche of its latest securitisation of UK credit cards in euros and doubling its usual issuance size. The Eu725m 10 year fixed rate bond, designed to broaden MBNA's investor base outside the UK, was seen as a complete success. Some 25 institutions from across Europe participated in the tranche, some of which had never bought ABS before.

Merrill Lynch conducted a Eu1bn block trade in French pharmaceutical group Sanofi-Synthélab stock earlier this week following a competitive bid to purchase the shares from Total Fina Elf. A total of 18.2m shares in the Paris-listed company were sold at Eu55 - a 3.85% discount to the market close on Monday of Eu57.20. Merrill will have paid somewhat less than the Eu55 it sold the shares on for. It is unclear whether the terms of the bid specified the resale price.

* Dresdner Kleinwort Benson has appointed a head of Latin American bond origination. Susan Dingilian comes from BNP Paribas, where she was head of Latin American debt capital markets. It is a newly created role. Dingilian will report to Garret Curran, head of emerging market origination, and will divide her time between London and New York, becoming full time in New York early next year.

Abu Dhabi Mandated arrangers BNP Paribas and Citibank/SSSB began the sub-underwriting phase yesterday (Thursday) of the $1.015bn project financing for the Taweelah A1 independent water and power project. Potential sub-underwriters have been sent strict confidentiality undertakings ahead of receiving full invitations on Monday.

Europe is set to gain its first tracing stock courtesy of Alcatel and Morgan Stanley Dean Witter. The instrument will allow investors to gain from a particular area of Alcatel's activity. Morgan Stanley Dean Witter will begin premarketing Alcatel's tracking stock for Alcatel Optronics on Monday in a deal that will raise around Eu1.5m.

NEC Corporation has dropped Sumitomo Trust International as a dealer off its $2 billion Euro-MTN programme.

Abuse of ad hoc statements from Neuer Markt companies has been thrust into the spotlight this week as two companies listed on the high growth exchange narrowly escaped delisting. One of them also became the first Neuer Markt company to file forinsolvency. Stock exchange regulator BAWe believes that many companies abuse the newswire on which they are supposed to post short messages with information that might dramatically affect their share price.

Abuse of ad hoc statements from Neuer Markt companies has been thrust into the spotlight this week as two companies listed on the high growth exchange narrowly escaped delisting. One of them also became the first Neuer Markt company to file forinsolvency. Stock exchange regulator BAWe believes that many companies abuse the newswire on which they are supposed to post short messages with information that might dramatically affect their share price.

* Energis sold £400m in new equity on Wednesday in an accelerated bookbuild deal lead managed by Dresdner Kleinwort Benson and Cazenove. It closed 2.2 times covered. The 77.7m shares were sold at 515p - a 2% discount from the close on Wednesday of 525p. However, the offer price was 13% below the close of trading on Monday of 592p, when the deal was announced.

Sole arranger Barclays Capital is in the market with the debut European loan facility for American Electric Power (AEP). The Eu100m three year revolver is priced at 60bp over Libor out of the box and the margin can ratchet according to a ratings grid.

Globals: * Allstate Financial

Enron has signed its second MTN programme this year - a $1 billion Euro-MTN shelf. Merrill Lynch scooped the arrangership, but no dealer panel has been appointed. Jeff Nogid, manager of global finance at Enron, says: "Our banking relationships are dynamic, but we won't list dealers on the programme. It means we will have to rely on reverse enquiry, but we like to keep our windows open." Enron, an energy company based in Houston, Texas, signed a domestic MTN programme without a dealer panel in the second quarter of this year. The $500 million domestic shelf was also arranged by Merrill Lynch. The two programmes were planned together, but delays in listing the Euro-MTN shelf in Luxembourg meant that it was not signed until three weeks ago. Nogid, at Enron, explains why the Euro-MTN shelf was necessary: " We're expanding in Europe and looking for new sources of cash and new investors." The issuer chose not to set up a global MTN programme in order to concentrate on its two investor groups separately. Nogid says: "We prefer a more targeted group of investor." It is the fourth issuer to enter the MTN market this year without a dealer group. Banco Rio de la Plata signed in March, followed by Diversified European Credit in July and Old Mutual last month. Nogid thinks going it alone will not be an obstacle. He says: "So far we have issued one trade off the domestic programme and not having a dealer panel doesn't seem to be a problem. We find it easier to deal with dealers as and when there is enquiry." The issuer is open to investors from all sectors and to trades in all currencies. Nogid adds: "Obviously the euro is the big one. We will probably issue mainly short-term floaters or long-term standard notes." The programme was set up for the daily cash needs of the company. Nogid adds: "We are a company rapidly growing from within, as much as through acquisitions. We don't need funds at the moment, so there are no immediate plans to launch the inaugural issue. But it's good to have a programme set up so we can access the market quickly if we need to." Moody's rates Enron and its Euro-MTN programme Baa1 long-term.