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THERE WAS intense speculation this week over Cable & Wireless's (C&W) potential disposal of 4.9% of Pacific Century CyberWorks. C&W owns 20.1% of PCCW and has an opportunity until mid-November to sell roughly one quarter of this holding.

Nuon, an unrated Dutch utility, will sign a euro500 million ($435.5 million) Euro-CP programme by the end of the month. And it has put its faith in Merrill Lynch's as yet non-existent Euro-CP desk by appointing the bank as a dealer. Merrill Lynch last year announced its intention to get back into the Euro-CP market and last month it tried, and failed, to hire Euro-CP traders. But getting itself appointed as dealer to Euro-CP programmes is a step nearer to re-entering the market. Hans Koens, a member of Nuon's treasury, says: "I know Merrill has yet to get a full desk but we've had good contact with them in the past and we hope they will put us in touch with a lot of investors." Nuon is aware that without a rating it will find it difficult to attract investors. Koens says: "Because of this we think our investors will be mainly Dutch at first. But that will change in the future." The issuer is in negotiations with Standard & Poor's, and hopes to receive an A-1 short-term rating. Nuon used to be called Energie Noord West before it merged with three other Dutch utilities in January 1999. Energie Noord West has an unused $250 million Euro-MTN programme, signed in 1998. Nuon plans to update it and relaunch the programme at the beginning of next year. ABN Amro is the arranger off the Euro-CP programme and features in the dealer group along with Credit Suisse First Boston, Fortis Bank, ING Barings and Merrill Lynch.

Mitsubishi Motors has increased the limit of its $3 billion Euro-MTN programme to $4 billion. Mitsubishi has issued 10 trades since it signed the shelf in 1994 and has $558.83 million outstanding.

Old Mutual has signed a £

The Eu181m Neuer Markt IPO of SAP Systems Integration (SAP SI), the consulting unit of Europe's largest software company, was more than 50 times oversubscribed this week, despite questions about the growth potential of the company. Lead managers Commerzbank and HypoVereinsbank closed the subscription period for the IPO two days early on Wednesday, because the book was already inundated with high quality demand. Observers believe the deal signals the end of the slow summer period and will usher in a new level of activity on the Neuer Markt.

* Deutsche Post will reveal more details of its Eu5bn IPO on Monday. The company, which is scheduled to list on the Amtlicher Handel on November 6, will announce its second half results and is also expected to reveal the dates for bookbuilding for its IPO. The syndicate for the issue will be briefed on Tuesday. UBS Warburg and Deutsche Bank are joint global co-ordinators for the deal, and Merrill Lynch, Morgan Stanley Dean Witter, Credit Suisse First Boston, Dresdner Kleinwort Benson, Commerzbank and DG Bank are global managers.

The Eu181m Neuer Markt IPO of SAP Systems Integration (SAP SI), the consulting unit of Europe's largest software company, was more than 50 times oversubscribed this week, despite questions about the growth potential of the company. Lead managers Commerzbank and HypoVereinsbank closed the subscription period for the IPO two days early on Wednesday, because the book was already inundated with high quality demand. Observers believe the deal signals the end of the slow summer period and will usher in a new level of activity on the Neuer Markt.

James Boshart, who left Schroders Salomon Smith Barney on August 7, joined Bank One Corporation on September 5 as executive vice president and head of capital markets. Gerry Byrne, the previous head of capital markets, left in May. Unlike Byrne, Boshart will be a member of the executive management of the bank, and will report direct to chairman and CEO, James Dimon.

Latvia The Nordic Investment Bank (NIB) hopes to launch a Lats10m ($16.35m) two year bond issue on Monday - the first from a supranational agency in the Latvian domestic market.

GMAC Canada Ltd Guarantor: General Motors Acceptance Corp

Pfandbrief Bank International (PBI) has announced the dealers off its euro7.5 billion ($6.70 billion) MTN shelf, signed on August 31 (see MTNWeek, issue 184). They are ABN Amro, Barclays Capital, CDC-Marches, Commerzbank, Deutsche Bank, Goldman Sachs, Bayerische Hypo-und Vereinsbank, Morgan Stanley Dean Witter (MSDW), Salomon Smith Barney, UBS Warburg and the issuer itself. Christof Schornig, PBI's chief executive officer, says they have already received enquiry. He says: "We've had people asking for small dollar fixed-rate notes, slightly structured dollar and euro trades and also euro floaters." Schornig is confident enquiry will be strong when PBI completes its roadshow next week. "I am sure we will see the first dollar MTN off the programme soon and I'm pretty sure we will have done a yen trade by the end of the year." PBI has also announced its plans to launch an inaugural benchmark Lettre de Gage, rated AAA by Standard & Poor's, by the end of the month. MSDW, the arranger off the programme, has been mandated along with Bayerische Hypo-und Vereinsbank as joint bookrunner. The deal is expected to exceed the minimum $500 million requirement for jumbo Pfandbriefe.

Norgeskredit has dropped Christiania Bank as co-arranger off its $1 billion euro debt issuance programme. Lehman Brothers is now sole arranger. The programme has three outstanding notes amounting to $380 million.