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Tyco International Group (Tyco) has signed a euro300 million ($285.84 million) Euro-CP programme. ING Barings is the arranger and sole dealer. It is the eleventh US corporate to sign within the last year. Despite a slow market Tom van den Elzen, senior product manager at ING Barings, thinks Tyco will double its programme size and add to the dealer panel before the end of the year. But he is wary. He says: "The main thing to understand is that although Europe has only one currency, it has many different legal systems to work under. I can't see the market growing quickly enough to attract lots more issuers." Tyco is rated A-2/P-2 and is the world's largest manufacturer of fire and safety systems. It is also involved in healthcare products, flow control and telecommunications. The issuer operates in over 80 countries and its 1999 revenues topped $28 billion.

One of the UK's largest building societies has joined its rivals in the Euro-MTN market. Chelsea Building Society signed a £

Unilever has tripled the size of its $5 billion Euro-MTN programme to $15 billion. IBJ has been dropped as co-arranger, leaving UBS Warburg as sole arranger. Greenwich NatWest has been dropped as a dealer and HSBC has been added.

Lead arranger JP Morgan has set to work on the securitisation of certain products of Rank Hovis McDougall, which has been sold to private equity house Doughty Hanson by UK conglomerate Tomkins. Until the launch of the securitisation the debt will be held among four banks, with no further syndication likely.

THE HIGH GRADE cross-over investor flow the Latin markets have been hoping for all year came into the market in force this week to snap up a $1.5bn 8.5% blowout 5-1/2 year global bond by the United Mexican States.

THE HIGH GRADE cross-over investor flow the Latin markets have been hoping for all year came into the market in force this week to snap up a $1.5bn 8.5% blowout 5-1/2 year global bond by the United Mexican States.

UPM-Kymmene has increased the ceiling off its euro1 billion ($951.1 million) global MTN shelf to euro2 billion.

* AES Drax Energy Ltd Rating: Ba2/BB-

TURKEY'S Vakifbank raised Eu200m via a three year FRN this week, after late demand for the generously priced issue saw it increased on Monday from Eu125m at launch last Friday (July 21).. Rated B1 by Moody's, the deal, which was lead managed by Merrill Lynch, Schroder Salomon Smith Barney and Garanti Bank, was the largest euro denominated transaction by a Turkish non-sovereign issuer.

THE European high yield market absorbed its second chemicals deal this week, as Ciba Specialty Chemicals' former performance polymers division - Vantico - sold Eu250m of 10 year bonds via Credit Suisse First Boston. The issue, which refinances debt from the company's buy-out, was priced with a 12% coupon, to give a spread of 679bp over the Bund.

TURKEY'S Vakifbank raised Eu200m via a three year FRN this week, after late demand for the generously priced issue saw it increased on Monday from Eu125m at launch last Friday (July 21).. Rated B1 by Moody's, the deal, which was lead managed by Merrill Lynch, Schroder Salomon Smith Barney and Garanti Bank, was the largest euro denominated transaction by a Turkish non-sovereign issuer.

THE European high yield market absorbed its second chemicals deal this week, as Ciba Specialty Chemicals' former performance polymers division - Vantico - sold Eu250m of 10 year bonds via Credit Suisse First Boston. The issue, which refinances debt from the company's buy-out, was priced with a 12% coupon, to give a spread of 679bp over the Bund.