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Nasdaq, the giant US screen based market for high-growth stocks, is to unveil plans to launch a pan-European stock exchange. This may include forming an alliance with London's newly launched second tier market for technology and other high growth stocks. Any new venture will be created by Nasdaq's consortium whose other members are Vivendi, e-partners, the internet investment fund and Softbank, the Japanese new media bank.

* The Bank of New York has acquired RBS Trust Bank Limited from the Royal Bank of Scotland. It will be renamed The Bank of New York Europe Limited. The bank has also completed its acquisition of an equity interest in RBSI Security Services (Holding) Limited, with headquarters on the island of Jersey.

Metromedia Fiber Network and North American Van Lines (NAVL) will price European high yield transactions next week, while PTC and Global Telesystems will conclude premarketing of deals set for launch the week after. Although high yield investors, like those in high grade markets, are reluctant to commit new funds to the market, bankers report that deals offering value can still be priced before year end. This week's market rally will have offered borrowers further encouragement.

* Despite domestic political turmoil at home the Ba1/BBB-/BB+ rated Republic of Lithuania was able to launch a second tap of its Eu150m 7.875% April 14, 2003 euro-denominated bond this week. The add-on, the second to the original Eu100m issue from late September was brought at a issue/fixed re-offer price of 98.176 and spread of 395bp over Bunds. Sole lead JP Morgan reported that the issue had been driven by a strong bid from German retail investors. On Thursday, however, Standard & Poor's warned that the political fall-out from the Lithuanian government's planned sale of a 33% stake in oil company Mazheikiu Nafta, could jeopardise the country's BBB+ rating.

n Lehman Brothers and Banca IMI will today (Friday) release the issue price for the flotation of stock in Italdesign, the prestigious Italian motor group. Some 40% of the group's capital is being floated in Milan and the level of demand for the shares demonstrated investors' willingness to buy a strong name in the local market.

n Deutsche Australia Ltd Guarantor: Deutsche Bank Australia Ltd

Tim Kirby joined Den Danske Bank in London from Tokai Bank on November 1, as a senior manager. He will report to the head of debt markets, David Roberts. Kirby will strengthen the bank's secondary loans sales team and will also work in primary distribution.

n World Bank Rating: Aaa/AAA

DRESDNER Kleinwort Benson has launched the IPO of PKN (Polski Koncern Naftowy), the Polish oil refinery group. Despite a general lack of enthusiasm by investors for emerging market assets, PKN has commanded impressive levels of demand from institutional investors.

MEDIOBANCA and Warburg Dillon Read have signed up seven banks for the Eu3.5bn 18 month deal for Assicurazioni Generali. The arrangers achieved a 100% hit rate with the banks they invited. The seven are Banca Commerciale Italiana, Banca di Roma, Banca Intesa, Banca Monte dei Paschi di Siena, Crédit Agricole Indosuez, Commerzbank and Unicredito Italiano. They come in as co-arrangers and underwriters.

CSFB AND Goldman Sachs this week executed the fast track Sfr1bn offering of straight equity and convertible bonds for Adecco, the fast-growing Swiss temporary staffing agency. The deal, which builds on the still strong demand for equity-linked debt, forms part of the group's attempt to recapitalise its balance sheet following the acquisition of US temp agency Olsten.

Rating: AAA Amount: Eu500m (fungible with four issues totalling Eu900m launched 13/08/98, 04/12/98, 04/05/99 and 31/08/99) Öffentlicher Pfandbrief series 955