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Daniel Tyree, who has been chairman of Lehman Brothers Asia since 1995 has been named head of a newly created marketing and corporate relations function based in New York. "As a member of the Lehman Brothers operating committee and as the former head of our European and Asian operation, Dan brings a unique wealth of knowledge that will enable him to take on his new responsibilities with the skill and experience that the job requires," said Richard Fuld, chairman and CEO of Lehman Brothers. "Because of its importance the job requires the full time attention of one of our most senior and experienced executives."

Turkey's $500m 10 year global bond received a rousing reception on Friday (June 18), with investors reacting positively to what was perceived as the issue's fair-to-generous pricing. The transaction was Turkey's largest and longest dated dollar bond since before the Asian crisis in the fourth quarter of 1997 and the first since the formation of a new government following elections in April.

Deutsche Apotheker- und Aerztebank AG Rating: A2

The global credit market suffered a week that most of its participants would sooner forget as concerns about the outcome of next week's FOMC meeting and the upcoming non-farm payroll figures quickly eroded the stability brought about by last week's better-than- expected CPI figures. All sides of the market are hoping for some firm direction from the Fed on interest rates. A rise is widely expected, with the debate centring around whether the Fed will implement a 25bp or 50bp hike.

Finnish pulp and paper group UPM-Kymmene is to set up a Eu1bn global debt programme which it will initially use to raise its profile in Europe's new corporate debt markets. If market conditions allow, the company will launch a debut euro-denominated bond around the end of September via Salomon Smith Barney.

France Paribas (lead arranger) and Warburg Dillon Read will wrap up syndication of the Ffr1.716bn debt facilities backing the acquisition and existing debt of Groupe Valfond by Phildrew Ventures/UBS Capital today (Friday).

World Bank in two pole A$ bond