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* Vivendi, previously Compagnie Générale des Eaux, has mandated ABN Amro to arrange a Eu2bn global MTN programme. Vivendi, rated BBB+ by S&P, is a large French industrial group active in environmental services, communications and construction.

* New South Wales Treasury Corp Guarantor: New South Wales

* Nordic Investment Bank Rating: Aaa/AAA

Klaus Mai is leaving his post in HypoVereinsbank's loan syndications team in Munich to join the bank's Austrian subsidiary SKW Bank. He will work in commercial banking.

RELIEF that Brazil's sneeze would not for now result in the US and global economy catching flu enabled credit markets to pull back from the widening of last week on the back of improving stockmarkets. But as swap spreads tightened more rapidly than credit spreads, arbitrage was the victim and new issuance activity was relatively subdued. The pause should allow banks to clear some of their inventory, particularly at the long end and, if Latin America remains calm, the stage is set for issuance to pick up next week. The new issue pipeline is growing, adding to several deals that were delayed this week, such as DePfa's Eu3bn-plus 10 year global.

Norway General syndication of the Eu110m five year revolving credit for Det Norske Veritas will be launched at the end of January by arrangers Citibank and Deutsche Bank.

THE CO-ARRANGER phase of the Vivendi debt facility has been so successful that arranger SG has agreed with the borrower to increase the loan from Eu500m to Eu750m. The phase was launched two weeks ago and, although success was always likely given Vivendi's reputation and strength, the quality of the co-arranging group has surprised even the most dour of market participants.

SG THIS WEEK launched Eu600m of convertible bonds for Promodes, the French retail group. The issue underlined the vibrancy of the market for hybrid securities in the new currency, as well as the pole position rapidly grabbed by SG in the new sector. SG kicked off the year with a Eu1.5bn convertible for Vivendi, the French utility and media group.

Market commentary: Compiled by Tawanda Nyandoro, RBC DS Global Securities, London. Tel: 0171-653 4870

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THE UK MARKET is set to host a huge number of straight equity and convertible deals in the next few weeks. The London market has reaped enormous benefits from the strength of global stockmarkets and held up remarkably well in recent turmoil as the devaluation and ultimate flotation of the Brazilian currency pushed Brazil into economic crisis.