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Rafael Valbuena has joined WestLB's UK loan syndication team. Valbuena will work with Anton Martin, associate director, on the distribution of secondary and primary loans. Before WestLB, Valbuena was at Bank of Montreal. WestLB's UK loan syndication team is headed by Jonathan Jamilly. Peter Phillips has moved from Greenwich NatWest's Paris offices, where he was a managing director and head of European structured finance, to London where he will assume responsibility for global primary markets origination for NatWest's structured finance business.

* Caixavigo Amount: Esc5bn

* Südwestdeutsche Landesbank Girozentrale Rating: Aaa/AAA

* De Nationale Investeringsbank (DNIB) Rating: Aa3/AA+

9841

Norway The loan facility arranged for Steen & Strom has been decreased from Nkr2bn to Nkr1.8bn, because one of the shopping centres that the facility was due to refinance opted to take out a fixed rate mortgage loan rather than a plain vanilla syndicated loan to avoid paying a higher margin. The shift in the yield curve of the Norwegian krone made that more advantageous.

* General Electric Capital Corp Rating: Aaa/AAA

MUCH is riding on the US Treasury market's reaction to the non-farm payroll figures to be released today (Friday). If the market reacts the wrong way to the US figures, it could seriously harm the World Bank's plans to launch the biggest ever fixed rate dollar transaction. The prized mandate has been awarded to Goldman Sachs, JP Morgan and SBC Warburg. Market sources expect a $5bn issue to be announced on Monday with price talk on Tuesday and official launch on Wednesday. The indicated level is around 14bp over.

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

Domestic issuance: * Baloise-Holding

TELEFONICA put an end to weeks of speculation and confirmed this week that it plans to launch a capital increase. Many banks have recently been pitching their services to the Spanish telecoms giant, which has been hinting for some time that it wanted to tap the markets this year.

TEXAS Utilities, the US power company, looks set to take the international loan market by storm with its audacious $7.43bn cash bid for Energy Group, the UK's largest electricity supplier.