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Three-year sterling is enjoying a sudden spurt of popularity. Unsurprisingly the issuers supplying the demand are UK financials, mostly building societies. Bradford & Bingley Building Society, Britannia Building Society, Northern Rock and Yorkshire Building Society have all issued trades that go out just beyond three years. They all have issue dates of February 5 2001 and they all mature on March 5 2004. All are £

Tissue engineering company co.don will brave the German equity market at the beginning of February with an IPO that could raise as much as Eu30m. The first day of trading on the Neuer Markt is scheduled for February 14. Baden-Württembergische Bank is managing the sale. The company specialises in tissue regeneration technology. It will offer 1.5m shares, and is expected to set a price range between Eu13 and Eu20.

The Republic of Tunisia has requested offers for a five year Samurai bond of ¥30bn-¥40bn. This would comprise almost the whole of the sovereign's Td500m (¥42.2bn) borrowing target for 2001. Banks thought to have been approached include Daiwa, Nomura, CSFB, Nikko and Merrill Lynch, who launched Tunisia's last Samurai, a ¥50bn deal, split between a ¥35bn 2010 and a ¥15bn 2030.

Lead arranger Royal Bank of Scotland (bookrunner) and co-lead arrangers JP Morgan (co-ordinating bank), Lehman Brothers and Bank of Scotland are preparing to launch the first stage of syndication of the senior debt facilities backing the acquisition of Rank Hovis McDougall (RHM) by Doughty Hanson from Tomkins within the next two to three weeks. The launch will be closely tied to the launch of a £600m securitised bond issue led by JP Morgan, which is lead arranger and co-ordinator of the overall transaction (see front page for more details).

Globals * Capital One Bank

* ABN Amro Bank NV Rating: Aa2/AA/AA+

Deutsche Bank yesterday (Thursday) sold a Eu457m exchangeable bond for Vivendi Universal, as part of the French conglomerate's drive to define itself as a pure media company. The notes are convertible into shares in construction services company Vinci. The underlying stock represents the whole of Vivendi's 8.7% stake in Vinci. "The deal got very healthy demand," said a banker close to the deal, "especially out of dedicated French accounts. People know Vivendi very well, as it is the largest convertible issuer in Europe so far."

* Pfandbriefstelle der Oesterreichischen Landes- und Hypothekenbanken Rating: Aaa

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