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Linde Finance has hit the market twice with two 18-month euro40 million trades that will be issued on the 7 and 18 of December 2000. The 18 December note pays interest semi-annually. All but one of Linde Finance's 14 trades this year have been done in the third quarter. The one trade, in June this year was a euro1 billion 7-year note which paid a final coupon of 6.375%.

Landesbank Rheinland-Pfalz (LRP) continues its penchant for Nikkei-linked deals. Yesterday, Monday December 4 it finalised a ¥7 billion ($63.13 million)one-year trade, which had been launched before the selling period as a ¥1 billion note. Its issue date is December 20 2000 and it matures on December 20 2001. It pays a single final coupon of 5% but there is no principal protection, with a knock-in option when the Nikkei hits "slightly below 12,000", according to Manfred Steyer, LRP's head of new issues and syndicate. Since the end of October, LRP has concentrated exclusively on short-dated yen and three-year sterling paper.

Merita Bank made its first claim in the five- to ten-year sector with a $30 million note that matures in June 2007. It will be issued on December 13 and the final coupon is 7.25%. Although the issuer was unwilling to divulge any details, there is a structure attached to the note for the preceding coupons. And on the same day two 10-year public notes were issued by Nordbanken via Deutsche Bank. Merita Bank is part of an entity called MeritaNordbanken, which is the result of a three-way merger between Merita Bank, Nordbanken and Unibank. Merita Bank has issued one other time this year, a $130 million eight-month trade paying 6.98%. It was a fixed-rate note. Ola Littorin, first vice president at MeritaNordbanken, says it is likely that trades similar to the one that will be issued on December 13 will be issued again in the future.

Bahrain Emirates Bank International and HSBC have signed banks into the $85m three year term loan for United Gulf Bank. After a successful syndication, the facility was oversubscribed and increased from $60m.

Mitsui OSK Lines has dropped Fuji International as a dealer from its $700 million Euro-MTN programme. Norinchukin International and Shinkin International have been added to the dealer panel. It's oustanding trades are all denominate in yen and amount to $239.72 million.

*David Robins has quit after ING Groep announced a review of its investment banking operation, ING Barings. His deputy as head of investment banking, Malcolm le May, has also decided to leave. A transitional leadership has been appointed. Michael Tilmant, vice chair of the ING group executive board, and Hessel Lindenbergh, another member of the group executive board, are to take over.

Nestle Capital has increased the limit off its euro4 billion multicurrency global commercial CP programme to euro8 billion. Credit Suisse First Boston has been added to the dealer panel and National Westminster has been dropped. Nestle Australia has also been added as an issuer.

Market report: Compiled by Gerard Perrignon, RBC DS Global Markets, London. Tel: +44 20 7653 4557

Nomura Europe Finance has increased the ceiling of its $4 billion Euro Note programme to $5 billion. There is $3.36 billion outstanding off 276 notes, the majority of which are in yen.

Nomura Global Funding has decreased the limit off its $6 billion Euro note programme to $5 billion. The programme, signed in 1998, has over $3.3 billion outstanding off 11 trades.

The security of US dollars has lured Norges Statsbaner into a $30 million trade, the issuer's last deal of the year. The eight-year note is callable after three years and offers 7.05% throughout the tenor. Tore Eileresen, treasurer at Norges Statsbaner, says: "Whether we call depends on the development of the swap market, because as we swap all trades back into Norwegian krone this is the most important part of the market for us." All the issuer's funding this year, $293.27 million, has come from five trades off the euro750 million ($665.03 million) Euro-MTN programme arranged by UBS Warburg. The Swiss bank also lead-managed this deal. And although the programme has been used opportunistically, Eileresen says it has met its target for 2000.

Northern Rock has braved the US MTN market by signing a $1 billion domestic programme. Merrill Lynch arranges the facility and is joined in the dealer group by Lehman Brothers, Morgan Stanley Dean Witter and Salomon Smith Barney. The $750 million debut issue off the facility was originally intended to be under $500 million. Often the US domestic market is seen as expensive for most European issuers despite it allowing access to capital and senior debt. Antony Swalwell, senior manager, capital markets at Northern Rock, says: "This programme will provide access to a larger pool of investors at an acceptable cost for the level of diversification achieved."