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Denmark LB Kiel has closed the Eu65m multicurrency financing for Danish bank Amtssparkassen Fyn. The borrower proved popular in syndication and the facility was increased from Eu50m.

SG has been keeping busy with a number of trades in yen and euro, and one each in US dollar, Hong Kong dollar and Singapore dollar. These latter two markets are used excessively by the French bank, and Sylvie Molas, medium and long-term funding at the issuer, says: "We use these markets on an opportunistic basis. It's not necessarily that we have a preference for placing paper there, but we have very strong teams working for SG in Asia." The trades are very short-dated, maturing in February next year, and are each structured on an equity-linked basis. Over 40% of SG's funding has been in Hong Kong dollar this year.

Market report Compiled by Vusi Mhlanzi

France Telecom has once again found refuge in the private yen market. It launched a ¥15 billion one-year trade via Salomon Smith Barney, which pays Yen Libor + 20bps on a quarterly basis. The maturity date is December 21 2001. Over 75% of the issuer's funding in the private market has been denominated in yen this year. It has raised $650 million-worth in yen off 8 private trades.

* European Investment Bank Rating: Aaa/AAA

The Swedish telecoms regulator, Post- & Telestyrelsen, will decide on the winners of the UMTS beauty contest in the next few days. The authority will award four licences from among 10 bidders. Each of the bidders has a standby loan facility in place. But at a time when telecoms lending is under intense scrutiny it seems that some of the banks would rather be backing the losers.

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

Warning noises are being increasingly heard from financial regulators over the levels of exposure of banks within the telecoms sector. Within the past week, two UK bodies with regulatory duties- the Financial Services Authority (FSA) and the Bank of England - have issued statements highlighting their anxieties over the level of lending by the markets to telecoms firms.

CONTENTS OF ABC OF EMYOU: ? The Euro-MTN in perspective -- To predict the future size and shape of the Euro-MTN market post-Emu means taking a look at its foundations. Niamh Reynolds talks to market veterans to trace the product's development from its birth to itsemergence as a key fixed income product in Euroland. ? So what happens now for market players -- A sponsored statement from Merrill Lynch. ? Euro-friendly borrowers plan their way through Emu -- A virtual roundtable discussion, chaired by Katherin Morton, highlights the issues facing borrowers and originators in the new euro regime. ? IPAs battle it out to be the best -- Consolidation in the banking industry has left the number of Issuing and Paying Agents (IPAs) at a minimum. The race is on for them to differentiate themselves in a Europe without domestic barriers. The best IPA will be one which can establish itself as the global alternative to domestic paying agencies used to working with domestic clearing systems. Niamh Reynolds talks to top houses. ? Arrangers debate the letter of the law for Euro-MTNs -- Does the Europe of 1999 mean that market participants will speak the same language when it comes to documentation? Georgina Dow talks to some backroom boys and discovers that though Euroland may have one currency, it is a long way from having a single legal framework. *** For more information about this supplement, or if you wish to advertise in MTNWeek's next supplement, please contact Francoise Lavergne on +44 7440 6436. ***

Tele Danmark has managed to raise some much needed Swiss franc funding. Apart from successfully bidding for a UMTS license in Switzerland for Sfr50 million ($29.7 million) it is also merging and increasing its stakes in two of its Swiss operations, Sunrise and Diax in January 2001. Carsten Dalgaard, Tele Danmark's assistant treasurer says that it will keep the trade unswapped: "It's partly funding for that acquisition." He goes on to say that the bookrunner Morgan Stanley Dean Witter approached it with the trade knowing that it might be interested in Swiss francs The Sfr60 million trade is a FRN that pays Swiss Libor + 17bps on a quarterly basis and goes out to December 28 2001. The issue date is December 28 2000.

Norddeutsche Landesbank Luxembourg has signed a euro4 billion ($3.51 billion) Euro-CP facility, as rumoured in MTNWeek, issue 206. UBS Warburg is the arranger and the other dealers are the issuer, Barclays Capital, Citibank, Deutsche Bank and Goldman Sachs. It is the third landesbank to join the Euro-CP market in the last four months, and is the start of what could be a surge of landesbank signings. The previous two are highly active off their programmes. Landesbank Rheinland-Pfalz has $1.67 billion outstanding off 40 trades, and Landesbank Sachsen has outstandings of $108.53 million.