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Barclays is multiplying and has found a couple of new MTNers to join old hands Nabil Aboulzelof and Apostolos Saflekos on the desk. Oliver Johnson is moving over from Barclays' CP desk. He'll be joined by one other when he starts next month. Watch this space... And Barclays' Stephen Larkin has had enough of CP origination. He's moving up the ladder to start trading CP and will be replaced by business school grad Michael Kristensen, from Denmark. And another trader scaling some dizzy heights this weekend is CSFB's Simon Hill. The lucky filly he'll be mounting will be at least 16 hands in her socks. Simon is trotting off to a horse-riding lesson. And talking of outdoor pursuits we must say good luck to Scott Hindmarch, CP dealer and only ex-sailor on Lehman's payroll. He thinks a quick spin in a yacht down the east coast of America will cleanse the spirit. Only if you fall over board, Scott. Meanwhile Leak hears that Pieter van Dyck has started the foundations for his latest empire: e-mails to dealers with market news. Nothing like a few trades waiting on your screen for when you get in.

AEM Torino, the municipal electricity utility of Turin, this week priced its Eu208m offer towards the top end of the range, reflecting strong demand for a company that should benefit from the deregulation of the Italian electricity market. The deal was priced at Eu2.7 from a price range of Eu2.3-Eu2.85. The shares will start trading on the Italian Exchange today (Friday). Banca IMI led the deal.

Merita Bank has upped its Euro-MTN shelf to euro7 billion ($5.91 billion) from euro5 billion. Unibank has been added as an issuer and dealer. Barclays Capital and Salomons have also been added to the dealer panel.

Oman The $150m five year facility for Bank Muscat was launched into general syndication this week. Fuji Bank, KBC, Sanwa and Standard Chartered joined the facility as arrangers taking $12.5m each.

Banca Popolare di Milano (BPM) signed its euro2 billion ($1.72 billion) Euro-MTN programme on Wednesday, November 15. Merrill Lynch has been appointed as arranger. An official in the corporate finance department of BPM says: "The medium term is growing and we have more need now in this sector. The programme means we will be able to access the market at short notice and with flexibility. We will mainly issue in euro, but also dollar." BPM is planning its first trade for next week and Merrill Lynch and Banca d'Intermediazione Mobiliare IMI will manage the deal. The official at BPM adds: "We chose Merrill Lynch as arranger because they guaranteed us the widest distribution capacity and our relationship with them was consolidated when they did a L700 trillion ($310.77 billion) subordinated convertible bond for us in June 1998." The dealers are Banca Akros, Banca d'Intermediazione Mobiliare IMI, Barclays Capital, Bear Stearns, Credit Agricole Indosuez, Dexia Capital Markets, Goldman Sachs, Salomon Smith Barney, UBS Warburg, the arranger and the issuer. It is the first time that Banca Akros has been included in an MTN dealer panel. It is 100% owned by BPM and has an active relationship with Italian institutional investors. The programme is rated A2 by Moody's, A by Standard & Poor's and A by Fitch.

* At an investors' meeting on Wednesday, BNP Paribas indicated its intention to hire 1,000 bankers by the end of 2002, if market conditions "remain buoyant". The hires would come in the front office of the corporate and investment bank, but no details of geography or platform were forthcoming. * Cazenove & Co, the leading UK broker, has announced its intention to list on the London Stock Exchange.

Nationwide Building Society has signed a $2 billion senior and subordinated MTN programme. No arranger is listed in the documentation but Credit Suisse First Boston, Lehman Brothers, Merrill Lynch, Morgan Stanley Dean Witter and Salomon Smith Barney have been named as dealers.

The Neuer Markt new issues market all but dried up this week as the Nasdaq fell dramatically, dragging the high growth exchange in Frankfurt down with it. The Nemax all-share index dropped 4.4% yesterday (Thursday), and is in danger of suffering further losses after a day in which the Nasdaq composite fell as much as 6.8% following a profits warning by Gateway, the fourth largest personal computer manufacturer. Internet marketing provider ad pepper also dealt the market a heavy blow, slashing its projected revenues for the year from Eu23m to Eu16m. "This is a massive disappointment," said a Neuer Markt fund manager in Frankfurt. "Investors are really angry."

The Neuer Markt new issues market all but dried up this week as the Nasdaq fell dramatically, dragging the high growth exchange in Frankfurt down with it. The Nemax all-share index dropped 4.4% yesterday (Thursday), and is in danger of suffering further losses after a day in which the Nasdaq composite fell as much as 6.8% following a profits warning by Gateway, the fourth largest personal computer manufacturer. Internet marketing provider ad pepper also dealt the market a heavy blow, slashing its projected revenues for the year from Eu23m to Eu16m. "This is a massive disappointment," said a Neuer Markt fund manager in Frankfurt. "Investors are really angry."

Finland Software producer Aldata Solution will next week sell shares worth Eu74.5m in a vendor placing to finance the acquisition of French-German owned software house OI Synform.

The rise of credit derivatives, especially portfolio trades, is providing attractive new opportunities for investors.