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Hamburgische Landesbank, always partial to some long-dated funding, managed to sell a thirty-year trade. The euro16 million ($15.66 million) FRN, paying interest quarterly, has an issue date of February 5 2001 and a maturity date of February 5 2031. The London branch of the Aa1-rated bank acted as the issuer. It is the smallest euro-denominated trade it has issued since May. Since it signed its programme in March 1998, 10.65% of its issuance has been in the 12-years plus part of the curve.

Sun Hung Kai Properties continues to be one of the most frequent coporate issuers to the Hong Kong dollar sector. The HK$100 million ($12.85 million) FRN goes out to December 10 2007 and pays interest quarterly and a final coupon of 7.3%. It has now issued nine Hong Kong dollar notes, raising the equivalent of $211.62 million this year. Other corporates in the currency in 2000 are gics Jackson National, AIG Sun America, John Hancock and Hilton, LVMH, Tele Danmark, GMAC and ETSA Utilities.

Hertz is upping the limit on its $500 million Euro-CP programme to $1 million. The programme, signed in 1997, has $504.58 million outstanding off 12 issues.

IKB Deutsche Industriebank yesterday (Thursday) brought the first CLO under Kreditanstalt für Wiederaufbau's programme to transfer the risk of German small and medium business loans, with a Eu2.4475bn issue. Merrill Lynch was sole bookrunner for the five tranches of notes issued below a Eu2.235bn super senior credit default swap.

Sol Melia, the Spanish hotel chain, which has been waiting to sign its Euro-MTN programme since August, has made immediate use of the MTN market. It only managed to sign its programme this week, but straight away issued a euro206 million ($179.83 million) zero coupon note, which goes out to March 30 2001.

Goldman Sachs, ING Barings and Morgan Stanley Dean Witter have been awarded the mandate for a $1bn global issue of trust preferred securities by ING Groep's ING Capital Funding Trust III, rated A/Aa3. The SEC registered deal will be a non-cumulative perpetual non-call 10 transaction. Roadshowing finishes today (Friday), and the deal is expected to come to market early next week.

Investors Finance has done its sixth sterling trade of the year: a 29-year £

UniCredito Italia has signed a euro5 billion ($4.46 billion) Euro-MTN programme. UBS Warburg and UniCredit Banca Mobiliare are the arrangers. The dealers off the facility are the arrangers, ABN Amro, BNP Paribas, Chase Manhattan, Deutsche Bank, Dresdner Bank, Goldman Sachs, JP Morgan, Lehman Brothers, Merrill Lynch, Morgan Stanley Dean Witter and SG.

*EL.en, an Italian medical and industrial laser maker, has priced its Eu35.2m IPO towards the bottom of the range following investors' concerns over market volatility. The price was set at Eu26 from a range of Eu24.5 and Eu31.5. The stock will start trading on the Nuovo Mercato on December 11.

BoE Bank of South Africa has become the country's first private bank to issue a senior debt bond, with a R1bn three year issue launched this week on the domestic market through Merrill Lynch. The bond offers a 12.75% coupon on a 99.842 issue/reoffer price, giving a 105bp pick-up over three year government swaps. It was also the first ever offering on the domestic market from a single-A rated issuer - BoE is rated A1/A+/A+.

Kelda Group announced six month interim results on Tuesday that were in line with analyst expectations. Pretax profits fell to £81m from £122.2m last year, due to 14.5% price cuts imposed on the company by industry regulator Ofwat. Announcing the results, Kelda's chairman urged Ofwat for a "long term strategic view of the industry", following the restructuring plans put forward to the regulator by Glas Cymru, prospective owner of Welsh Water, in early November. As a company limited by guarantee, Glas Cymru is regarded as having a better chance of winning regulatory clearance than Kelda did when it made similar proposals earlier in the year.

In mid-March 1999, City of Rome (Rome) will become the first Italian city to sign a Euro-MTN programme, following the trend among municipalities for entering the market. JP Morgan has won the arrangership mandate for the euro500 billion ($566.25 billion) Euro-MTN programme. The dealer group will be announced after the city council gives its approval in the next two weeks. It is expected that 70% of the appointed dealers will be international houses and 30% Italian banks. An inaugural issue of euro150 million with a long maturity is planned to kick off the facility, after which time the borrower expects to be in the market regularly. Funds will be used to finance infrastructure and cultural projects, including a modern art museum. Rome joins other quasi-governmental bodies within Euroland which are turning to the international capital markets for funds. Region of Lazio signed its $1 billion Euro-MTN programme in November 1997, and Province of Naples will set up a facility in March. Other cities are expected to follow Rome's example. Borrowers like City of Bologna, would then be able to diversify their investor bases beyond those captured by domestic programmes. Silvia Candini, an associate in fixed income origination at JP Morgan, says: "I think it's a trend in the market. Euro-MTN programmes are appreciated by other local authorities and seen as very valuable and flexible funding tools." Candini is confident that the programme will receive a strong rating because Rome itself holds a good double A- rating from Standard & Poor's and Fitch IBCA.