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Procter & Gamble (P&G), the biggest US producer and supplier of household products, signed a $3 billion Euro-CP programme on Wednesday, November 1. The new facility complements the issuer's two US CP programmes. Goldman Sachs is the arranger. The issuer is relying on name recognition and its P-1/A-1+ ratings, rather than a roadshow, to entice investors. John O'Leary, capital markets analyst at P&G, says: "We didn't feel the need to roadshow now because we put the word out a month ago - when we did a £

* DePfa Deutsche Pfandbriefbank AG Rating: Aaa/AAA/AAA

* GZ Bank AG Rating: A1/A+/AA-

Romania's Eu200m five year Eurobond looks set for launch today (Friday), despite a week of bearish news about the country. One banker following the deal, being lead managed by ING Barings and Schroder Salomon Smith Barney, said: "It will either be Friday or early next week. They are talking about 11.5%-11.75%, and the Romanians are focusing on 11.5%. During the roadshow over the last week, it has gone from looking expensive to even." Romania's three year issue of September was trading at 10.85% late on Thursday night.

Denmark LB Kiel is expected to launch a term loan for a Danish financial institution in the next week. The margin is thought to be close to 24bp with just over 25bp all-in.

* European Investment Bank Rating: Aaa/AAA

* Co-operative Bank plc Senior rating: A3/A (Moody's/Fitch)

The new issue market on the Neuer Markt may be picking up. The two companies that listed on the high growth exchange in Frankfurt this week have seen their shares rise, despite two Neuer Markt companies announcing disappointing results. Software consulting firm syskoplan managed to price its Eu31m IPO at the top of the range on Wednesday and the shares opened up 7%. Shares in integrated call centre provider Camelot tele.communication.online rose as much as 51% after its Eu29m IPO.

* Citigroup Inc Rating: Aa2/AA-/AA

The final two months of equity issuance in 2000 will be characterised by a struggle between telecoms companies seeking funds. Despite negative investor sentiment towards the sector, KPN, Telefónica Móviles and Telekom Austria all have multi-billion euro deals in the market. Telenor will launch shortly and Portugal Telecom, via Goldman Sachs and Merrill Lynch, is expected in December.

Activity in the telecom sector moved east this week with the launch to general syndication of PTC's Eu650m facility and the expected launch of a second financing for Croatia's VIP-Net. VIP-Net is owned by Mobilkom Austria (30%), Western Wireless International (19%), Vecernji List (23.5%) and Hvratska Postanska Banka (4.9%).