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Toshiba Capital has increased the ceiling on its $800 million Euro-MTN programme to $1 billion. The programme has $286.70 million outstanding off 30 trades.

UBS Warburg has topped the MTNWeek issuance league table for the first time, knocking Salomon Smith Barney (Salomon) off the top spot. It has issued $13.44 billion off 558 trades which meet the MTNWeek private placement criteria (see back page). Salomon had held the number one position since May when it edged out Merrill Lynch. From the beginning of the year the two US houses had been jostling for the number one position. And this is the first time a European house has occupied the top position since MTNWeek capped the tables at $250 million in January 1999. Last year Salomon dominated the table, sharing the top spot with Nomura at the beginning of the year. It was toppled by Morgan Stanley Dean Witter at the end of 1999. UBS Warburg has traded in eight currencies this year, with most trades split evenly between dollar (25.6%), euro (24.4%) and yen (24%). Although it favours short-dated trades with 55% of its business in the one- to three-year sector, this quarter it has done more 10-year and over paper, with 13.7% of its business in this sector.

Bookbuilding has begun for Deutsche Bank and ING Barings' £86.7m IPO for internet security company N-Cipher. The deal will sell 25% of the company and the majority of 34m shares sold will be new. The LSE listing will price on October 17. Trading is expected to begin on October 19. The company will sell shares in the US under Rule 144a. N-Cipher is a leading supplier of internet security products using public key infrastructure. It also has a product that speeds up internet access.

EuroWeek hears that Kingston Communications (Hull) plc is preparing to tap the market for a £250m financing. The borrower is thought to be close to mandating ABN Amro, Bank of America, Barclays Capital, Royal Bank of Scotland and Toronto-Dominion for the deal. The borrower last tapped the market through mandated arranger Robert Fleming & Co in March 1998 for a £85m term loan.

Globals * Citigroup Inc

* BBVA Global Finance Ltd Guarantor: Banco Bilbao Vizcaya Argentaria SA

It's probably fair to say that MTNers know how to take care of themselves and Peter Matza at Thames Water is no exception. He made sure that he was far away on holiday when the lovely tour of the company's sewerage factory took place last week. Leek's found out that while dealers Tiina and Rupert were wading through the factory's exhibits, Peter was off in Milan at the Chelsea football game. Die hard Chelsea supporter Simon Hill from CSFB was also spotted in the crowd. And die-hard fan of the MTN market, Keith Phair, has emerged again in the spotlight. Regular readers may remember the report that the former HSBC desk-head made his television debut on Points of View. Well, he's moved up a notch. He's been spotted on CNBC in his new role as expert extraordinaire on all things Europoean. Dealing rooms across London were brought to a standstill with Kieth's mugshot on the screen. Who would've thought? So a glittering MTN career can lead to stardom.