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Barclays capital, bookrunner off only one trade for Thames Water, has been dropped as a dealer from the utility's debt issuance programme. The bank has been replaced by HSBC and Morgan Stanley Dean Witter on the dealer panel. An official from the treasury at Thames Water says: "We wanted to reward those dealers that have been active for us in order to maintain a dealer panel that serves us best." Morgan Stanley sold $144.72 million-worth of debt off three trades for the issurer and HSBC was responsible for $143.53 million off two issues. Barclays Capital managed only $16.92 million off its one issue since the programme was signed in October 1997. In addition to rearranging its dealer panel, Thames Water also increased the limit of its programme from $3 billion to $4 billion.

BEST EURO-CP HOUSE OF 1999 As the number of banks signalling their intention to rejoin the Euro-CP market increases every day, and more and more issuers are accessing the market, the need to identify top market players is crucial. Research for this award included CPWare data, issuer and dealer opinion and pitches from the top 15 banks. This was a tough decision as the market is so tightly fought-over by a small number of banks with Citibank faring very well. But Deutsche Bank is top of the CPWare arranger league table, with 23 mandates signed in 1999. It also tops this year's dealership table with 46 signings, amounting to a total size of over $30 billion. The bank has been a leader in the market boasting 48%euro outstandings. As the only Euroland bank with an active presence in the market, it has been able to take advantage of its retail network. It's the market leader in Germany and the largest foreign bank in Italy and Spain. It's encouraging a broader marketplace for issuers of all types, including hybrid domestic or Euro- programmes such as those for Belgacom and KPN, which bridge the issuer's investor base between domestic and international markets. The bank also put together asset backed facilities such as that of Bills Securitisation, which securitises pools of German bills of exchange. It is one of the few asset backed, as opposed to credit arbitrage, vehicles in Europe. And Deutsche Bank is a significant contributor to the range of important regulatory reforms to the market. John Ford, head of sales at the bank, chairs the ECP Association. He has negotiated associate membership of ISMA and the monitoring of trades within the Trax system. This will help confer regulated status on Euro-CP and thereby broaden market distribution.

BNP Paribas has launched an online Euro-MTN trading system. The internet portal, called MTNMaster, will provide data on issuer requirements and libor targets. It will enable investors to see what issuers need. And it will show investors not only vanilla trades but also structures available through BNP Paribas. It is hoped this will help the process of matching issuers to investors. Daniel Cogoi, head of MTNs at BNP Paribas, introduced the website at the global MTN market conference in London on Thursday, October 12. Interest was shown for the trading system at the conference with many issuers keen to submit their details for the free subscription. BNP Paribas will release further details about the site next week. MTNMaster is the second MTN trading portal of its kind. It follows UBS Warburg's online trading system, which provides information on vanilla trades, launched in October 1999.

Bremer Landesbank has increased the ceiling off its euro10 billion ($8.7 billion) debt issuance programme to euro15 billion.

Market report Compiled by Frank Hracs, TD Securities, Toronto

Caymadrid International has increased the ceiling off its $3.5 billion debt issuance programme to $5.5 billion.

Portugal's first private corporate has joined the Euro-MTN market. Cimpor, Portugal's largest cement group, signed a euro1.5 billion ($1.54 billion) Euro-MTN programme on December 23, 1999. Portugal, until last year, had no active borrowers in the MTN market apart from the republic itself. But 1999 saw five Portugese issuers launch their inaugural deal. There is now $8.44 billion-worth of Portugese debt outstanding. Cimpor, rated A- by Standard & Poor's, chose Morgan Stanley Dean Witter as its arranger. The dealers are BCPA, Banco Portugues de Investimento, Banco Santander Central Hispano, Caixa Geral de Depositos, Deutsche Bank, ING Barings, Merrill Lynch, Paribas, Salomon Smith Barney and the arranger.