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Bahrain Mandated arrangers ABC, DG Bank, Gulf International Bank and National Bank of Abu Dhabi have launched the $80m term loan facility for Bahrain International into general syndication The first round of syndication closed oversubscribed at $87.5m. The arrangers and borrowers will negotiate the final sum after the close of general syndication.

* Alex Krauer, chairman of UBS, is to step down after next year's AGM. Marcel Ospel, currently chief executive is to replace him. Ospel's appointment is subject to the approval of shareholders at the AGM, to be held on April 26.

Banca Monte dei Paschi di Siena (MPS), the oldest bank in the world and largest banking group in central and northern Italy, will sign a euro5 billion ($4.94 billion) debt issuance programme next Friday, February 4. ABN Amro has scooped the arrangership for the facility despite the fact that it has only one other Italian mandate to its name. Flavio Spineda is responsible for the funding department at MPS. He says: "With this programme we are talking about institutional investors both foreign and domestic. This is different to our existing retail buyer network so we've provided a credit rating." Moody's rates MPS' programme A1 as it does several Italian facilities such as that of San Paolo IMI which signed last April. But Spineda, at MPS, is confident investors will be able to differentiate the various banks. He says: "Dealers tell us there is a lot of demand for paper such as ours. We hope to be able to borrow at one or two basis points cheaper than other similar banks. We just have to wait for the most favourable time." MPS, based in Tuscany, is the second Italian to sign this year after 17 joined the market in 1999. It shows that Italian borrowers are still leading the way into Euro-MTNs a year after the introduction of Emu. The issuer is fairly familiar with international debt markets. It tapped the public bond market six times last year and has an existing $5 billion euro depository receipt programme signed in 1991. It also has a $2 billion Euro-CD programme in operation since 1990. The new facility will also allow MPS to issue schuldschein. Joining the issuer and arranger in the dealer group are Credit Suisse First Boston, JP Morgan, Lehman Brothers, Merrill Lynch, Salomon Smith Barney, Warburg Dillon Read and Westdeutsche Landesbank Girozentrale.

Austria CAIB pulled the Eu76m-Eu93m IPO of software company ai informatics on the last day of bookbuilding due to lack of interest from international institutions. Despite good interest from domestic investors, the offer of 4.45m shares at Eu17-Eu21 had to be cancelled on Friday last week.

Estonia Moody's has put the financial strength rating of Hansapank on review for possible downgrade from D+, whilst affirming the bank's Baa/P-2 deposit rating.

* Cregem Finance NV Guarantor: Dexia Bank (Brussels)

* Deutsche Australia Ltd Guarantor: Deutsche Bank AG (Australia)

Province of Nova Scotia will become the sixth Canadian province to sign a Euro-MTN facility when it launches its $1 billion Euro-MTN programme in the Autumn, via Salomon Smith Barney. Roy Spence, head of treasury, Province of Nova Scotia, says: "The province has done many Eurobond issues. The MTN facility is a further step along the evolutionary process for our funding. We believe it will broaden our access and recognition in the market." Salomon Smith Barney and Morgan Stanley Dean Witter are part of the dealer line-up but the full set of names will be confirmed shortly. The province is rated A3 by Moody's and A- by Standard & Poor's.

Nova Scotia has become the latest Canadian province to enter the market. It signed its $1.25 billion Euro-MTN programme on Wednesday, February 23. The market has been waiting for the province to sign since it mandated Salomon Smith Barney to arrange the facility in August 1999, as reported in MTNWeek, issue 142. Six of the 10 Canadian provinces are already in the market along with Canada itself and the state-guaranteed Candian Wheat Board. These eight issuers have $22.46 billion outstanding between them. Douglas Stratton is executive director, investment, pensions and treasury services at the province. He is not concerned about competition from this crowded sector. He says: "We have investors who find us an excellent province to invest in. We have an attractive spread relative to our credit." The province is rated A- by Standard & Poor's. This is the lowest rating of any of the Canadian provincial or state issuers. Nova Scotia conducted a roadshow around North America in the summer of 1999 to reassure investors about the province's political and financial stability. The province is experienced in the international capital markets as well as the domestic arena. It launched a C$250 million ($171.14 million) five-year Eurobond in December 1999. It has a $250 million US CP facility and domestic MTN shelf. It has issued $220.78 million of structured debt off this facility. Stratton, at Nova Scotia's treasury, is therefore looking forward to issuing structures off the Euro-MTN programme. He says: "We have issued notes such as a 10-year non-call three in the domestic market. We do not rule out doing anything off the Euro-MTN facility." There are no immediate plans for an inaugural deal because Nova Scotia is to introduce its budget in the next couple of months. The dealer group is made up of CIBC, Deutsche Bank, Merrill Lynch, Morgan Stanley Dean Witter, Royal Bank of Canada and the arranger. This is Salomon Smith Barney's first arrangership so far this year and its first Canadian mandate.

* Deutsche Hypothekenbank AG Rating: AAA/AAA (S&P/Fitch)

* Bank Austria AG Guarantor: City of Vienna