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New Zealand Dairy Board has dropped NatWest Global Financial Markets as a dealer off its $1 billion Euro-CP programme. Moody's has assigned a P-1 rating to the issuer.

Market report: Compiled by Glenn Blackley, RBC DS Global Markets, Australia. Tel: +61 2 9373 0431

Northern Rock has increased the ceiling on its Euro-CP shelf to $2 billion from $1 billion.

* Kommunalbanken AS Rating: Aaa/AAA/AAA

New issuance is about to resume on the Nuovo Mercato after the summer break. Although half of the companies listed this year on the market are trading below their issue price, and Datamat, Dianos and Kataweb are eager to list by the end of the year. The price range for Datamat, the financial software company, has been set between Eu18 and Eu24, valuing the company at between Eu375m and Eu500m. After the IPO, 25% to 30% of the company will be floated. The offer is of 75% new shares and 25% old shares. Roadshows will start on Monday.

The Spanish Nuevo Mercado is preparing for its first IPO. Ono, the Spanish cable company is planning to list 20% new shares in the second half of October with a greenshoe of 15%. Goldman Sachs, Schroder Salomon Smith Barney and BSCH will lead the Eu260m-Eu325m offering. Premarketing started last week and bookbuilding is scheduled for September 28 to October 16.

Fixed income investors demonstrated their faith in the management of Procter&Gamble this week when heavy demand for the corporate's debut euro transaction enabled bookrunners Deutsche Bank and Goldman Sachs to increase the issue from Eu1bn to Eu1.5bn.

Fixed income investors demonstrated their faith in the management of Procter&Gamble this week when heavy demand for the corporate's debut euro transaction enabled bookrunners Deutsche Bank and Goldman Sachs to increase the issue from Eu1bn to Eu1.5bn.

Renault will next week test investors' appetite for triple-B rated automotive debt with a Eu500m seven year bond to be lead managed by JP Morgan and SG. The company is conducting a European roadshow - its first outside of France - to explain the credit, following its merger with Nissan. Pricing in the 70bp over Euribor area is expected. Comparables are hard to find, as most car companies are rated in the single-A category. Renault is rated Baa2 by Moody's with positive outlook, and BBB+ by Fitch.

Project Telecom debuted sharply above issue price this week despite a difficult market following the close of its £35m IPO last week 2.6 times oversubscribed. The Cazenove-led deal priced shares at 70p from a range of 53p-74p. Shares hit a high of around 90p before falling back to 84p at the end of Tuesday. Yesterday (Thursday) the stock closed at 86p. There is a greenshoe of existing shares of 15% of the deal.

The Republic of Romania increased its Eu100m three year bond issue to Eu150m last Friday, just one day after launching the transaction. The deal, led by Deutsche Bank, is the country's first success in the international bond markets since 1997. "The main achievement was to re-establish Romania in the market after three years," said the lead manager. "Our advice was not to aim for too much too soon, but to get a modestly sized three year deal which will then give them the ability to come back at a later date."

Denmark LB Kiel is closing the Eu130m term loan for Spar Nord Bank Aalborg. NordLB joined as co-arranger prior to the launch. The deal was launched at Eu75m but closed over subscribed and was increased. This is the first time the bank has borrowed under its new name. In 1998 Sparekassen Nordjylland merged with Spar Nord Holding to become Spar Nord Bankaktieselskab, and this year became Spar Nord Bank.