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MITSUI TRUST this week took advantage of the swelling appetite for Japanese bank convertible issues with a ¥100bn offering via Goldman Sachs and Mitsui. Launched for MTI Capital on behalf of Mitsui Trust, the deal was one of the most popular yet to emerge. The offering is the latest in a line-up that so far this year has included issues from Toyo Trust, Asahi Bank and Sumitomo Trust.

Compiled by Gerard Perrignon, Hambros Bank Ltd, London. Tel: +44 171-865 1759 The New Zealand market had a quiet week, with the direction being gleaned from currency movements and price action in the Australian and US markets. Beginning the week at +77bp, the 10 year Kiwi/US spread closed Thursday night at +83bp.

Monoline insurer CapMac (Capital Markets Assurance Corp) has set up Euro and US MTN programmes which have an aggregate ceiling of $5bn. The facility has been arranged by Merrill Lynch. CapMac, which has already set up CP conduit vehicles to provide short term funding as well as credit enhancement to its clients, is looking to develop its existing products and services by providing longer term funding. It intends to finance this with issuance under the programme.

OUTOKUMPU OY, the Finnish mining giant, is making a rare appearance in the syndicated loan market for a $400m revolving credit. The loan, jointly arranged by Citibank International plc, Merita Bank Ltd and Union Bank of Switzerland, will act as the company's core working capital and liquidity insurance facility.

THE United Mexican States is gearing up to take advantage of this week's move by Standard & Poor's to revise its outlook on the country to positive by hitting the international markets with a new deal, possibly in yen. Alejandro Valenzuela, spokesman for the Hacienda, said in New York yesterday (Thursday) that the UMS would be coming to market "very soon" and was calling for bids in a number of different currencies.

Tim Taylor has joined BZW Syndications & Loan Distribution. Taylor, who was previously with Dresdner Kleinwort Benson, will be working on origination of management and leveraged buy-outs alongside Andrew Golding. Paul Rivers, most recently at Bank of Tokyo-Mitsubishi Ltd, has returned to his former firm Bank of New York after two years away. Rivers has been appointed a managing director and head of loan syndications.

* European Investment Bank Rating: Aaa/AAA

FRENCH supermarket group Promodes is to seek a major financing in the syndicated loan market to support its jumbo Ffr28bn takeover bid for rival operator Casino and holding company Rallye. The move is likely to signal the start of the latest round of corporate restructuring in continental Europe following last year's Auchan buy as well as the moves by Krupp and Rhône-Poulenc earlier this year.

SALOMON Brothers and SBC Warburg Dillon Read/Brunswick have won the mandate to lead manage the forthcoming offering of convertible bonds for Russia's giant electricity concern UES, after a contest which dramatically illustrates the fast-shifting nature of the Russian corporate finance battlefield. A group including DMG/ Goldman Sachs and Renaissance had looked certain to have the deal. However, the victorious firms emerged after a low key invitation to advise the company and the government was transformed into an intense bidding war between six international investment banks.

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Finland The well supported $350m seven year multicurrency revolving credit being arranged for Nokia Oy by Chase Investment Bank, Citibank NA and Deutsche Morgan Grenfell is to be signed on September 12 in Helsinki. Despite being oversubscribed, the deal has not been increased.

SCANIA, the leading Scandinavian truck maker, is returning to the syndicated loan market for a jumbo $1.7bn refinancing being arranged by Enskilda Debt Capital Markets and JP Morgan Securities Ltd. The seven year facility, which replaces the borrower's existing $1.7bn working capital facility signed in December 1995, is being arranged by the same banks -- with no new additional banks at the top tier.