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AIG Credit, a subsidiary of US insurer American International Group, this week succeeded in launching the securitisation it was forced to postpone a month ago. In mid-June Citigroup/SSB marketed a $519m securitisation of premium finance loans for the company, but withdrew the deal two weeks after the intended pricing date, when it failed to clear in the mid-20s over Libor.

Several banks are in the early rounds of negotiations over pricing and terms with Akbank and Export Credit Bank of Turkey (Turk Exim) for deals expected to hit the market in the next few weeks. According to bankers familiar with the discussions, the deal for Akbank is expected to emerge first. The borrower is looking to refinance a $350m one year facility. Most of the debate is expected to centre on pricing, Akbank is reportedly keen to achieve pricing of around 170bp over Libor although bankers are expected to push for margins closer to 200bp.

This week the markets established a new set of depressing records. Wednesday saw heavy trading on every stock exchange and volatility that paralysed new issue activity. The FTSE hit its lowest level for more than six years and the Dow recorded its largest price increase since the crash of October 1987, after dropping in early trading to its lowest point since the Russian crisis of 1998. Government bond markets see-sawed in sympathy, creating a nightmare scenario for dealers and investors. The African Development Bank managed to price its debut global bond on Friday before volatility gripped, but Export Development Canada plunged headlong into the fray and priced its debut dollar global on Wednesday, one of the most turbulent days in the stock markets' recent history. The deal, however, was successfully executed at 2bp over agencies or minus 9bp versus swaps, achieving broad global distribution.

Rating: Aa2/A+/AA Amount: $500m

Fixed income bankers were this week cautiously predicting an end to the turmoil in the equity markets that has almost paralysed the primary and secondary bond markets.

Rating: Aa2/AA+/AAA Amount: Nkr500m

Amount: Eu250m (fungible with Eu500m issue launched 01/03/02) Öffentlicher Pfandbrief series 262 Maturity: April 1, 2005

Dresdner Kleinwort Wasserstein, Barclays, BayernLB and HSBC hope to close the books for the fully underwritten £410m facility supporting YTL's acquisition of Wessex Water next week. Banks are scheduled to be signed into the deal on August 5. The transaction is split into three term loans: a £400m loan maturing in June 2005 which offers a margin of 85bp over Libor and a 42.5bp commitment fee; a tranche 'B' £135m loan maturing in November 2002, pricing on which is undisclosed; and a £10m piece that has the same pricing as tranche 'A'.

The $100m five year loan-style FRN for the Housing Development Finance Corp has been closed by arrangers Barclays Capital, Bank of Baroda, Emirates Bank and State Bank of India. Lenders responded positively towards the deal and details and allocations are being finalised.

Investec's secondary listing on the London Stock Exchange got off to a disappointing start this week as attempts to bolster the liquidity of the listing were snubbed by investors. The South African financial services group had been seeking a secondary listing in London for some time to give the company better access to capital. It also hoped to raise £100m through an equity issue along with the new listing to give the stock greater liquidity.

Sole mandated arranger Standard Chartered will close syndication of the $60m facility for Iran Petrochemical Commercial Corporation today (Friday). The deal will be well oversubscribed. Banks were invited to join with tickets of $10m apiece during the one-stage selldown. The facility pays a margin of 75bp over Libor.

The joint global co-ordinators and underwriters of Laurus's Eu400m rights offering were forced to take up a further Eu73m investment in the company this week when existing shareholders rejected the opportunity to take up their rights. Laurus announced two weeks ago that it had secured the support of ABN Amro Rothschild, ING, Rabobank and Casino, the French retailer, to help it raise Eu400m through a fully underwritten rights offering.