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Compiled by Holger Kron Deutsche Bank, Frankfurt

Compiled by Holger Kron Deutsche Bank, Frankfurt

Compiled by Richard Favis, RBC Capital Markets, Johannesburg Tel: +27 11 784 5065

Guillaume Bonpun, head of euro corporate debt syndicate at Merrill Lynch, has left the firm to explore opportunities in other areas of the capital markets. According to a Merrill Lynch spokesman, the parting was by mutual agreement. Bonpun's position is not being filled in the short term. His responsibilities will be covered by Paul Richards, head of Merrill's debt transactions and public sector groups, Patrick O'Connell, head of bank capital, and Jeff Tannenbaum, syndicate manager on the corporate desk.

MassMutual Global Funding II signed a $3 billion global debt issuance programme on June 26. The arranger is Morgan Stanley and the European dealers are Banc of America, Bear Stearns, CSFB, Deutsche Bank, JPMorgan, Merrill Lynch, Morgan Stanley, Schroder Salomon Smith Barney and UBS.

Rating: Aaa/AAA Amount: $250m (fungible with four issues totalling $1bn first launched 18/10/01)

The Eu3.5bn best efforts deal for diversified electronics group Royal Philips Electronics will overshoot the general syndication target by around Eu1bn. Banks will be signed in today (Friday). The borrower will not accept an increase and commitments will be scaled back. Despite complaints about the deal's low return and lack of covenants, relationship banks have stepped up the plate.

Mandated lead arranger Royal Bank of Scotland and joint arranger BNP Paribas are arranging a Eu111m debt facility backing the buy-out of Actaris Allocation Services by Barclays Private Equity. The deal is divided into Eu77m of senior debt and Eu10m of mezzanine.

Rating: AA/AAA Amount: Eu200m Landesschatzanweisung series 103

Amount: A$95m Rating: A+

Overall profitability of the UK and Ireland's leading fund managers fell by about one-third in 2001 compared with 2000, dropping from 33% to 23% margin on revenue, according to figures from PricewaterhouseCoopers' latest Investment Management Survey. The profits drop was most dramatic in retail business, which almost halved from 42% to 24%. Retail business, measuring £818bn in assets, represents almost three quarters of the product lines manufactured by the 24 respondents to the survey, all of which must have funds under management greater than £5bn.

Joint bookrunners HypoVereinsbank and Mizuho this week approached underwriters for the debt facilities backing the Doughty Hanson-led buy-out of auto parts company Auto Teile Unger (ATU). Some Eu545m of senior debt is split into four tranches. Tranche 'A' is a Eu235m seven year term loan at 237.5bp, tranche 'B' is a Eu115m eight year term loan paying 300bp and tranche 'C' is a Eu115m term loan at 250bp. There is also an Eu80m revolver offering 237.5bp.