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Deutsche Börse, the German stock exchange, completed a Eu400m accelerated bookbuild yesterday (Thursday) in an attempt to give it the financial flexibility it needs to complete the acquisition of Clearstream International, the Luxembourg-based clearing and settlement house. The deal, which was sole managed by Deutsche Bank, was launched yesterday morning, and immediately the share price started to fall. The 9m shares were eventually priced at Eu44, a 0.9% discount to the reference price, but a 5.4% discount to Deutsche Börse's opening price in the morning.

Brazilian bonds plunged to seven month lows yesterday (Thursday) with no end to the meltdown in sight. Investors panicked about the country's enormous level of debt and the ability of a new government to stop it from spiralling out of control next year. Brazil's C bond dropped to as low as 67.00 yesterday, compared with 74.00 last week and a high of 82.00 earlier in the year.

Brazilian bonds plunged to seven month lows yesterday (Thursday) with no end to the meltdown in sight. Investors panicked about the country's enormous level of debt and the ability of a new government to stop it from spiralling out of control next year. Brazil's C bond dropped to as low as 67.00 yesterday, compared with 74.00 last week and a high of 82.00 earlier in the year.

Arrangers KBC, Rand Merchant Bank and Standard Chartered are due to launch the $200m facility for Société Nationale des Pétroles du Congo (SNPC) into general syndication today (Friday). The borrower last tapped the market in 2000 with a $200m two year facility.

Rating: Aaa/AAA/AAA Tranche 1: $2.25bn

Companies that launch rights issues can expect to see their share prices underperform the market for the next five years, according to research by UK fund manager GMO Woolley. The research suggests that investors would be better off exiting stakes in companies that plan rights issues, rather than exercising their rights. The research challenges the perceived wisdom that rights issues usually highlight a turnaround in the performance of a share price.

Reinsurance company Hannover Re is said to be looking for a new loan. EuroWeek understands that three banks are close to winning the mandate. Hannover last borrowed in 2000 when it secured two separate revolvers. One was a $800m three year loan arranged by the then Chase Manhattan in August and the other was a Eu250m five year deal arranged by Citibank.

Lehman Brothers is arranging a £300m senior secured term loan for GSC Partners European Mezzanine Fund. The loan is a multi-currency facility which helps finance the origination of mezzanine loans and other investments by GSC on a secured basis. With an A2/A rating, the loan uses European cashflow, market value technology and other structures to reach an investment grade rating.

Rating: BBB+/BBB+ Amount: $325m (increased from $300m)

Rating: Aa1/AA/AAA Amount: Sfr300m

For the first time since 1998, Tremont Advisors, the US-based investment research firm, has found that long/short equity hedge funds suffered a net loss of assets in the first quarter of 2002. While the research showed that convertible arbitrage and event-driven investment strategies remained popular with investors, the more traditional long/short strategies have suffered.