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US fund managers are becoming increasingly concerned about biased research, according to a survey by Greenwich Associates. Just under 50% of fund managers are considering directing more business to brokers with little or no conflict of interest with their research, the survey of 300 fund managers showed.

According to officially disclosed figures, ABN Amro has earned a phenomenal $4m for the $200m five year deal it priced yesterday for Turkish electronic goods exporter Vestel. Assuming the deal is not cancelled by the May 14 payment date, it would be the highest earnings made by any bank on a single deal in the EMEA region this year, and a sharp reversal of the widespread fee cutting in European emerging markets.

Merrill Lynch and ABN Amro Rothschild completed a tightly priced Eu265m accelerated sale on behalf of VNU, the Dutch publisher, yesterday (Thursday). But the issue was not without its problems. VNU's share price has collapsed 9.09% since news of the deal leaked to the market on Monday.

Telecoms woes, expected supply and impending European holidays weighed heavily on the markets this week, forcing issuers to delay launches and widen spreads substantially to attract investor demand in conditions that have worsened dramatically. Spreads on Deutsche Telekom, which is due to launch a Eu5bn-Eu8bn bond during the week of May 13, widened by 40bp over the week, causing some bankers to question whether the deal can go ahead. Lead managers Citigroup/SSSB, Deutsche Bank and JP Morgan confirmed that roadshows are going ahead for the multi-currency, multi-tranche bond, but a question mark hangs over the viability of dollar tranches given US investors' aversion to telco stocks.

Were we correct when we suggested that a whiff of grape-shot might be in the air above the gold and marble towers of 1, Finsbury Avenue, the palatial residence of UBS Warburg? We had heard that a game of musical chairs might be taking place and we were naturally all agog to see who was left alive when the music stopped. Our advance information, supplied entirely by Slapper Alice, head barmaid of the nearby Dog and Puddle saloon, wasn't totally accurate in every respect, but we still gave Alice a score of eight out of 10.

The long road to Wembley left another victim by the wayside last week when Barclays was outflanked by WestLB in the latest twist in the saga of financing the new Wembley National Stadium. Up until last week, Barclays was under the impression that is was the only bank to be working with the Football Association on the financing for the new stadium, which is being developed through Wembley National Stadium Ltd.

EuorWeek understands that banks are bidding on the mandate to arrange the debt supporting the £267m management buy-out of Westminster Health Care that is being sponsored by 3i. More details on the debt facility backing the buy-out will be released soon.

Wilmington Trust, one of the leading providers of corporate trust services in the US, has acquired SPV Management, a UK company which specialises in providing special purpose vehicles (SPVs) for securitisations. The cost of the acquisition has not yet been disclosed, but it is expected to give Wilmington $4m of revenue and $3.2m of costs a year.

Shell Finance has upped the limit off its global CP programme to $10 billion from $6 billion. The programme was signed in July 2000 via Goldman Sachs.

JP Morgan and Deutsche Bank this week launched the $3bn five year multi-currency revolver for Germany's Siemens into general syndication. The loan is not underwritten and the Aa3/AA- rated borrower has no intention of drawing the facility down. Therefore, as long as the market believes Siemens will stand by its intentions, the 8bp commitment fee will be at the centre of attention.

JP Morgan and Deutsche Bank this week launched the $3bn five year multi-currency revolver for Germany's Siemens into general syndication. The loan is not underwritten and the Aa3/AA- rated borrower has no intention of drawing the facility down. Therefore, as long as the market believes Siemens will stand by its intentions, the 8bp commitment fee will be at the centre of attention.

Bidding groups have been formed as banks attempt to win the mandate for the S$1.7bn fundraising for StarHub, Singapore's second largest telecommunications company. No date for the award of the mandate has been set, but bankers expect the borrower to wait until the S$250m deal for MobileOne (Asia) Pte has been completed before proceeding with the financing.