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Swiss-Swedish engineering conglomerate Asea Brown Boveri (ABB) held a meeting in Zurich on Wednesday to present the renewed structure of its $3bn eight month revolving credit and outline its financial strategy to nervous creditors.

Algeria EuroWeek understands that Crédit Lyonnais and WestLB are working in an advisory/arranging role for the debt financing supporting Orascom Telecom's purchase of a GSM mobile telephony licence in Algeria.

Moscow Narodny and WestLB will today (Friday) sign a $40m one year facility for Aeroflot. The loan is secured by payments due by the International Air Transport Association (IATA). The facility is for general corporate purposes.

ABB, the Swiss-Swedish engineering group, has announced that it will issue $2bn of straight and convertible bonds within the next three months, in conjunction with the $3bn credit facility it has secured from mandated lead arrangers Citigroup/SSB, Credit Suisse First Boston and Barclays. The bonds are also expected to help refinance the facility, which ABB is required to do so by the end of the year. The company will thereby extend the maturity of its debt and reliance on short term bank financing.

Alitalia, the loss-making Italian airline, this week announced a plan to double its market capitalisation through a Eu1.4bn combined convertible and equity offering. Three banks, as yet unnamed, will underwrite the offering, which Alitalia hopes will provide enough financial strength to help it move back into profit.

AOL Time Warner this week became the latest borrower to react to market concerns about the level of short term indebtedness among US corporates, by issuing $6bn of global bonds to pay down commercial paper and bank lines.

Autoroutes du Sud de la France saw its IPO surge in the aftermarket this week despite pricing the offering at almost the top of the range. The Eu2.6bn issue, which was 19 times oversubscribed on the institutional side, was priced last Thursday evening at Eu25 from a range of Eu22-Eu25.5. The stock opened at Eu26 and rose 7% on the first day of trading, dispelling fears that institutions would flip the stock if it was priced near the top of the range.

AOL Time Warner this week became the latest borrower to react to market concerns about the level of short term indebtedness among US corporates, by issuing $6bn of global bonds to pay down commercial paper and bank lines.

China Sinochem Hongkong (Holdings) Co has mandated ABN Amro to arrange a $250m three year refinancing facility.

Uridashi * European Investment Bank

Europe * France Industrial Properties No1 SA

The story that CSFB is about to bin 300 bankers including 50 managing directors was designed to catch the eye in a very slow week after Easter. However, it is only fair to point out that the story is not new, that the timing is slightly premature and that the final number is likely to exceed 300. Our sources in New York, which will bear the brunt of the dismissals, say that the hit list has been locked away by Mr Mack and his pals - hopefully the new fellow Bayo Ogunlesi has also been kept in the loop. In order not to frighten the clients, the Mack plan seem to be to ease the most senior bankers out very gradually and to fill their pockets with gold. In a desperate attempt to soften the blow, John Mack and Bayo Ogunlesi have promoted Susan Kilsby to co-head of European M&A. Our congratulations to Susie as we love to see ladies legging up the corporate ladder. However, is it really true that the first presents she received from her staff were a DVD of the film Titanic and a lifebelt?