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Only three trades were completed in other currencies. Commerzbank went out five years with its £

Seven trades came to the market in other currencies: three in Hong Kong dollar, two in Singapore dollar and one in Swedish krona. But all kept to the short-term. The Development Bank of Singapore was responsible for two one-month Singapore dollar trades. The smallest trade was a S$200 thousand ($110 thousand) note that will be issued on September 25 2001 and the largest trade was a S$240 thousand note that will be issued on September 27 2001. Commerzbank's Skr27 million ($2.56 million) trade will go out a little longer. The note will be issued on September 27 2001 and will pay a single final coupon of 23.20%. The note matures on November 21 2002. The other three notes in the market came in Hong Kong dollar. HSBC issued two HK$80 million ($10.26 million) two-month trades. The notes will both be issued on September 20 2001. MSDW also stayed short with its HK$100 million three-month note that will be issued on the December 21 2001.

* HVB Real Estate Rating: AAA

The Royal Bank of Scotland has unveiled the latest names to join its fast growing leveraged finance team based in Frankfurt, including a new LBO team head. Michael Föcking, managing director of leveraged finance in Germany, told EuroWeek that with a reinforced group in Frankfurt he is confident RBS will be "well positioned to compete with the investment banks used to handling large ticket deals".

The European loan market initially held its breath this week following the tragedy in New York on Tuesday, September 11. But by Wednesday mid-morning, the consensus was that the impact of the terrorist attacks on deals in the loan market would not be immediate and would not have wide implications. "If a deal was priced correctly for last Friday it will still be priced correctly for this Friday," noted a London banker.

Finland Banks have been signed into the Eu800m tranche of the Eu1.2bn financing supporting media group Sanoma's bid for VNU's consumer magazine business.

Monday saw the launch of the biggest project financing of the year in the Middle East - the day before prospects for deals in the region shifted unquantifiably. The $1.6bn 19.5 year debt facilities for the $2bn Shuweihat IWPP was launched to sub-underwriters with two ticket levels - $100m underwrites for 90bp with final takes at $50m, and $75m underwrites for final takes of $40m.

* Innogy plc Rating: Baa1/BBB+/BBB+

* Vorarlberger Landes- und Hypothekenbank Guarantor: Land Vorarlberg

When they attacked the World Trade Centre in New York, they attacked us all. It could as easily have been Canary Wharf, La Defense, the Frankfurter Messe, or Exchange Square. And in destroying the World Trade Centre, they attacked the free markets that go hand in hand with democracy — specifically, the international markets that enable the free movement of capital and goods across national boundaries.

When they attacked the World Trade Centre in New York, they attacked us all. It could as easily have been Canary Wharf, La Defense, the Frankfurter Messe, or Exchange Square. And in destroying the World Trade Centre, they attacked the free markets that go hand in hand with democracy — specifically, the international markets that enable the free movement of capital and goods across national boundaries.

Deutsche Bank, Royal Bank of Scotland and SG have closed general syndication of the £482m debt package supporting the leveraged buy-out of Baxi by Newmond. At this level banks were invited in at two tickets: £10m for 75bp and £15m for 85bp. The long running transaction comprises £441.625m of senior debt and a £40m mezzanine piece. Tranche 'A' is a £215m amortising loan paying a margin of 225bp over Libor and matures in June 2007. Tranche 'B' is a £60m bullet loan maturing in June 2008, which pays 275bp. Tranche 'C' is a £60m facility maturing in June 2009, paying 325bp. Tranche 'D' is a £26.625m bridge to asset disposals maturing in December 2009 priced at 450bp.