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In Turkey, doubts are arising over the independence of action enjoyed by Kemal Dervis, who was appointed by the government from the World Bank to handle the country’s economic crisis

After being forced to abandon its merger with Iberdrola, Spain’s largest utility company Endesa yesterday (Monday) announced its intention to sell off approximately Eu5bn in assets over the next four years.

The Eu1bn Iberia IPO cleared its first hurdle this week when the company's management persuaded its pilots to go back to work. Now it is investors who have to be won over. The end of the pilots' work-to-rule protest means that the Spanish government can press ahead with the sale of its remaining 54% stake in the national airline. The pilots had been protesting without serious consequence since February 26. However, a combination of bad weather and lack of cooperation from them meant that 50% of Iberia's flights on Tuesday and 30% of its flights on Wednesday were delayed. The pilots' union Sepla was renegotiating labour contracts. "The pilots were using this point to push the company to agree with their requirements so that the IPO would not be damaged," said a company spokesperson.

Eni, the Italian oil and gas company, has appointed Schroder Salomon Smith Barney as financial advisor for the Eu4bn flotation of its gas distribution network. SSSB will advise on the creation of a new vehicle, Rete Gas Italia, of which the company will float between 30% and 50%. The unit has been given a regulatory asset valuation of Eu10bn.

Banco Bradesco has raised the ceiling off its global MTN programme from $1 billion to $1.5 billion. The programme, rated B2 by Moody's, has $1.09 billion outstanding off 116 trades. ING Bank arranged the facility.

Banco Fiat has signed a $750 million Euro-MTN programme. The programme is joint-arranged by JP Morgan and Salomon Smith Barney. The dealer panel is made up of the two arrangers and ABN Amro. The programme is unrated by both Moody's and Standard & Poor's. Brazilian issuers have set up four Euro-MTN programmes since January 1 2000. Companhia Energetica de Sao Paulo signed a $700 million Euro-MTN programme on February 15 2001 and has already issued a $300 million trade. This year has seen 34 trades from Brazilian issuers, totalling $1.42 billion. Uniao de Bancos Brasileiros has alone issued 24 notes. This is the seventh programme arranged by JP Morgan since January 1 2000. Salomon's has arranged 13 in the same period. They have been joint lead-arrangers twice previously - on Cassa di Risparmio in Bologna's euro3 billion Euro-MTN programme and on Edenor's $600 million global MTN shelf. The motor company is a subsidiary of Fiat Automoveis, one of Brazil's leading automakers.