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Amount: Eu175m Schiffspfandbrief series 450

The Frankfurt stock exchange has approached its Swiss counterpart about ?deeper co-operation?, raising speculation that the two could be about to merge.

EuroWeek hears that Nomura has underwritten £300m in debt for sofa maker dfs. The bank may syndicate the debt at a future point.

Business in the EuroCP market remained brisk this week despite the summer slowdown, with total new issuance hitting about $47bn by close of play yesterday (Thursday).

This is the bank list for National Bank of Egypt International?s Eu100m loan, signed on July 15. Citigroup, Barclays and Bank of Tokyo-Mitsubishi, the bookrunners, were joined as mandated lead arrangers by National Bank of Egypt, British Arab Commercial Bank, Erste Bank, Lloyds TSB, Natexis Banques Populaires and WestLB.

Rating: Aaa/AAA (Moody?s/Fitch)

Rating: Aaa/AAA

Rating: Aaa/AAA

Leveraged loan bankers were cautious about the aggressiveness of leveraged buy-out structures during the first quarter, but are now starting to sweat as banks continue to pull out all the stops to win mandates.Many worry that a large deal will fail in syndication this year. Taron Wade examines the overheating LBO market. Banks starved of yield continue to lap up leveraged loan paper as the investment grade market languishes. As a result, the LBO loan market is red hot, allowing private equity houses to maintain their hold over the arranging banks.

The Asia Pacific loan market is growing again, after being set back by the Sars outbreak in 2003. But there is a tremendous oversupply of credit, and lenders? terms are being eroded as banks compete on price and structure. Lenders are hunting yield in bright spots like leveraged buy-outs and the recently liberalised Indian market, but, as Adam Harper discovers, Asia?s economic recovery will need to gain pace before lending becomes more profitable.

Air Liquide has signed banks into its Eu1.2bn five year revolver, arranged by bookrunners BNP Paribas, Citigroup and SG. CDC Ixis and HSBC are also mandated lead arrangers.

The Eu758m all-senior debt supporting the recapitalisation of branded cheese and salami company Galbani is oversubscribed, indicating that leveraged deals with a variation in pricing can get done.