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Barclays Capital, UBS and Merrill Lynch have taken on the unenviable job of advising the Argentine government on restructuring $94bn of defaulted debt, a mandate that will entangle them in the Argentine government's convoluted political dealings with the IMF, the G7, and thousands of angry bondholders.

The earnings announced this week from Deutsche Bank, made some rival Euromarket houses gulp or pour a large shot of cognac into their first cup of coffee. Pre-tax earnings in the corporate and investment bank soared from Eu800m to Eu3.5bn, due to lower risk provisions and continued cost-cutting. Revenue from equities, equity-related products and equity derivatives advanced 25% to Eu3.1bn, which confirms that Deutsche Bank has now arrived on the centre stage to compete directly with equities powerhouses such as Merrill Lynch and UBS.

General syndication of the A$1.1bn three and five year fundraising for TXU Australia should close in the coming week. Australia & New Zealand Banking Group, Citigroup, Commonwealth Bank of Australia and Westpac are arranging the deal.

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The Eu1.4bn buy-out loan package for Brenntag that has pushed leveraged finance structures to new limits in Europe is being worked through with a fine-tooth comb by institutional investors and banks.