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Wellington Underwriting, the Lloyd’s of London insurance company, has signed a £120m club deal via mandated lead arrangers Barclays and Lloyds TSB.

Dark clouds hang over windy Düsseldorf and the worthy citizens seem to have forgotten how to smile. Why is there so much doom and gloom? Why are the flags flying at half mast? Surely Santa Claus hasn’t sent an e-mail to the City’s mayor saying that this year he has decided to give Düsseldorf a miss?

Insurance group Willis is due to sign its $600m five year deal today (Friday). The mandated lead arrangers are Bank of America, Citigroup, JP Morgan and Bank of America.

Standard & Poor’s is working with the Loan Market Association (LMA) to construct the first independent European leveraged loan index. They are aiming to launch the index in the first half of 2004.

Romtelecom, the Romanian telecoms company, is soliciting bids for what will be the first non-government guaranteed corporate loan out of Romania. EuroWeek hears that every bank active in the region is drawing up a pitch for the borrower, which is looking to raise around Eu200m.

he founding fathers of European Monetary Union wanted to enhance European political stability and economic welfare by fostering further political, economic, and financial integration among European countries. Considerable progress towards these objectives has been made during the first five years of EMU, but further efforts are needed to secure the achievements and master the challenges still lying ahead. Most importantly, euro area governments must give higher priority to policies aimed at raising the medium-term economic growth prospects of the currency area.

German investment company WCM Beteiligungs und Grundbesitz yesterday (Thursday) sold 19.7m shares in Commerzbank through an accelerated bookbuild, raising Eu316.9m.

European investors’ appetite for credit showed no signs of abating this week, and corporate borrowers took the opportunity to fit in bonds before year end.

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