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Guarantor: Tractebel SA Amount: Eu50m (increase to Eu50m issue launched 25/11/02)

The Tube Lines consortium has confirmed with the UK government that it will reach financial close on its London Underground PPP by the end of the year. Project sponsors are Amey, Bechtel, Halcrow and Jarvis. Jarvis and Bechtel will now provide an equity support plan for Amey's interests in the project. Amey will have until the end of June 2003 to provide the necessary funding and reclaim its equity participation in the project.

Mandated arrangers ABC and Crédit Lyonnais have not yet closed syndication of the $50m amortising five year term loan for L'Enterprise Tunisienne d'Activités Petrolières (ETAP). The deal will be closed next week and will be signed the week after. The facility is already fully subscribed and three more banks are considering committing, so an oversubscription is likely. For more details see EuroWeek 778.

The mandated arrangers will close syndication of the $250m 365 day facility for Türkiye is Bankasi (Isbank) next week. Signing will take place on December 17. The deal is oversubscribed and should be increased to over $300m. For further details see EuroWeek 778.

Turkey has taken advantage of buoyant markets for the second time in 10 days, tapping its $600m 2012 11.5% bond for $400m, via CSFB and Goldman Sachs. The sovereign is also considering a new euro denominated offering next week, as it has a Eu600m three year issue that matures on December 17. EuroWeek understands that it would like to do a five year transaction, although some bankers believe that a three year deal makes more sense as retail investors are unlikely to want to buy paper with a longer maturity.

The Nordic Investment Bank has launched its first ever large benchmark issue, a $1bn three year global bond via bookrunners Citigroup/S SSB and Goldman Sachs. The strategic deal, priced at 83bp over two year Treasuries, follows three weeks of roadshows in Europe and Asia, and was the result of changing needs for the triple-A rated supranational.

Mizuho is underwriting the debt facilities backing the £125m LBO of ventilation and cable management businesses of Smiths Group plc by HSBC Private Equity. The new company will be called Vent-Axia. The deal will consist of £80m of term senior debt, a £10m revolver and a £20m mezzanine loan.

This was the week the market had been waiting for - lots of new deals, many increased in size, priced at the tight end of expectations and tightening further in the aftermarket. And at last the ECB cut interest rates. The 50bp cut led to a rally in government bonds but put the euro under pressure. The telecoms sector was boosted yesterday (Thursday) by details of a rescue plan for France Télécom. Up to Eu2bn equivalent is expected imminently on the back of a positive change in sentiment. Another fillip for telecoms came with the upgrade of KPN's credit rating from BBB- to BBB by Standard & Poor's.

Wasn't it Willie Sutton who, when asked why he robbed banks, replied: "Because that's where the money is!" Of course Willie was right, although anyone holding up a branch of Credit Suisse or HVB this week might be told that there's nothing in the till. But time has moved on since the days of Willie Sutton and Bonnie and Clyde. The latest wheeze to get rich without having to work too hard is to be an executive assistant to a high-rolling investment banker or Euromarketeer.

Rating: A- Amount: Eu150m Hypotheken Pfandbrief series 164

Rating: Aaa/AAA Amount: Nkr300m (fungible with Nkr1.5bn issue launched 28/08/02)

Rating: Aa2 Amount: Eu50m (increase to Eu50m launched 25/11/02) Öffentlicher Pfandbrief series 515