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Koç Holding is in talks with its relationship banks to secure a $200m refinancing. Proceeds will refinance the borrower's December 2001 facility. Koç will be the first Turkish industrial company to tap the market this year.

US energy company TXU left European investors shell-shocked this week after going back on its promise to bondholders and rating agencies that it would continue to support its ailing subsidiary, TXU Europe. It announced on Monday it was cancelling planned equity injections for TXU Europe and putting the European business up for sale. Buyers have until today (Friday) to bid for TXU Europe's assets.

A Eu3.5bn term loan is to form part of the financing for Vodafone's proposed acquisitions of telecommunications company Cegetel. Citigroup/SSSB and Royal Bank of Scotland - which had leading roles in the syndication of Vodafone's $10.65bn revolver - will be heavily involved in the deal.

The sustained rally in equity markets, which saw the Dow Jones gain almost 1,000 points from the five year low reached last week, brought some relief to the credit markets this week. As the third quarter reporting season got underway, almost two-thirds of the companies in the Standard & Poor's 500 Index reported quarterly profits exceeding forecasts, lending the markets a positive feel.

Who harpooned Tim Shacklock, the totally laid back head of corporate finance at Dresdner Kleinwort Wasserstein? One minute he was riding on the crest of a wave, but the next, Nottingham's most famous son since Robin Hood and Friar Tuck, had been bushwhacked. Don't shed too many tears for Tim. While reticent about his earnings, DrKW insiders say that, thanks to a munificent guaranteed compensation contract, he was probably the highest paid individual in the whole of Dresdner Bank. Apart from fine holidays in France and an amateur enthusiasm for vintage sports cars, he lives modestly.

Rating: A1/A+ Amount: £200m lower tier two capital

Rating: Aa1/AAA Amount: £125m Pfandbrief series 512 (increased 16/10/02 from £100m)

Around eight banks attended a management meeting for the recapitalisation of $685m of debt facilities which originally backed the buy-out of media company BTR Paper Technology by Apax Partners in 2000. The new company is now called Xerium. The new facility is split between a $685m piece of senior debt and a $125m piece of unwarranted mezzanine.

Shares in Zurich Financial Services went ex-rights yesterday (Thursday), after several days of strong trading in the company. Zurich launched its $2.5bn offering as expected at Sfr65 last Friday, with the underwriters earning 3% fees on the deal.

Rating: AAA (Fitch) Amount: Eu100m Landesschatzanweisung series145

Rating: Aa2/AA/AAA Amount: Eu100m

Rating: AA (S&P) Amount: Sfr50m