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Bidding banks have been given an extra five days to submit their financing proposals for the $1.7bn Aluminium Bahrain BSC (Alba) phase II expansion project. The deadline is now October 15. The timetable following this is tight with a shortlist due to be announced by October 18 and syndication scheduled to be closed before year end.

In response to the damaging revelations that investment banking mandates have been linked to research reports, the US Securities and Exchange Commission may soon propose to spilt research departments from investment banking. If approved the move will have wide ranging effects on global ECM practices. The measure will be applauded by a majority of companies and the general public who are disillusioned with the research from investment banks since the allegations of tainted research were first raised.

Is Merrill Lynch cutting back in Europe? Might the firm beat a total retreat back to the US and return to its roots? Could the firm, which once had the Euromarkets by the short and crinklies, be packing some if its bags? Of course this is total nonsense. Over many years we have read some hare-brained stories, but this one had to take the biscuit. However, there it was in the second section of the worthy, but normally reliable, old "Pink Un" with the less than inspirational title, "Merrill's Thundering Herd pulls back from the brink".

Barclays (bookrunner), HSBC (bookrunner) and JP Morgan (facility) have been mandated by aviation group BBA Group plc to arrange a £300m five year revolving credit. The loan offers a margin of 57.5bp over Libor and a 28.75bp commitment fee. Utilisation fees of 5bp are charged for drawings over 33% and 10bp for over 66% drawn.

French reinsurance group Scor this week announced plans for the launch of a Eu400m capital increase. But its decision to join the ranks of European insurers looking to raise money on the equity markets in the coming months was met with some surprise by ECM bankers. "Of all the rights issues proposed so far, this one looks the shakiest," said one ECM head in London. Scor's share price has fallen by nearly 80% this year.

Issuance from financials is set to pick up in the next couple of weeks after a desperately quiet summer for the sector. Several borrowers, including HBOS and Lloyds, are due to visit a market in which supply was down 44% year-on-year during July and August. Andy Jones, syndicate manager at Barclays Capital, believes the mood is changing. "After a quiet summer and a volatile post-summer period, a bit of stability has returned to the market," he said. "Windows of opportunity are open only momentarily and Lloyds's deal was on hold for a long time. But because of reduced volatility these windows are open long enough to print trades and, for financials, issuance will increase."

JP Morgan and new market-maker BNP Paribas this week launched the second series of JECI notes, JECI 2, and next week ABN Amro is to launch the first Swiss franc denominated credit-linked note, iBoxx 40. With volatility at its recent high levels, notes that allow investors to hedge easily and cheaply are even more valuable than before, bankers said.

Guarantor: BHP Billiton plc Rating: A3/A

BHP Billiton raised Eu750m of five year funding at the tight end of price talk this week, showing that despite the volatility that has drained the European corporate pipeline of supply, the right credits can raise funding at competitive levels.

BHP Billiton raised Eu750m of five year funding at the tight end of price talk this week, showing that despite the volatility that has drained the European corporate pipeline of supply, the right credits can raise funding at competitive levels.