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Rating: Aa3/A+ Amount: $1.5bn

Banks bidding for the mandate to arrange the refinancing of Bertelsman's Eu2.5bn bridge facility expect to hear back from the borrower by the end of August. EuroWeek hears that Dresdner Kleinwort Wasserstein, JP Morgan and Commerzbank have failed to make it to the last round of bidding.

The news of Jack Grubman's resignation from Salomon Smith Barney wasn't unexpected - the real surprise was that it took so long. By holding on to Grubman for reasons which will probably never be made totally clear, SSB and its mighty parent Citigroup have become a laughing stock. It wasn't just observers such as ourselves who asked, "why is Jack still there?", but customers and hundreds of Citigroup managing directors. But SSB and Citigroup are not off the hook yet because we anticipate that there will be howls of indignation when SSB's customers and Citigroup shareholders read that Mr Grubman is receiving a "golden goodbye" equivalent to more than $30m. We remember back in 1988 when Drexel Burnham's Mike Milken earned $550m in a single year, but proportionately Grubman's pay-off is equally outrageous. Even when Drexel Burnham was about to go belly-up Milken was still a hero to his loyal band of junk bond disciples.

Shares in Thomson Multimedia fell 7.1% on Wednesday after Goldman Sachs completed a Eu219m risk trade in the French media conglomerate. The sale, which had been predicted by bankers following the TMM sale by Alcatel in July, was made by US digital satellite television provider DirecTV.

Between 27 and 30 banks and institutional investors were invited to attend a bank meeting and site visit hosted by Barclays and the management of Halfords yesterday (Thursday) in London. Feedback from banks invited to join the £95m of senior debt facilities backing CVC's buy-out of car parts and bike retailer Halfords was generally upbeat after the meeting. However, one bank did complain that too much of the senior debt facilities had been carved out for institutional investors.

Guarantor: Bank of Scotland Rating: Aa2/AA/AA

While many equity markets across the globe remain mired in an atmosphere of doom and global, central and eastern Europe has stood out over the summer as a region of more robust performance. The traditionally high correlation between the markets of central and eastern Europe and the major global markets has weakened substantially, as the former markets have performed impressively in the face of global equity market weakness.

The LBO facility to finance the purchase of Boto International's artificial Christmas tree manufacturing division is likely to proceed following shareholder approval this week. HSBC is arranging the $100m facility which will fund the buy-out by US-based Carlyle Group.

Mandated arrangers ABN Amro, Commerzbank and IntesaBci have closed syndication of the Eu300m five year facility for the Hungarian Development Bank. A signing date has not yet been set. The deal has been oversubscribed but it has not been decided if an increase will be accepted. See EuroWeek 766 for more details.

Rating: Aaa/AAA/AAA Amount: Eu750m Öffentlicher Pfandbrief series K5008 (increased 22/08/02 from Eu500m)

Rating: Aaa/AAA/AAA Amount: Eu100m

Rating: Aaa/AAA/AAA Amount: Eu200m