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September 11 nervousness is expected to keep the EMEA Eurobond pipeline closed until the second half of September at the earliest. And concern over the outcome of Brazilian presidential elections scheduled for October means that there will be a shortened window of opportunity for issuers in the third quarter. "I am very cautious about how much money is going to flow back into the market," said one banker in London.

Sun Metals Corp Pty, an Australian subsidiary of Korea Zinc Corp, is looking to tap the market for a dollar facility to refinance a $120m five year loan-style FRN that matures in September. That deal was arranged by Citicorp International, Dresdner, SIFC and KDB and paid a coupon of 65bp which stepped up to 80bp after two years. It paid a top tier fee of 65bp for commitments of $10m or above.

Rumours continue to swirl around Dresdner Kleinwort Wasserstein with the German press, in particular, breaking new records for loony reporting. Is Allianz truly behind DrKW, or is it trying to sell its investment banking subsidiary down the river without so much as a by-your-leave? Is the celebrated Paul Achleitner, once the hero of Allianz, wobbling on his perch? Who, in their right minds would want to buy DrKW's equities division in its present parlous state, but more importantly, would the clever folk at Allianz want to sell businesses at the bottom of the market cycle? DrKW's pure investment banking division has, in fact, been writing some modest tickets, but can the group make a net bottom line euro after costs and will its leader, Tim Shacklock, ever return from holiday in the south of France? If you see a hugely expensive classic Ferrari broken down on the Corniche, please stop and help the urbane Shacklock change a tyre.

Rating: Aaa/AAA/AAA Amount: £100m

Rating: Baa2/BB- Amount: $125m

Rating: Aaa/AAA/AAA Amount: £100m

The government of Belize made its debut in the global bond markets with a $125m 10 year deal, the only Latin bond to come to market this week. The deal was priced to yield 9.65%, offering a pick-up over a recent 10 year deal issued by comparably rated BB- Grenada that was trading around 9.25% at the time of pricing.

The government of Belize made its debut in the global bond markets with a $125m 10 year deal, the only Latin bond to come to market this week. The deal was priced to yield 9.65%, offering a pick-up over a recent 10 year deal issued by comparably rated BB- Grenada that was trading around 9.25% at the time of pricing.

Rating: A3/A- Amount: Ck240m (increase to Ck500m launched 08/08/02)

BNP Paribas, HSBC CCF and Royal Bank of Scotland have won the mandate to provide a Eu3bn acquisition facility backing French real estate company Gecina's Eu2.33bn takeover of Simco. This is the first acquisition financing that the loan market has seen after a quiet few months and bankers are hopeful that it is a sign that European M&A activity is starting to pick up.

Barclays Capital has hired Andrew Whittle, senior managing director of credit derivatives at Bear Stearns in London, as its European head of credit derivatives. This is a new role as previously the European credit derivatives team had reported directly to Vince Balducci, global head of risk finance in New York, according to a firm spokesman.