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Guarantors: Shell Petroleum Co Ltd, Shell Petroleum NV Rating: Aaa/AAA

Another six banks have joined arranger Development Bank of Singapore in the S$67.5m facility for TT International. The facility is divided between a S$40m four year term loan and a S$27.5m five year revolver. One bank is finalising credit approvals before joining the deal. Closing will take place early next week.

Rating: Aaa/AAA Amount: $350m (fungible with $750m issue launched 14/02/01)

Rating: Aa1/AAA (Moody's/Fitch) Amount: Eu50m (increase to Eu50m issue launched 29/04/02) Öffentlicher Pfandbrief series 594

Rating: A3/A- Amount: C$100m (fungible with C$200m issue launched 28/01/02)

Rating: B1/B-/B Amount: Eu150m (fungible with Eu500m issue launched 19/04/02)

The Republic of Turkey this week benefited from an uptick in investor sentiment towards the B1/B-/B rated sovereign to launch a Eu150m tap of the its Eu600m five year issue launched last month. BNP Paribas and UBS Warburg, which ran the books on the original issue reported that the increase had been prompted by follow-on demand from accounts that had bought the original transaction. The two banks are said to have attracted Eu450m worth of orders within an hour of marketing the transaction. Geographic placement was split 25% Germany, 25% Turkey, 18% UK, Switzerland 13%, offshore US 5%, Asia 1% and rest of Europe 14%. Distribution was 43% retail, 37% institutional and 20% banks.

The Eu200m one year facility for Türkiye Garanti Bankasi will be signed today (Friday). The deal has attracted a healthy oversubscription and is due to be increased to Eu350m.

Barclays Capital, Deutsche Bank (sole bookrunner), Lehman Brothers and Royal Bank of Scotland launched the £1.28bn acquisition facility for Enterprise Inns into syndication yesterday (Thursday). The £875m acquisition of an estate of 1,860 pubs from Laurel will make Enterprise the biggest pub landlord in the UK.

Amount: Eu100m Maturity: May 15, 2005

Impending supply from Deutsche Telekom, E.On and ABB, which could flood the market with as much as Eu16bn next week, is weighing heavily on the debt markets, despite a sharp improvement in sentiment. Deutsche Telekom is hoping to raise between Eu5bn and Eu8bn in euros and dollars in various maturities without the benefit of step-up language and, despite the aftermath of WorldCom, bankers believe the deal will go ahead.

William Hill overcame one of the largest barriers to its IPO this week as Britain's book-makers reached an agreement with the Racecourse Association over the televising of British horse racing. Having reached an agreement over the access to horse racing data last week, William Hill is now in a much better position to launch its IPO.