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EuroWeek understands that the commercial close of the London Underground Public-Private Partnership (PPP) should be reached next week. Once this hurdle is reached, the bankers' work will begin in earnest with syndication starting soon after. However, the lead banks have already been sounding out the market and have sub-underwriters more or less in place. The consortiums holding the concessions are Metronet and Tube Lines.

Syndication of the $1bn 364 day facility for Clearstream Banking is progressing well. The borrower refinances its $1bn revolver every year and is therefore well known to the market.

The $608m equivalent financing for Maxis Mobile, Maxis Holdings and Maxis Communications is under way. The financing is divided between a $435m offshore portion and a M$640m domestic tranche.

The £335m seven year acquisition financing for Mall Fund has been closed and oversubscribed by some 50%. HBOS will sign banks into the deal in early June.

Compiled by Holger Kron, Deutsche Bank, Frankfurt

Compiled by Holger Kron, Deutsche Bank, Frankfurt

Compiled by Holger Kron, Deutsche Bank, Frankfurt

Compiled by Holger Kron, Deutsche Bank, Frankfurt

Compiled by Richard Favis, RBC Capital Markets, Johannesburg Tel: +27 11 784 5065

MBNA America Bank has increased the debt ceiling off its $10 billion global bank note programme to $15 billion. The programme has $1.53 billion outstanding off five notes.

* Cazenove, in a further step towards becoming a public listed company, announced this week that it had appointed Robert Pickering to become the bank's first chief executive. Pickering had been the company's joint group managing director with Nigel Rowe since April 2001, but he takes up his new position following the early retirement of Rowe. Rowe has been forced to retire for health reasons.

The National Air Traffic Services (Nats) Public Private Partnership (PPP) is understood to be in talks with a number of potential equity investors to raise £50m or more which will then be matched by the government. Nats expects to have brought in at least one investor by the end of May. Companies reported to be interested include the Irish Aviation Authority. This latest development comes soon after EasyJet, a member of the sponsoring Airline Group, announced it has written off its £7m investment in company.