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Rating: Aaa/AAA Amount: $250m (fungible with $2bn issue launched 07/01/02)

Rating: AA+ Amount: Eu100m (fungible with Eu200m issue launched 04/04/02) Landesschatzanweisung series 398

Rating: Aa2/AA+ Amount: $150m (fungible with two issues totalling $750m first launched 23/10/01)

Rating: Aaa Amount: Sfr302m (fungible with two issues totalling Sfr511m first launched 07/01/98)

Rating: A- Amount: Eu50m (fungible with two issues totalling Eu150m first launched 17/01/02)

Koçbank's $100m one year facility will be closed next week with a healthy oversubscription and is due to be increased to $200m. Arrangers are Bank of Tokyo-Mitsubishi, Standard Chartered, WestLB, Bank of New York and Sumitomo. The deal pays a margin of 80bp over Libor. Four tickets have been offered: co-arrangers have been offered 140bp takes of $7.5m-$10m; lead arrangers 130bp for $5m; managers 125bp for $3m; and participants 122.5bp for $2.5m.

The Republic of Turkey has mandated BNP Paribas and UBS Warburg for what is expected to be a Eu500m five year bond, its first new euro denominated benchmark since a three year issue last October marked its return from the wilderness. The bond may be priced as soon as today (Friday), according to one of the lead managers, and indicative pricing is of a yield of 9.9%. The book will be kept open until this morning to allow retail intermediaries in Italy and elsewhere to place orders. However, by Thursday evening, EuroWeek heard that the deal was already twice oversubscribed.

UBS Warburg completed one of the few pieces of ECM business this week with the Eu88m sale of stock in Spanish IT services company Indra. The bank sold 9m shares at Eu9.70 on behalf of Thales, the French defence electronics firm. The deal was launched on Wednesday morning and was twice covered three hours later.

EuroWeek understands that the $950m financing for the UAE Offsets Group-sponsored independent power project in Fujairah has been quietly funded on a club basis by around 10 banks. The facility is structured as a bridge-style financing with a tenor of around five years to fund construction costs and is guaranteed by the state. The margin is believed to be around 50bp over Libor.

HSBC Investment Bank (Netherlands) issued the highest number of trades. But Danske Bank announced the biggest trade: a $100 million two-year trade due to be settled on May 7. Reuters Group and KfW International Finance also issued relatively large amounts. Reuters did a $50 million eight-month note and KfW announced a $36 million 15-year trade. Three issuers closed notes for $10 million. Wuerttembergische Hypothekenbank announced a $10 million note that goes out one-year. It was led by Deutsche Bank. And Rabobank Nederland did a seven-year $10 million note, while Spintab closed a five-year note for $10 million.

Punch Taverns, the UK pub owner, joined the pipeline of UK IPOs this week when it confirmed plans to complete a £300m deal in May or June. Merrill Lynch has advised Punch Taverns for some time, and will be sole bookrunner on the IPO. The flotation will combine a £150m-£250m partial exit for private equity backers and a £100m capital increase for Punch. Merrill Lynch is expected to market the deal as a value stock with steady, but not spectacular, growth opportunities.

Punch Taverns, the UK pub owner, joined the pipeline of UK IPOs this week when it confirmed plans to complete a £300m deal in May or June. Merrill Lynch has advised Punch Taverns for some time, and will be sole bookrunner on the IPO. The flotation will combine a £150m-£250m partial exit for private equity backers and a £100m capital increase for Punch. Merrill Lynch is expected to market the deal as a value stock with steady, but not spectacular, growth opportunities.