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Alitalia, the loss-making Italian airline, this week announced a plan to double its market capitalisation through a Eu1.4bn combined convertible and equity offering. Three banks, as yet unnamed, will underwrite the offering, which Alitalia hopes will provide enough financial strength to help it move back into profit.

AOL Time Warner this week became the latest borrower to react to market concerns about the level of short term indebtedness among US corporates, by issuing $6bn of global bonds to pay down commercial paper and bank lines.

Autoroutes du Sud de la France saw its IPO surge in the aftermarket this week despite pricing the offering at almost the top of the range. The Eu2.6bn issue, which was 19 times oversubscribed on the institutional side, was priced last Thursday evening at Eu25 from a range of Eu22-Eu25.5. The stock opened at Eu26 and rose 7% on the first day of trading, dispelling fears that institutions would flip the stock if it was priced near the top of the range.

AOL Time Warner this week became the latest borrower to react to market concerns about the level of short term indebtedness among US corporates, by issuing $6bn of global bonds to pay down commercial paper and bank lines.

China Sinochem Hongkong (Holdings) Co has mandated ABN Amro to arrange a $250m three year refinancing facility.

Uridashi * European Investment Bank

Europe * France Industrial Properties No1 SA

The story that CSFB is about to bin 300 bankers including 50 managing directors was designed to catch the eye in a very slow week after Easter. However, it is only fair to point out that the story is not new, that the timing is slightly premature and that the final number is likely to exceed 300. Our sources in New York, which will bear the brunt of the dismissals, say that the hit list has been locked away by Mr Mack and his pals - hopefully the new fellow Bayo Ogunlesi has also been kept in the loop. In order not to frighten the clients, the Mack plan seem to be to ease the most senior bankers out very gradually and to fill their pockets with gold. In a desperate attempt to soften the blow, John Mack and Bayo Ogunlesi have promoted Susan Kilsby to co-head of European M&A. Our congratulations to Susie as we love to see ladies legging up the corporate ladder. However, is it really true that the first presents she received from her staff were a DVD of the film Titanic and a lifebelt?

Brazil is gearing up to access the global dollar bond market as early as next week to take advantage of $1.8bn of amortisations and coupon payments on April 15. It has sent out requests for proposals and bankers were yesterday (Thursday) eagerly awaiting news of a mandate. "Brazil is keen to see if it can get investors receiving amortisation and coupon payments to reinvest that money in a new bond issue," said one New York based syndicate chief. "I would expect it to come to market either next week or the following week."