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Kvaerner appeared to have won its long running battle to avoid bankruptcy, following the announcement on Wednesday of a long term restructuring. The Anglo-Norwegian construction and engineering company revealed that it has secured a consortium to underwrite a NKr3bn (Eu374m) rights issue. In addition, it has agreed with its lending banks that NKr4.5bn of debt will be converted to a subordinate convertible note, and existing loans will be rescheduled to the end of 2004.

Speculation this week that the Euroloan market might shut down early for the year was brushed aside by the launch of the Eu6.5bn jumbo loan for Italenergia to senior syndication.

Speculation this week that the Euroloan market might shut down early for the year was brushed aside by the launch of the Eu6.5bn jumbo loan for Italenergia to senior syndication.

Love is in the air. Morgan Stanley's Deborah Loades has confirmed that Chile will be the venue for her forthcoming honeymoon. But it is not only Deborah enjoying a bit of chilli. UBS's Gavin Eddy, Merrill's legend, Dean the dog Fogg, and Morgan Stanley's Klaus Svendsen were spotted spicing up their lives at a London curry-house last week. Leak hears they were knocking back a few pints and a Vindaloo in the hope of firing-up next week's trading. And UBS has made a new addition to its front-line. Former England football captain, Alan Shearer, has swapped the black and white stripes of his team, Newcastle, for the pinstripes of a city banker. He is set to become a representative of UBS's private banking arm. Leak hopes that UBS's Gavin Eddy and Paul Jones will now finally be able to get to grips with the offside rule. And leak hears that CSFB had a pre-Websters conference party planned for last week. But unfortunately the bank had problems drumming-up interest and the party was shelved. Leak wonders why CSFB didn't invite the boys from mtn-i and CapitalMarketDaily - everyone knows those journalist types are always up for a free drink.

The LBO market is set for a busy end to the year with a number of jumbo credits in or near the market. Loans for Cantrell & Cochrane, Cognis and Pentaplast will all be launched in one form or another. But the restructuring and write downs announced by 3i and the announcement that Photobition has gone into receivership this week highlight the difficult market conditions.

The dollar market might was shaken this week when the US Treasury on Wednesday announced that it would be suspending 30 year bond sales. This dominated developments for the rest of the week and dollar swap traders struggled to determine what this would mean for spreads. In the first instance, the effect on prices and spreads was dramatic. The news, according to one swap trader, "came right out of the blue". Although after a few hours the benefit of hindsight was leading some market participants to believe that it should not have been completely unexpected, at the time, the market was unambiguously and completely shocked. No one had predicted it.

The battle for control of the London International Financial Futures and Options Exchange (Liffe) ended this week when shareholders accepted a bid from Euronext for £18.25 per share, valuing Liffe at £555m, which left the London Stock Exchange out in the cold and dangerously exposed. An announcement was expected from Liffe on Wednesday about its future, but Liffe surprised the market on Monday afternoon by revealing its recommendation. The deciding factor between Euronext and the LSE was in the end one of cash rather than price. With the battle now over and Euronext the victor the LSE has been left to lick its wounds and reshape its strategy.

* Former Bank of Israel governor and president of Merrill Lynch international, Jacob Frenkel, is to head the Merrill team advising Argentina on macro-economic policy and debt management. Frenkel is chairman of Merrill's sovereign advisory group, president of its financial institutions group and a member of the office of the chairman. However, it is in his other guises that Frenkel is perhaps best known. While at the Central Bank of Israel he is credited with reducing inflation, liberalising the financial markets and removing forex controls.

Kuwait Syndication is under way for the refinancing of the international debt facilities for Equate Petrochemical Co KSC.

Baltic states Roadshow dates have been set for the minimum Eu150m seven or 10 year Eurobond for the Baa2/BBB/BBB rated Republic of Latvia via BNP Paribas. Presentations will begin in Helsinki and Vienna on Monday, November 5, followed by Paris on Tuesday, London on Wednesday and Frankfurt on Thursday.

Germany Commerzbank has been appointed to lead a Eu44m capital increase for CargoLifter, the German airship manufacturer. CargoLifter announced this week that it would carry out a capital increase, in the form of a rights issue, in the early part of November. The increase will fund CargoLifter's future growth. Commerzbank was the bookrunner on the firm's Eu107m IPO that was completed on May 30 2000.

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA