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The Eu410m loan for Enterprise Solutions, now renamed Damovo, was launched to a bank meeting yesterday (Thursday), while the Eu2.35bn leveraged deal for Valentia will be launched in the next few days. Bank meetings took place this week for the loans supporting the buy-outs of Dutch bicycle manufacturer Gazelle and jewellery group Marc Orian in France. Next week should see the launch of the credit for the Henderson Private Capital sponsored buy-out of Leisure Link. The Eu180.5m loan for Photo Group is receiving enquiries as it closes from banks that will now have to buy paper in the secondary market. Set against these positive signs for the leveraged loan market is talk of deals delayed and launches postponed, in the wake of falling valuations and a flight to quality from any deals with US exposure. Indeed, arrangers have expressed frustration at some of the snappy decisions being made. "Banks are walking away from deals without making an informed decision," noted a leveraged financier. "We are involved in a deal that is meant to involve four banks that we will probably end up arranging ourselves."

Slovenian issuer, Poslovni Sistem Mercator, has signed a Euro-CP programme for euro100 million ($92.66 million). There were no further details available at the time of publication, but Deutsche Bank is the IPA.

Norway EuroWeek understands that the beleaguered engineering company Kvaerner has secured a NKr900m short term facility to alleviate liquidity problems.

A lengthy bank presentation was held in London yesterday (Thursday) for the sub-underwriting phase of the syndication of the $1.6bn 20 year debt facilities for the $2bn Shuweihat independent water and power project. Mandated lead arrangers of the deal are Abu Dhabi Investment Company, Bank of Tokyo-Mitsubishi, Barclays Capital (joint bookrunner), Citibank/SSSB (joint bookrunner), KfW, National Bank of Abu Dhabi and RBS. At this stage of syndication, banks have been invited at two ticket levels. Arrangers have been asked to underwrite $100m for underwriting fees of 30bp and 60bp in participation fees for targeted final takes of $50m. Senior co-arrangers have been asked to underwrite $75m for underwriting fees of 25bp and 50bp in participation fees with targeted final takes of $40m.

Market report Compiled by Richard Favis, RBC DS Global Markets, Johannesburg.

Silver Tower has added Morgan Stanley and Lehman Brothers as dealers off its euro8 billion ($7.42 billion) Euro-CP programme. The update was completed on September 6 2001. The new dealers join Citibank and Dresdner Bank on the dealer panel. Dresdner Bank arranged the programme. The programme has $2.29 billion outstanding off 91 trades. Seventy-three per cent of the trades are in euro with the rest in US dollar and Swiss franc. In the last month Silver Tower has tapped its shelf 18 times. Its most recent trade was a euro100 million 13-month note. The issuer also has an asset-backed US CP programme with a debt limit of $3 billion and a euro2 billion asset-backed Euro-MTN programme, which has $49.27 million outstanding off one trade. Dresdner Bank is also the arranger off its Euro-MTN programme.

Maarten Stegwee, head of European asset finance at Credit Suisse First Boston (CSFB), is to leave the bank - and the securitisation market - in October. He is not planning to return to investment banking.

Transactions increased: * European Investment Bank

Suncorp-Metway has signed two programmes: a $7.5 billion Euro-CP shelf and a $7.5 billion MTN programme. The issuer has an existing $2 billion MTN programme signed in 1997 and a $1 billion CP programme signed in 1998.

Domestic issuance: * Pfandbriefbank Schweizerischer Hypothekarinstitute

Issuers, bankers and investors this week struggled to get back to business following the devastation of last week. Liquidity seeped back by the day, and some cheer was provided by large, liquid issues from three of the market's top borrowers: Freddie Mac, the Inter-American Development Bank (IADB) and the World Bank.

As the Republic of Turkey completes its comeback roadshow across Europe today (Friday), investors and bankers alike will be asking themselves how much the country's efforts have been overtaken by events of September 11. The republic will have to issue at least $750m by the end of the year, if it is to complete the $1.5bn issuance target in its economic programme. All those spoken to by EuroWeek agreed that the chances of Turkey launching a Eurobond this side of Christmas were now low. Turkish economy minister Kemal Dervis has said that plans to tap the market as early as this month have been postponed.