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Bankers are confident that the tragedy earlier this week will not close the European equity capital markets. "We are seriously reassessing our deals, but that does not mean we are going to postpone them," said one London syndicate head. Banks will be keen to assure the success of the large deals which remain on the calendar, in the hope that these will kickstart the market.

"Whatever it is, it is not business as usual," said one senior equity syndicate banker in Germany, in reaction to the tragedy in New York that has sent a shock wave through all the financial markets. All of the bankers in the European equity capital markets that EuroWeek spoke to expressed a need to hold off all business until clarity returns. No one felt able to make any clear judgement as to what might or might not happen over the next few days or weeks because the market was so nervous.

Ghana Arrangers Barclays Bank, BHF-Bank, Commerzbank, Crédit Lyonnais, DG Bank, Dresdner Kleinwort Wasserstein, Ghana International Bank, Natexis Banques Populaires, Royal Bank of Scotland, Sanwa Bank and Standard Chartered have released the tickets and fees on offer for the $300m facility for the Ghana Cocoa Board (Cocobod).

Hong Kong A number of Hong Kong banks have submitted bids for a financing for MTR Corp. The size of the deal is expected to range between HK$3m and HK$5m, with a five to seven year maturity. The borrower last tapped the market in August 2000, with a HK$1.4bn five year revolving/term loan. Banks involved paid a margin of 52bp over Hibor.

Asia Pacific * ACE Funding Ltd Series 2001-3

* Fortis Bank NV Support agreement from: Fortis (B) SA, Fortis (NL) NV

Low euro volume was boosted on Friday by one large trade while maturities were in the mid- to long-term range. BES Finance closed the biggest trade - a five-year euro600 million ($541.94 million) FRN that pays interest quarterly. Lehman Brothers and Salomon Smith Barney acted as joint-bookrunners. The next largest trade was a euro28 million note from Asset Repackaging Trust that pays interest quarterly. The note matures on June 25 2011. Deutsche Bank closed the longest-dated trade: a 30-year euro2 million MTN that pays interest annually and has a final coupon of 7.500%. Deutsche Bank also traded a euro5 million MTN that pays interest singularly. The note matures on May 20 2006. Fabs Luxembourg I also looked to the long-end, with a euro8.34 million note. The note pays interest singularly and has a final coupon of 5.280%. Hypo Alpe-Adria Bank were busy closing two euro25 million trades. Both notes pay interest semi-annually and go out to 2008. Merrill Lynch lead-managed the trades. Merrill Lynch was also active on the issuing side, closing a seven-year euro22.5 million MTN that carries a zero interest payment frequency. Unibanco - Uniao de Bancos Brasileiros closed the shortest-dated trade. The euro1.58 billion MTN matures on December 11 of this year. The note has a zero interest payment frequency. Also issuing was Credit Lyonnais Finance (Guernsey) (euro8 million) and Societe Generale Acceptance (euro10 million).

There were just eight euro trades yesterday, but volume was boosted by a euro500 million ($448.42 million) note by Helaba International Finance. The five-year note pays interest annually and has a final coupon of 4.500%. Deutsche Apotheker-und Aerxtebank were the only other issuer to trade over euro30 million, closing a euro100 million note that pays interest singularly. The note matures on March 17 2003. The issue continues a trend for the issuer in 2001 of trading in the short to mid-term. None of its notes this year have gone out past 2007. Credit Suisse First Boston lead-managed a one-year euro30 million note for Caisse Centrale de Credit Immobilier de France. The note pays interest singularly and is linked to the two-year US dollar swap-rate. Societe Generale also closed a euro30 million trade. The five-year note has a zero interest payment frequency. Zenith Systems was the only issuer looking towards the long-end, with a 20-year euro20 million trade. The note pays interest annually and has a final coupon of 7.350%. Banque Internationale a Luxembourg concluded the shortest-dated trade, a euro3 million MTN that matures on December 17 of this year. The note has a zero interest payment frequency. Banca Nazionale del Lavoro closed a three-year euro25 million note. The private placement pays interest quarterly. It is only the issuer's third trade of 2001, having also traded in US dollar. Lehman Brothers Treasury issued a euro6 million MTN that pays interest singularly. The note matures on November 14 2003.

In a day that saw yen and US dollar dominate, just four euro trades were closed yesterday. HSBC Investment Bank (Netherlands) closed two euro20 million ($18.13 million) trades. Both notes are to be issued in the next week and mature next month - October 9 and October 31. Both notes carry a zero interest payment frequency. Also closing for euro20 million was Deutsche Bank arranged SPV, Eirles One. The note pays interest singularly and has a final coupon of 6.200%. The note matures on November 10 2006. Banque et Caisse d'Epargne de l'Etat Luxembourg concluded a euro15 million trade that matures on September 6 of next year.

Euro trading remained busy yesterday, but volumes were low. European Credit (Luzembourg) closed the largest trade - a euro100 million ($92 million) MTN that pays interest singularly. The trade was also the longest-dated, going out to September 19 2011. In addition, the issuer also closed notes for euro20 million and euro25 million. Compagnie de Financement Foncier (CFF) matched European Credit (Luxembourg) for maturity, with a euro15 million note that reaches out to October 12 2011. The note carries a zero interest payment frequency. French issuers were the busiest in the market. As well as CFF's note, three other French issuers closed trades yesterday. Societe Generale Acceptance concluded a one-year euro20 million MTN that pays interest singularly. Credit Agricole Indosuez are to issue a euro7 million note that pays interest annually and has a final coupon of 17.250%. The note matures on October 6 2003. And BNP Paribas closed a euro6 million note that matures on September 24 2005. Deutsche Bank issued the shortest-dated trade - a euro3.20 million MTN that matures on January 25 of next year. The note pays interest singularly and has a final coupon of 4.750%.

Euro touched both ends of the volume scale yesterday with trades split between euro1 million ($0.91 million) and euro500 million. Despite the mixed range, the euro managed to total more in volume than either US dollar or yen. MBNA Europe Funding's five-year euro500 million MTN was the largest trade. The note pays interest annually. Credit Lyonnais Finance (Guernsey) closed the smallest note - a euro1 million trade that matures on July 5 2004. The issuer also closed a euro2 million note that matures on September 24 2004. Both notes carry a zero interest payment frequency. Banque Generale du Luxembourg also closed two trades. One was a six-year euro2 million MTN; the other a five-year euro5.41 million note. Both notes pay a zero interest payment frequency. Fiat Finance & Trade boosted volume with a euro100 million MTN. The note pays interest annually and has a final coupon of 4.464%. DePfa-Bank Europe closed a euro50 million note that has a zero interest payment frequency. Salomon Smith Barney SPV, Banesto Issuances, traded a euro2 million MTN that matures on March 17 2004.

Freddie Mac offered hope to participants in the international bond markets yesterday (Thursday) when it announced that it will today (Friday) auction a $5bn two year Reference Note ahead of the launch of a new $5bn 10 year issue on Monday, via Morgan Stanley, Salomon Smith Barney and UBS Warburg. The US agency had been due to issue the new Reference Note on Tuesday morning, New York time, but, alongside all other borrowers that had been planning to price new issues, delayed the transaction in the wake of the terrorist attacks in the US.