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* HVB Real Estate Rating: AAA

The Royal Bank of Scotland has unveiled the latest names to join its fast growing leveraged finance team based in Frankfurt, including a new LBO team head. Michael Föcking, managing director of leveraged finance in Germany, told EuroWeek that with a reinforced group in Frankfurt he is confident RBS will be "well positioned to compete with the investment banks used to handling large ticket deals".

The European loan market initially held its breath this week following the tragedy in New York on Tuesday, September 11. But by Wednesday mid-morning, the consensus was that the impact of the terrorist attacks on deals in the loan market would not be immediate and would not have wide implications. "If a deal was priced correctly for last Friday it will still be priced correctly for this Friday," noted a London banker.

Finland Banks have been signed into the Eu800m tranche of the Eu1.2bn financing supporting media group Sanoma's bid for VNU's consumer magazine business.

Monday saw the launch of the biggest project financing of the year in the Middle East - the day before prospects for deals in the region shifted unquantifiably. The $1.6bn 19.5 year debt facilities for the $2bn Shuweihat IWPP was launched to sub-underwriters with two ticket levels - $100m underwrites for 90bp with final takes at $50m, and $75m underwrites for final takes of $40m.

* Innogy plc Rating: Baa1/BBB+/BBB+

* Vorarlberger Landes- und Hypothekenbank Guarantor: Land Vorarlberg

When they attacked the World Trade Centre in New York, they attacked us all. It could as easily have been Canary Wharf, La Defense, the Frankfurter Messe, or Exchange Square. And in destroying the World Trade Centre, they attacked the free markets that go hand in hand with democracy — specifically, the international markets that enable the free movement of capital and goods across national boundaries.

When they attacked the World Trade Centre in New York, they attacked us all. It could as easily have been Canary Wharf, La Defense, the Frankfurter Messe, or Exchange Square. And in destroying the World Trade Centre, they attacked the free markets that go hand in hand with democracy — specifically, the international markets that enable the free movement of capital and goods across national boundaries.

Deutsche Bank, Royal Bank of Scotland and SG have closed general syndication of the £482m debt package supporting the leveraged buy-out of Baxi by Newmond. At this level banks were invited in at two tickets: £10m for 75bp and £15m for 85bp. The long running transaction comprises £441.625m of senior debt and a £40m mezzanine piece. Tranche 'A' is a £215m amortising loan paying a margin of 225bp over Libor and matures in June 2007. Tranche 'B' is a £60m bullet loan maturing in June 2008, which pays 275bp. Tranche 'C' is a £60m facility maturing in June 2009, paying 325bp. Tranche 'D' is a £26.625m bridge to asset disposals maturing in December 2009 priced at 450bp.

Globals * Inter-American Development Bank

Twenty-three trades were closed in US dollar on Friday, taking 23% of the market share. The short end dropped off completely, with SNS Bank's $6 million trade the shortest-dated note at six months. But activity was stepped up in the 10-year sector, with Mizuho an active bookrunner. SNS Bank Nederland closed a $6 million 6m US$libor accrual note, due on September 21. The trade was managed by ABN Amro and the accrual factor is calculated on each day within the period that the 6m US$libor rate falls below 3.68%. This will be divided by the number of days. Danske Bank closed a $10 million 10-year note on Friday, which is callable after two years. Mizuho was the lead manager. The trade is floating rate for the first two years. If it is not called, the note then becomes fixed rate and pays a final coupon of 7.5% when is redeemed in 2011. The issuer says: "Investors in Japan like this maturity, although the investor doesn't know if the they are investing for two or 10 years. But unless rates in the US increase dramatically, the trade is likely to be called after two years." Kommunalbanken also closed a $10 million 10-year trade, which was also lead by Mizuho. Bank Nederlandse Gemeenten's $20 million 10-year note was also lead by Mizuho. It is a non-call-one and is a Bermudan callable thereafter. Three other issuers were in the 10-year sector. They were: Toronto Dominion Bank, SGA and Freddie Mac. And Landwirtschaftliche Rentenbank closed a $8.25 million five-year note, due on September 17 and maturing on August 3 2006. Morgan Stanley is the bookrunner. The note is swapped into floating Euribor and pays interest at 3m US$libor -5bp. It pays interest every three months starting on November 3.