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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.

Repsol, the spanish utility and Caixa Catalunya, the spanish savings bank, are to sign Euro-MTN programmes. Caixa Catalunya will bring its shelf to the market next Tuesday and Repsol is to sign its facility before the end of September 2001.

The £200m loan for First Choice Holidays plc has received several commitments in general syndication, since last Tuesday's air attacks in New York and Washington. The borrower's sector, leisure with an emphasis on air travel, has become problematic in light of recent events.

The total volume of deals announced on Friday crept back up again after two days at half the usual number. Sixty-eight trades were closed, according to MTNWare, in US dollar, euro, yen and Hong Kong dollar with a volume of over $1.57 billion. US dollar made up 20% of the market with 18 deals. Trades under one year were thin on the ground, while four issuers closed small trades in the 10-year sector via Mizuho. Names at the short end were UBS Australia with a $150 million one-month note and HSBC Investment Bank (Netherlands) with a $20 million 35-day trade. HSBC Bank USA also issued seven notes in the three- to five-year sector for a total of $11.54 million. DaimlerChrysler UK Holding closed two $33.20 million notes that mature in September 2003. Both pay a final coupon of 0.5%. Canadian Wheat Board was present in the seven-year sector with a $10 million note that pays a final coupon of 5.290%. The Aa2-rated issuer did the trade via Mizuho. Danske Bank, Kommunalbanken and Federal Home Loan Banks did $10 million 10-year deals via Mizuho. They pay final coupons of Libor+0.6%, Libor+0.4% and Libor+0.45% respectively. CDC IXIS Capital Markets closed a $13 million 10-year note via Mizuho. It pays 6.4% on its final coupon.