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Hong Kong BOCI Capital, Hang Seng Bank, HSBC, Industrial & Commercial Bank of China, SG and WestLB will receive the mandate for a $250m five year facility for Shanghai Industrial Investment. Details will be finalised within two weeks.

* World Bank Rating: Aaa/AAA/AAA

While we basked in the Sotogrande sunshine and kept uncustomary hours at night, we had our lines open to Morgan Stanley and CSFB to keep abreast of the latest moves being made by John Mack who is now in total control at CSFB and is, by all accounts, about to conduct a purge which will make Josef Stalin look like a cream puff. Some of the stories coming back about Mr Mack's activities and modus operandi are truly mind-blowing and sounded far fetched to us, even after a lunch time bottle of Fino sherry. One friend said that Mack no longer needed to have a showdown with expensive high tech leader, Frank Quattrone, because there was a business article due to be published very shortly which could reveal all sorts of "problems". At Morgan Stanley, where Quattrone once worked, they are saying that Quattrone is a marked man. Hang in there Frank and prove them wrong.

Merck, the German pharmaceuticals company, raised $360m from a sale of its stake in Pharmaceutical Resources this week, using a structure familiar in the US but as yet largely unused in Europe. Bear Stearns, lead managing its second European equities deal this month, sold the deal as a private investment in public equities (PIPE). The structure allows corporates to sell unwanted shareholdings in a confidential manner and without having to file with the SEC.

Bankers were crowding the waiting lounges in New York’s JFK airport this week, en route to Buenos Aires in pursuit of the next multi-million dollar fee-generating liability management deal for the Argentine government.

Bankers were crowding the waiting lounges in New York’s JFK airport this week, en route to Buenos Aires in pursuit of the next multi-million dollar fee-generating liability management deal for the Argentine government.