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Sole mandated arranger ING Barings has launched the $50m term loan for Bank TuranAlem into the market. This is the third deal for a Kazakhstani financial institution to hit the European loan market since July, and the fourth in 2001. By the end of August last year only two loans for banks from the region had been launched to international lenders.

The Republic of Latvia has sounded out banks about a minimum Eu150m seven or 10 year bond issue, with proposals due in on Monday. The deal will be launched after a Eu100m five year issue from Baltic neighbour Estonia, and is slated for late September via Credit Suisse First Boston (CSFB).

Argentina Barclays Bank (Miami) is in the market with a $65m USCP back-up facility for Banco BI Creditanstalt SA. The deal refinances an $85m LC facility signed in August last year.

Merrill Lynch is settling down in its new building by St Paul's Cathedral in London. The office is said to be huge, with a trading floor the size of a football pitch. Some are a bit worried that all the trading desks on the same floor might start competing to see who can speak down the phone the loudest. But others have more pressing concerns. Dean 'the dog' Fogg was quick to notice the absence of a restaurant in the new bank. And not only that, but the powers that be have added insult to injury and installed a multi-gym instead. What are they trying to tell their staff? That there's time in the day for play as well as work? As for the rest of the market, half are lying on sandy beaches in the far corners of world and the rest are working their fingers to the bone to keep up with the extra work. Monja Blattner on Barclays's MTN desk is escaping to Kuala Lumpur and Malaysia next week. And Barry Gartner, on the bank's CP desk, is jetting off to Tuscany.

Lloyds TSB and Royal Bank of Scotland have won the mandate to arrange a £285m three year loan to support George Wimpey plc's acquisition of Alfred McAlpine Homes Holdings Ltd. The £461m acquisition by UK homebuilder Wimpey will enhance its presence in the southeast of England, where demographers predict that a further 350,000 new homes will be needed over the next five years.

Egypt Joint lead arrangers Citibank and Bank of Tokyo-Mitsubishi will sign banks into the $100m three year term loan for Misr International next week.

* Dresdner Kleinwort Wasserstein is shutting down its equity businesses in Hong Kong, India, Korea, Malaysia and Singapore and Taiwan. It will keep its regional M&A, debt and private equity businesses, but the equity sales, research, trading and on-line markets divisions will be affected. Of DrKW's 750 employees in non-Japan Asia, 350 will lose their jobs - 4% of the global headcount.

Lending banks that were counting on buying a chunk of eastern European telco debt from the proposed jumbo $1.475bn acquisition facility for Cesky Telecom have been disappointed by the compan-y's decision to opt for a Eurobond. Cesky's preference for bonds does have an upside, though, and appetite for telecoms deals has resulted in the oversubscription of Telekomunikacja Polska's (TPSA) Eu200m five year EIB facility.

Iran Iran is reported to have sent out a formal request for proposals to some banks about a proposed debt financing.

Other currencies collectively made up just 1.45% of the market on Friday. The selection was more diverse than on other days last week, with showings from Czech koruna, Swiss franc, Hong Kong dollar, Singapore dollar and sterling. St Michael Finance closed a £

* Deutsche Bank Finance NV Curaçao Guarantor: Deutsche Bank AG