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Just less than 13% of the market was traded in other currencies. Seven were in Hong Kong dollar. Spintab closed a HK$80 million ($10.26 million) 23-month note, managed by HSBC. The trade pays a fixed coupon of 4.165% and interest is paid quarterly. Other names in Hong Kong dollar were Westland/Utrecht Hypotheekbank with a HK$100 million 15-month note and Credit Lyonnais Finance with a six-week HK$15 million trade. Singapore dollar saw demand for one-month trades from Development Bank of Singapore and Barclays Bank. And Deutsche Bank led a Swiss franc trade for Vorarlberger Landes- und Hypothekenbank. The Sfr200 million ($119.96 million) note was non-syndicated although the details were made public and it pays interest at libor flat. Volvo Treasury closed a Czech koruna note for Kr500 million ($13.27 million). The note matures in 2006.

Only three trades were completed in other currencies. Commerzbank went out five years with its £

Seven trades came to the market in other currencies: three in Hong Kong dollar, two in Singapore dollar and one in Swedish krona. But all kept to the short-term. The Development Bank of Singapore was responsible for two one-month Singapore dollar trades. The smallest trade was a S$200 thousand ($110 thousand) note that will be issued on September 25 2001 and the largest trade was a S$240 thousand note that will be issued on September 27 2001. Commerzbank's Skr27 million ($2.56 million) trade will go out a little longer. The note will be issued on September 27 2001 and will pay a single final coupon of 23.20%. The note matures on November 21 2002. The other three notes in the market came in Hong Kong dollar. HSBC issued two HK$80 million ($10.26 million) two-month trades. The notes will both be issued on September 20 2001. MSDW also stayed short with its HK$100 million three-month note that will be issued on the December 21 2001.

* 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.