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The IPO of Power Systems from Invensys looks set to be postponed indefinitely after the departure of Tom Gutierrez, divisional chief executive of Power Systems, and the resignation of Allen Yurko, chief executive of Invensys. "Invensys says that Gutierrez left because he wanted to run his own company," said James Stettler, an analyst at Dresdner Kleinwort Wasserstein. The implication, suggested Stettler, is that Power Systems is not likely to become a separate company in the near future.

The Republic of Lebanon returned to the international markets this week with a $750m seven year offering that lead managers Merrill Lynch and Salomon Smith Barney (SSB) claimed achieved the biggest non-domestic distribution yet on one of the government's Eurobonds. The bond was priced flat to the country's interpolated yield curve at par, to offer a yield to maturity of 10.125%.

MTNers have been quiet this week. Some have been jet-lagged after their holidays, such as Klaus Svendsen at Morgan Stanley. Others have simply been boring and stayed in, like Dean the dog Fogg at Merrill Lynch. There's really no excuse for it with the sunny weather London is having at the moment. But then again the UK real-life documentary Big Brother is reaching its exciting climax and may be keeping Dean and Anthony Everill indoors. Or they could simply be exhausted after the long hot days in the office. Leak hears the air conditioning at Merrill has stopped working. Being an investment bank, they can't afford to get it fixed. Barclays' Nabil A-booze-a-lot has been jetting off to a wedding back home in Beirut, while UBS Warburg's Paul Jones is away on holiday as is Richard Tynan from Morgan Stanley. With half the market away sunning themselves in exotic places, it is enough to make the rest of us stuck at home a teensy bit jealous. But spare a thought for Morgan Stanley's Deborah Loades. She is still waiting for the builders to put the finishing touches to the house she has bought in London.

The Republic of Lebanon returned to the international markets this week with a $750m seven year offering that lead managers Merrill Lynch and Salomon Smith Barney (SSB) claimed achieved the biggest non-domestic distribution yet on one of the government's Eurobonds. The bond was priced flat to the country's interpolated yield curve at par, to offer a yield to maturity of 10.125%.

Marubeni Corporation has dropped Sakura International Finance as a dealer from its $2 billion Euro-MTN programme.

Mercator, the Slovenian food retailer and wholesaler, is finalizing the details on its euro100 million ($87.93 million) Euro-CP programme. Raiffeisen Zentralbank Osterreich (RZB) is the arranger. A September signing date has been given to the facility and the proceeds from the Euro-CP shelf will be mainly used for working capital financing and refinancing of less favourably priced existing short-term loans. Dean Cerin, finance director at Mercator, believes its choice of arranger will be key to the programme's success. He says: "RZB has been chosen due to its position as a specialized Central Eastern European niche player and due to its excellent overall business relationship with Mercator." Michael Bures, origination and syndication manager at RZB, said details of the planned inaugural trade are still not finalized. He says: "The first trade is planned for September and will be between three and six months in maturity. The size is difficult to predict at this stage, but is likely to be between euro10 million and euro20 million." Cerin adds: "We intend to raise up to euro50 million in the programme's first year." Although the dealer group for the facility has not been chosen, Cerin is looking to focus on Europe. He says: "There will be an international dealer group with German, French and UK banks."

Kuwait Banks were signed into the debut $100m five year loan for Burgan Bank yesterday (Thursday).

National Grid will test investor appetite for utility debt early next week when it issues around Eu2bn of five and 10 year bonds via Barclays Capital, Deutsche Bank and JP Morgan. The funds are being raised in connection with National Grid's acquisition of Niagara Mohawk, an electricity and gas utility located in New York State. The acquisition is still pending, awaiting SEC approval and the rate review of the state regulator. It should, however, be completed by the end of 2001.

Companies whose share price regularly falls below Eu1, and whose market capitalisation drops below Eu20m, will be thrown off the Neuer Markt, under new rules announced by Deutsche Börse. Deutsche Börse has introduced the rules in a bid to restore confidence in its struggling high growth exchange.

Azerbaijan Fitch has upgraded the Republic of Azerbaijan from B+ to BB-. The agency highlighted the country's Oil Fund, which invests abroad revenues from the country's oil exports, estimated by Fitch to be $500m in 2001.

Bear Stearns will lead manage its first European equity capital markets deal ever in the next few days, according to sources within the bank. The US bank, which has only recently started building an investment banking franchise in Europe, has a mandate for a large convertible bond, and is expected to launch it next week. GERMANY

UBS Warburg has created a new role for Brad Orgill to manage the bank's equities businesses across the region. As head of Asia Pacific equities, Orgill will have responsibility for the three separate businesses in Japan, Australasia and the 10 markets that are included in UBS Warburg's Asia operation.