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Abbey National Treasury Services has concluded a five-year $20 million MTN that is to be issued on July 3. The note pays interest quarterly and has a final coupon of 7.550%.

Tamara Adler, who was head of European securitisation at Deutsche Bank until two weeks ago, has resigned from the bank. She is headed for JP Morgan, where she will take up a new post in the debt capital markets group as head of origination for structured finance. She will not be a member of the structured finance group, which is headed in Europe by Jonathan Laredo, but will help it to originate deals.

Argentina re-opened its new 2031 global bonds for another $300m this week, after staging a recovery from a major fallout in debt prices on Monday. The scare followed the announcement of a controversial new exchange rate system. The re-opening, led by Banco Galicia, was executed on Wednesday at the market levels of 75.75 and was sold entirely to local pension funds, which account for about 95% of flows, in the 2031s.

South Africa Palabora Mining Company has signed its self-arranged $125m 4-1/2 year club financing. The amortising term loan pays a margin of 150bp over Libor.

Hong Kong Co-ordinating arrangers BOCI Capital and HSBC are waiting for potential lead managers to gain credit approval from their head offices before closing the underwriting stage of the HK$12bn dual tranche fundraising for Hutchison Whampoa.

Europe * Delphinus 2001-I BV

New Zealand The NZ$420m financing for Independent Newspaper, arranged by National Bank of New Zealand, is said to be moving smoothly with a strong response from the market.

It has been Royal Ascot Week as well as the Euromoney annual jamboree in London for borrowers and investors. Which event was socially the most important? We will not be drawn into any argument which might ruffle the sensitivities of our chairman - suffice to say that the standards of behaviour among the Euromoney delegates were far superior to those of the Ascot race-goers. But this is, after all, the summer party season. Many of the ladies at Ascot looked stunning in their finery and we always ask ourselves why hats are not worn on more occasions other than Royal Ascot, weddings and funerals. Ladies' hats do not cover up. Instead, the right choice can accentuate beauty, highlight good bone structure and soften profiles. We are also not being in the slightest way anti-feminist when we say that ladies walk with much more gracious poise when they are expensively hatted.

Hungary Bidding banks are waiting for the City of Budapest to award a mandate for its Eu100m EIB guaranteed facility.