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The long awaited mandate to fund the buy-out of Messer Griesheim, the industrial gases processor, was awarded earlier this week. Goldman Sachs (co-ordinator), JP Morgan, HypoVereinsbank and RBS are putting together Eu1.8bn of loans to support the deal. Together with up to Eu500m in subordinated debt, the transaction is one of the largest ever European LBOs.

Oman

Moscow Narodny Bank (MNB) plans to launch a $100m-$150m bond issue in the first half of the year, off its recently announced $250m EuroMTN programme with UBS Warburg. "There are no detailed plans for the first issue yet," said Andrew Skelton, MNB group treasurer. "But we expect it around the end first quarter 2001 - probably after we release our results for 2000, due in March - though the recent volatility in the market has not helped."

* Following the death of Edson Mitchell (see Ian Kerr's tribute, page 5), Deutsche Bank has announced details of restructuring in his sales and trading units. In December, Deutsche announced a broad based restructuring of its operations. Within the global corporates and institutions (GCI) division (soon to be renamed the corporate and institutional clients group) Mitchell had responsibility for sales and trading. He and Josef Ackermann, GCI's chairman, had already thrashed out how these areas would be restructured, but Deutsche had not planned to announce the details yet. In part to forestall speculation about Mitchell's succession, that announcement has now been brought forward.

The new year brought nothing but the same old troubles for the Neuer Markt, which hit another all-time low this week as investor confidence in the high growth exchange continued to fall, despite stiffer regulations from the Deutsche Börse. The Nemax 50 index fell 13.5% on Wednesday, to 2,343.91 - the lowest point in its 18 month history. The fall came after the management at one of the five biggest companies on the exchange came under investigation for insider trading, and another announced that net losses for the fourth quarter will be more than three times expected. "Market participants have lost all their trust," said the head of one syndicate desk in Germany.

** The Arab Republic of Egypt is keeping bankers waiting on the mandate for its debut $500m-$1bn five to 10 year bond issue. Following a beauty parade in early December in Cairo, five

Market report

Nikko Bank has raised the limit off its ¥30 billion ($262.24 million) Euro-MTN programme to ¥70 billion. There is $196.21 billion outstanding and Salomon Smith Barney is the arranger and only dealer.

Nordic Investment bank has issued a 26-year ¥3 billion ($26.23 million) note that will pay a final single coupon of 8.10%. The note will be issued on 18 January 2001. It is the fourth note that the bank has issued this year after two £

* BfG Hypothekenbank AG

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