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Morocco Banks will bid next week for the long term debt financing solution for the Médi Telecom project. The debt will refinance two bridge facilities which fall due in August this year as well as raising additional capital for the continued build out of the borrower's GSM mobile telecoms network - the country's second such operator.

The £4.3bn acquisition facility for Air Liquide, which was signed in September 1999, is to be cancelled after the borrower's acquisition of BOC Group of the UK fell through -- but Air Liquide may shortly return to the loan market. The acquisition was a rare joint bid by the French company Air Liquide and Air Products and Chemicals of the US. But antitrust regulations, as dictated by the US Federal Trade Commission, have forced the acquisition to be called off. The loan, which was for the sole purpose of supporting the bid, and has not been drawn down, lapses unused.

Hong Kong Hong Kong International Terminals is tapping the market for a HK$5bn five year term loan through co-ordinators HSBC Investment Bank Asia and Citicorp International. The arrangers are forming a sub-underwriting group before proceeding with general syndication.

DEUTSCHE Bank completed a Eu1bn Allianz exchangeable for Munich Re this week which stressed the protection offered in the event of a takeover. The deal also signified the beginning of the unwinding of cross-holdings between the two firms as they refocus their businesses toward core activities.

Europe * Baglan Moor Healthcare Ltd

Australia General syndication for One.Tel Networks Finance's A$1.15bn nine year project financing was launched this week with a presentation in Sydney. Co-ordinating arrangers are Chase Manhattan Bank Australia and Toronto-Dominion Australia.

Market report: Compiled by Glenn Blackley,

Our Millennium crystal ball, a present from our top Russian mole - the stunning Ms Nookya Plentiov - seems to be working like a dream. Last week the crystal ball told us that the successor to 'TJ' Lim at Dresdner Kleinwort Benson would be announced within a few days. We had already clocked Andrew Pisker as the obvious candidate. Not only does he have the ability and the energy (is he really only 39?) to close the huge breach in DKB's wall, but he was the clear preferred choice of the DKB staffers in London. Pisker becomes head of the global markets division. Andrew will be ably supported by Erich Pohl in Frankfurt. Pohl is a gifted trader with vast experience and the DKB bond machine in Frankfurt is a vital platform for Pisker's strategy to push the bank firmly back up the Euromarket ladder.