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THE REPUBLIC of Turkey is sounding out the market for a new bond transaction, with most bankers expecting it to go for a euro denominated deal. Some believe it will go for either an eight year deal or will reopen an existing transaction. Others, however, believe the republic has still to decide on the currency, tenor and the timing of the deal.

GERMAN mobile medical technology provider United Medical Systems will use the proceeds from a Eu57m-Eu65m Neuer Markt IPO to expand further in the US. The 12 year old firm rents non-invasive, transportable technology to hospitals and clinics. Examples of the treatment include crushing kidney stones, or magnetic resonance tomography. The firm will issue 2.7m shares at Eu21-Eu24. The base offer consists of 1.8m primary shares and 600,000 secondary shares. The deal also includes a greenshoe of 300,000 secondary shares. Existing shares are being sold by venture capitalists, and represent 17% of their holdings. Specialist healthcare and Neuer Markt funds, as well as general funds, are expected to be interested in the issue.

Lead arranger and bookrunner Chase Manhattan is arranging a Eu450m two tranche revolver for Capital One Bank (UK). Barclays Capital is facility agent. The loan is split between a Eu225m 364 day tranche and a Eu225m four year tranche. The 364 day tranche pays a margin of 25bp over Libor and carries a facility fee of 10bp, plus a utilisation fee of 10bp if more than 50% is drawn. The longer tranche pays a margin of 35bp and carries a 15bp facility fee and the same utilisation fee as the shorter portion.

* Abbey National Treasury Services plc Guarantor: Abbey National plc

* Westpac Trust Securities New Zealand Ltd (London) Guarantor: Westpac Banking Corp

Wachovia Corp, a regional US bank holding company, yesterday (Thursday) took advantage of a post-July 4 holiday lull in global bond supply to resurrect a $550m five year deal it had abandoned three weeks ago. The deal, led by Merrill Lynch, carried a 7.45% coupon and was priced at 99.909, to yield 7.472% or 133bp over Treasuries - 2bp tighter than its 135bp area spread talk. The offering was cancelled after Wachovia announced a profit warning in mid-June.

Wachovia Corp, a regional US bank holding company, yesterday (Thursday) took advantage of a post-July 4 holiday lull in global bond supply to resurrect a $550m five year deal it had abandoned three weeks ago. The deal, led by Merrill Lynch, carried a 7.45% coupon and was priced at 99.909, to yield 7.472% or 133bp over Treasuries - 2bp tighter than its 135bp area spread talk. The offering was cancelled after Wachovia announced a profit warning in mid-June.

Belgium Lead arranger ABN Amro has brought in BBL/ING, Fortis, KBC and Sumitomo Bank to each underwrite Eu750m tickets on the Eu6bn loan for Belgian brewer Interbrew.

Supply from the German cable sector continues to loom over the high yield market, with Merrill Lynch due to start premarketing a $555m equivalent bond transaction from E-Kabel LLC next week. E-Kabel LLC is raising the financing after its acquisition of a majority stake in Deutsche Telekom's cable TV network in the Hesse region. The deal follows a similar financing from Callahan Nordrhein Westphalen (CNW), which issued $775m equivalent of bonds via Merrill Lynch and Salomon Smith Barney at the end of June.

Market report: Compiled by Frank Hracs, TD Securities, Toronto

Issuance is on a par with a record 1999, despite a slow start to the year. But, as Philip Moore discovers, more interesting are the changes in the type of issuers coming to the market In theory, the outlook for the issuance of European convertibles has never been better. On the one hand, supply of new issuance should be driven by continued M&A activity, corporate restructuring, fundraising from new economy companies and a more benign fiscal environment.