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Asia * ARMS II Euro Fund II

Market report: Compiled by Glenn Blackley,

Australia Co-ordinating arrangers Chase Manhattan Australia and Toronto-Dominion Australia have extended the deadline for potential arrangers for the A$1.15bn dual tranche project financing for One.Tel Networks Finance until next week.

Deutsche Bank and Dresdner merging? Stranger things have happened at sea but don't you also have a nagging doubt that the main German banks have difficulty closing a bathroom door, yet alone a deal. Dresdner was supposed to be about to jump into the marital bed with Hypo-Vereinsbank which actually looked like a very cuddly twosome. Deutsche was still trying to grapple with integrating the dowdy Bankers Trust which never looked like the smartest acquisition.

The Sfr4.1bn financing for Cablecom was still generating intense discussion and caution this week as banks watched each other's movements to gauge the potential success of the deal. The deadline was pushed out from Wednesday to Friday, but with many commitments still outstanding and some banks slow to decide their stance, the deal is unlikely to close this week. The arrangers, Chase Manhattan and Morgan Stanley Dean Witter, report that of the commitments they have already received, the majority are for the higher ticket level of Sfr400m (with an expected final allocation of Sfr200m). But comments among several potential lenders suggested some are more comfortable with the lower level of Sfr160m (final allocations of Sfr130m).

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