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India A roadshow was held this week for the syndication of a $50m project credit for Haldia Petrochemicals Limited by sole arranger ANZ Investment Bank.

Morgan Stanley Dean Witter and joint lead manager BBV struggled to complete the Eu600m sale of convertible bonds for Banco Bilbao Vizcaya this week, illustrating the change in sentiment in the equity linked market. The transaction was launched two weeks ago and structured with pre-emptive rights for existing BBV shareholders. With this in mind, the lead manager structured the deal in two stages.

Proof that the US equity markets have not yet run out of steam came this week as Wall Street witnessed heavy volumes of new and secondary offerings this week.

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Bankers' emotions were mixed yesterday afternoon (Thursday) after leaving the sub-underwriters' meeting in Paris for Elf Acquitaine's Eu18bn committed credit facility backing its counter bid for Totalfina. They had just been introduced to the deal's full fee and margin structure after one week of intense speculation during which arrangers and bookrunners Banque Nationale de Paris, Goldman Sachs, Morgan Stanley Dean Witter and Crédit Agricole Indosuez had given little detail away. Speculation had bred fear that the margins and fees were going to be too tight for the Eu1bn commitment required to bag a senior role in the deal.

A successful $250m bond offering by Kimberly Clark de Mexico revived underwriters' confidence this week that US investors are eager to buy the top emerging market corporate credits. The 10 year 144A deal, led by Salomon Smith Barney, was launched at 312.5bp over Treasuries.

The offering of stock in Egyptian conglomerate Lakah Group, led by Nomura, has proved to be a difficult sell. Bankers say investors have been affected by the combination of weaker global stockmarkets, investor fatigue with the new issue market and the realisation that money is pouring faster into the emerging markets of Asia, Latin America and central Europe than it is into the Middle East.

El Salvador Citibank NA has won the mandate to arrange a $100m six year term loan for Telefónica El Salvador.

The Republic of Lebanon this week mandated Credit Suisse First Boston and Morgan Stanley Dean Witter to lead manage the B1/BB-/BB- rated Middle East sovereign's next foray in the Euromarkets. A probable $700m or so equivalent issue in dollars and euros is to be launched in September.

ING Barings has agreed to buy UBS's four asset backed commercial paper conduits for an undisclosed sum, in an unprecedented deal that simultaneously takes one of the leading European conduit banks out of the market, and catapults a relative minnow to the top of the table. UBS made plentiful and creative use of its conduits during the 1990s, but the business fell foul of the merger with SBC, which led to a radical rethink of the bank's investment banking activities. In January this year Warburg Dillon Read's outgoing chief executive Hans de Gier told investors that the balance sheet intensive ABCP business was now "non-core". UBS announced the sale of its conduits in the spring.

Morgan Stanley Dean Witter this week sold its third securitisation of Italian non-performing mortgages, still without a full public launch but with more publicity than the first two transactions. The deal is backed by 799 loans that Morgan Stanley acquired from Cassa di Risparmio in Bologna in December 1998, and a single asset the bank bought from Istituto Italiano di Credito Fondiario in June this year.

Spanish airline Iberia will shortly bring a new asset class to the European structured finance market - the enhanced equipment trust certificate. Morgan Stanley Dean Witter, which pioneered EETCs in the US, has structured the Eu195m transaction, but will not be leading the deal - another bank won the underwriting mandate in a competitive auction.