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WITH ONLY a few weeks to go before the equity and equity linked debt markets close for the summer, Deutsche Bank (books) and ABN Amro Rothschild this week launched the Eu100m convertible bond for CSM, the Dutch producer of sugar and sugar products. The group, which was publicly floated in 1919, has a huge following in the local market with some 38% of its shares held by retail investors. While the bulk of its equity is in free float, 10% is held between ING Groep and local pension fund Algemeen Burgerlijk.

Roadshows began in New York on Wednesday for a $300m to $500m dated upper tier two capital raising by the Development Bank of Singapore (DBS). Representing a first of its kind from the city state, the prospective deal also marks the first truly internationally placed subordinated bank deal from Asia since a Siam Commercial Bank transaction in spring 1996.

JAZZTEL, the Spanish CLEC (competitive local exchange carrier) telecoms company, which is in the market for a Eu300m eight year deal, has received an eager reception from banks and the arrangers believe the loan will close oversubscribed. About 35 banks are approaching their credit committees on the deal following a bank meeting in Madrid. Potential investors were impressed with the management of Jazztel which is drawn from established Spanish telecoms companies Telefónica, Airtel and Retevision.

Offers have dried up in the US dollar swaps while bids continue to strengthen. By Thursday, the 10 year mid-market had climbed another 2bp or 3bp from last week's close and was quoted as 92bp. The five year mid point is about 76.5bp, while three years is at 65bp.

Croatia Banks with interests in eastern Europe can look forward to a syndicated loan for Hrvatske telekomunikacije dd, the Croatian state telecoms company, at the end of the year.

ELF ACQUITAINE demonstrated the remarkable depth of underwriting capabilities in the Euroloan market this week by winning a record Eu18bn of committed bank debt financing from four banks, to back its audacious Eu48bn cash and share counter bid for Totalfina.

ELF ACQUITAINE demonstrated the remarkable depth of underwriting capabilities in the Euroloan market this week by winning a record Eu18bn of committed bank debt financing from four banks, to back its audacious Eu48bn cash and share counter bid for Totalfina.

Brazil n Unibanco - União de Bancos Brasileiros SA (Cayman Islands)

The thriving European high yield debt market will host up to $3bn of new issues over the next two weeks as issuers line up to take advantage of the surge of UK and continental funds into the sector. The primary market saw little activity this week, but the calendar up to the August break is hectic. In the next few days, United Pan-Europe Communications (UPC) will launch at least $1.5bn of securities, and deals are also set to be completed for Versatel, Premier Brands, Pannon GSM, Iaxis, Canandaigua Wines and BSN.

n Abbey National Treasury Services Guarantor: Abbey National plc

The thriving European high yield debt market will host up to $3bn of new issues over the next two weeks as issuers line up to take advantage of the surge of UK and continental funds into the sector. The primary market saw little activity this week, but the calendar up to the August break is hectic. In the next few days, United Pan-Europe Communications (UPC) will launch at least $1.5bn of securities, and deals are also set to be completed for Versatel, Premier Brands, Pannon GSM, Iaxis, Canandaigua Wines and BSN.

n Allied Irish Banks Rating: A1/A-