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WHY ARE flags flying at half-mast above 1, Finsbury Square, the despairing HQ of Warburg Dillon Read which is said to be less user-friendly than the maximum security penitentiary at Marion, Illinois?

SINGAPORE took an important new step in its long vaunted ambitions of developing its bond market as a credible regional alternative to Hong Kong this week with the launch of a first Singapore dollar denominated issue by a foreign entity.

SINGAPORE took an important new step in its long vaunted ambitions of developing its bond market as a credible regional alternative to Hong Kong this week with the launch of a first Singapore dollar denominated issue by a foreign entity. A S$300m ($178m) three year fixed rate deal by the IFC, timed for launch during the week of its annual meeting, was intended as a strong political statement by the Singapore government.

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India The ANZ Investment Bank arranged $26m, 7-1/2 year credit for Tata Electric Companies was signed in Mumbai last week.

BRAZIL and the IMF yesterday (Thursday) looked to buy more time for themselves by making a joint statement to assure markets they would announce a multi-billion dollar package soon. Anxious not to end the annual IMF meeting without some formal response to talk of a $30bn IMF-instigated package for Brazil, the statement confirmed that the money was definitely there to back up the country's three year fiscal reform package, to be announced around October 20.

* World Bank Rating: Aaa/AAA

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GOLDMAN Sachs has successfully executed the DM102m sale of stock in Ixos Software AG. The group launched its stock on Nasdaq and the Neuer Markt this week and grabbed investor attention despite the turmoil in global stockmarkets generally and in the hi-tech sector especially. Some 530,000 primary shares were sold for the company, and two members of Ixos management disposed of 75,000 shares to pay down debt. The shares were sold at DM170, a level just under the mid-point of the DM160 to DM195 indicated price range.

Union Bank of Norway (UBN) has raised Nkr2.1bn ($289m) through a capital increase that defied weak market conditions and the negative sentiment which engulfs the financial sector. Merrill Lynch and Karl Johanfunds (the investment banking arm of UBN) recycled the rights to new international and local investors after taking the bank on a roadshow to introduce its story to institutions.

Domestic issuance: * Pfandbriefzentrale der Schweizerischen Kantonalbanken

ABN Amro has won the mandate to arrange a £45m project financing that will support the construction of the 98MW Heartlands power project in Birmingham. Financial close is scheduled for late December.