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Germany Chase Manhattan and Deutsche Bank have been mandated to arrange a Eu350m seven year multicurrency revolving facility for Wacker-Chemie GmbH of Munich.

BARCLAYS Capital has been mandated to lead arrange the $205m foreign currency tranche of the project financing for the Bina power plant in Madhya Pradesh. The 578MW coal fired plant is sponsored by Aditya Birla Group and PowerGen through project company Bina Power Supply Company Limited.

Bahrain Arrangers Banque National de Paris, Chase Manhattan, Gulf International Bank, ING Bank and SG have closed general syndication of the $100m term loan for Bahrain International Bank oversubscribed by around 20%. Signing is in London on August 3.

MORGAN Stanley Dean Witter triumphed this week with two of the largest stock offerings to come to the US market this year. The firm's success was all the more noteworthy as the markets took a serious nose-dive towards the end of the week. Market participants had expected the secondary offer of stock for Safeway to be a success. The food and drug retailer boasts impressive profits, a dominant market share in its sector and has no direct exposure to Asia. The company had already overcome an unfavourable market last December when it raised $1.4bn in a sale of stock from major shareholder Kohlberg Kravis Roberts.

* The US leg of the roadshow for the share offering from Valeo kicked off yesterday (Thursday) following a week of presentations in Europe. Bankers said the response from investors at the roadshow for the Merrill Lynch and Société Générale led deal had been positive, especially regarding Valeo's acquisition of the car part unit of ITT Industries, for which the French company is raising capital.

* European Investment Bank

Market report Compiled by Glen Blackley, RBC DS Global Markets, London. Tel: +44 171-865 1759

THE HIGH yield market has taken another step forward with the launch last Friday of a high yield bond for Orange, the first FTSE 100 company to tap the European high yield sector. Launched in three tranches together totalling just under £600m the deal is also the largest high yielding financing by a European company in the international market.

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MEXICAN oil company Pemex underscored the success of structured resettable coupon notes this week by increasing its recent $750m issue of such bonds to $1bn. The $250m add-on to the seven/call one year daily adjustable yield securities (DAYS) issue led by Goldman Sachs was launched at par, offering investors a slight discount to the existing bonds, which were trading at 100.10 to 100.20.

Maurice Benisty has joined the media and communications group at BT Alex Brown in London as a vice president. He leaves after four years at Paribas. BT Alex Brown has had a busy year in the media and communications sector with senior involvement in the Turkcell deal in Turkey, the merger of General Cable and Telewest and the high yield bond for NTL.