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What a good call by Deutsche Bank to confirm that Josef Ackermann will succeed the increasingly erratic Rolf Breuer as chairman. Do not be fooled by the fact that Rolfy is not officially supposed to step down until early 2002. From Frankfurt our top informant, the much feared Heidi von Grippenutz, says that in the local bars and speakeasies, you cannot even get odds of 2-1 against Rolfy still being there by April 1, 2001. Deutsche had to send out the right signals and this was impossible while Breuer remained at the top of the greasy pole. It did not matter that professional Deutsche watchers such as ourselves and rival bankers knew that Breuer had probably peaked when, after the disastrous attempt to merge with Dresdner, Breuer's colleagues on the Vorstand cleverly changed his working schedule to schmoozing at cocktail parties, kissing babies and opening church bazaars. Without being too unkind, one of Breuer's few claims to fame as chairman of Deutsche was to buy Bankers Trust.

Ghana Arrangers Barclays, Commerzbank, Crédit Lyonnais (bookrunner), Dresdner Kleinwort Benson (documentation), Ghana International Bank (collection agent) and Standard Chartered (bookrunner) have signed banks into the $260m annual pre-export finance facility for Ghana Cocoa Board (Cocobod). The deal was oversubscribed but not increased.

Roadshows start next week for TXU Europe's debut bond issue in euros. The energy utility is approaching investors for at least Eu300m of five year paper via Morgan Stanley Dean Witter and UBS Warburg. The deal, to be launched via TXU Europe Funding No 1, will offer investors a rare opportunity to buy triple-B rated energy utility paper in euros. But, the issuer's long term Baa1/BBB+ ratings come with a negative outlook, leading some analysts to suggest basis points will need to be left on the table for the issue to be well received.

Peninsular & Oriental Steam Navigation (P&O) this week announced a 12% rise in half year pre-tax profits, despite facing increased pressure from rising fuel prices and additional capacity. It also outlined its plan to split the company into logistics and cruises divisions from October 23. P&O plans to demerge its cruises division to form P&O Princess Cruises, and holders of the company's outstanding debt will be able to exchange their bonds for securities issued by the new cruises company.

China Arranger BA Asia is forming an arranger group for a $100m 364 day L/C facility for Minmetals Capital & Securities.

Asia * Commercial Plaza Securitisation Ltd

Airport operator Grupo Aeroportuario del Sureste (Asur) yesterday became the first Mexican company in more than three years to launch a major international IPO when it sold $335.8m of Americal Depository Receipts (ADRs) and common shares. The offering, led by UBS Warburg, offered 22.2m ADRs, with each representing 10 common shares. The issue was priced at $15.125 per ADR, in the middle of its $14.00-$16.25 price range, and closed an eighth of a point higher on its first day of trading on the New York Stock Exchange. About 90% was placed outside Mexico.

Australia Co-ordinating arrangers Chase Manhattan Bank Australia and Toronto-Dominion Australia will wait until mid-October before closing the sub-underwriting stage for the A$300m term loan for PowerTel.