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FIAT - through its US subsidiary New Holland NV- has officially mandated Chase Manhattan and Credit Suisse First Boston to lead arrange and fully underwrite the $2.4bn term loan that backs its acquisition of Case Corporation of the US. Following the official mandate, Banca Commerciale Italiana, Bank of America, Deutsche Bank and San Paolo joined as arrangers.

China The commercial portion of Air China's $190m aircraft financing has closed. Arrangers Industrial & Commercial Bank of China and Industrial Commercial Bank of China (Hong Kong) are keeping $70m and $18.2m respectively.

Australia The arranger group is being finalised for the A$950m project financing for the Kogan Creek power station. Funds are being raised via CEPA Kogan Creek Holding. Adviser Deutsche Bank Australia will be joined by four banks.

Ghana Barclays and Ghana Commercial Bank have launched general syndication of the $300m pre-export financing for Ghana Cocoa Board (Cocobod) after five banks joined as co-arrangers committing $25m each for a fee of 30bp.

The expected deluge of corporate issuance finally hit the euro sector this week as stability in currency and credit markets offered the first real window of opportunity of the autumn season. More than Eu5bn in 10 separate transactions were launched for credits as diverse as Italian state-owned Enel to Baa1/BBB+ rated Tate & Lyle. Most deals were comfortably digested, with no pressure brought to bear on spreads. The only marginally difficult bonds of the week according to market participants were the Eu500m five year bond for French communications company Alcatel, which widened by 2bp in the aftermarket, and the Eu250m five year deal for US clothing group The Gap, which was launched without the benefit of a roadshow or lengthy premarketing. Suez Lyonnaise des Eaux's Eu1.25bn 10 year bond was nominated as deal of the week, universally admired for its extensive premarketing and fair pricing. The EIB's failure to launch a new issue under its EARNs programme disappointed the market. The supranational chose instead to reopen its 5.25% 2004 Bund with a Eu1.5bn tap. KfW and Rabobank unfortunately coincided with their launch of Eu500m of five year bonds, KfW paying a coupon of 4.5% and Rabo 4.75%. Both deals targeted the same retail investor base. BBV launched its Eu1bn 10 year cédulas hipotecarias at roughly 5bp over comparable jumbo Pfandbriefe. Coming the week after Argentaria successfully reopened the sector, BBV's positive reception bodes well for Caja Madrid's upcoming deal. Crédit Foncier de France and Crédit Local de France will soon open the French obligations foncières market. This week the borrowers sent out market-making proposals to around 20 banks modelled on the German market. There is a full pipeline of new issues for the week ahead: n Telefónica will hold a Bloomberg roadshow and investor conference call today (Friday) with the intention of launching a Eu500m five year fixed rate transaction next week via Goldman Sachs and JP Morgan. The A2/A+ rated bond is price talked in the Euribor plus 25bp area. n Volvo's roadshow ends today and will be followed early next week by a Eu1bn-plus five year deal via BNP, Merrill and Salomon. The A3 transaction is price talked in the high 60s over the BTAN. Volvo is in the process of acquiring Scania, one of the leading truck manufacturers in Europe. n Royal & Sun Alliance is expected to launch its 20 year non-call 10 subordinated bond next week. The Eu500m bond will be lead managed by Merrill Lynch and JP Morgan. n Roadshows start next week for Preussag's forthcoming euro denominated transaction to be led by WestLB. A Eu750m seven year bond is envisaged. n Avis Europe will hold roadshows in October with a view to launching a Eu200m seven year bond via Dresdner Kleinwort Benson and Salomon Smith Barney. n Electricidade de Portugal has mandated Morgan Stanley and Warburg Dillon Read to lead manage a Eu750m 10 year bond. The deal is talked at Euribor plus mid-teens area. n Italian utility Acea has mandated JP Morgan for a Eu250m 10 year transaction. n Northern Rock has mandated HSBC and Lehman Brothers to launch a transaction denominated in either euros or dollars. The issue will be preceded by a week-long roadshow in October, covering the major cities in Europe. n French computer company Bull has postponed its plans to raise Eu100m to Eu150m due to a poor response from investors. The issue is mandated to BNP and Banque CPR. n Coca Cola Enterprises will tap the Eurosterling sector with a £150m-plus 22 year bond lead managed by Deutsche and HSBC. The deal's maturity should match the June 2021 Gilt and is expected to price in the 140bp area. n Cattles, the UK financial services company, is looking to issue a sterling bond via HSBC. n Union Bank of Norway will today launch a $500m three year floating rate note via Barclays Capital and TMI. The issue will be re-offered at 99.996 and pay a coupon of three month Libor plus 15bp. n

Uruguay surprised the market this week by offering investors an attractively priced $150m reopening of its 30 year 2027 global bonds in exchange for its rarely traded collateralised Bradys. The new 2027 bonds, underwritten by Chase, were given a clearing spread of 195bp over the 2029 Treasury, at the wide end of its 180bp to 195bp guidance and compared with a 181bp/175bp closing level on its existing 2027s.

Newcastle United Football Club Plc this week announced the closing of a £55m privately placed securitisation to finance a 15,000 seat extension to its St James' Park stadium via Schroders. The northeast of England club has securitised its future stream of revenue from season ticket sales and corporate hospitality to raise debt that will amortise between 2001 and 2016.

ABN Amro's syndications team in London has taken on Andy Griffiths from the bank's power and infrastructure group. Griffiths fills the gap left by the departure of Emma Balaam who recently joined Credit Suisse First Boston's syndications team. John Percival has resigned from the London loans syndication team of KBC Bank. Percival worked on both origination and distribution for the team, which is headed by Cameron Marr.

Morgan Stanley Dean Witter this week launched a £183m securitisation of small community pubs to refinance UK venture capital house Alchemy Partners' acquisition of Ushers of Trowbridge, the west of England brewer and pub operator. The deal gives confirmation, if any were needed, that the UK's lively venture capital and private equity firms are now fully aware of securitisation's power to raise capital at an unbeatable cost against cashflows that are predictable for the long term.

Paribas this week launched the fourth public securitisation of Irish mortgages for Irish bank First Active Plc, which in the last year has become one of the most assiduous issuers in the European market. The Eu300m deal follows a Eu250m transaction in June and two I£200m issues in May and September last year. The bank has also sold £602m of bonds backed by its UK mortgages since July 1998 - JP Morgan plans to bring a third UK deal worth some £300m in October.

A number of specialist firms and major players are looking at developing a role in the fledgling market for bandwidth, which is the range of frequencies, or the volume of data, that a transmission line can carry.