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Brazil n Dresdner Bank Latin America AG (São Paulo)

Merrill Lynch and WestLB are to raise Eu1bn in new capital for EM-TV, the Munich-based television group specialising in children's entertainment. The company was founded by the Huffa brothers, who still own 64% of the company. Thomas Huffa used to be employed by the German media group, Kirch, and two years ago the group purchased Kirch's children's television activities, Junior TV.

n Banca Commerciale Italiana SpA Rating: Baa1/BBB

? Berlin-Hannoversche Hypothekenbank Rating: AAA

Paribas has won the mandate to arrange Cassa di Risparmio di Firenze's Eu1.5bn multi-currency Euro-MTN programme, which is in the final stages of preparation. Like many regional Italian banks, CRF has previously relied on its domestic bond and bank markets for funding. However, the bank is keen to reduce this reliance on domestic funding and to increase its name recognition on the international stage.

Freddie Mac achieved what it set out to achieve - the largest ever non-US distribution of a Reference Note - when it launched a $5bn three year issue this week. The US agency has been looking to promote its jumbo bonds to fund managers in Europe and Asia in the hope of inspiring a following for its product similar to that in the US, where most major investors see US agency benchmarks as a key investment tool.

A new cross-border investment banking alliance focusing on growth companies is to emerge following the news that US investment bank Robert W Baird & Co is to merge with Granville, the London-based investment banking group. Granville Baird, as the new firm will be known, will become a wholly owned subsidiary of Baird Financial Corporation, of which Baird itself is a subsidiary.

Market commentary: Compiled by Jim Webber,

Despite speculation that the pipeline of deals from the Hellenic Republic is full, the majority of transactions will emerge next year - and not this one. Deals such as the Eu600m financing for ATE Holding, and the procurement facilities for government ministries, may hold back until after year end. Nevertheless, this year the most likely borrower to approach the market is Public Power Corp (PPC). Yesterday (Thursday), banks were asked to submit bids by the middle or end of next week, with a mandate following shortly after to allow the deal to go through the market before December.

India ABN Amro Bank NV has launched a $200m six month financing for Indian Oil Corp. The arranger is conducting roadshows in Singapore, Bahrain and London between October 18 and October 21.

Vodafone AirTouch, the world’s largest mobile phone operator, launched the first leg of a $4.5bn bond market spree this week when it brought a highly successful Eu1.5bn seven year transaction that represented a vote of confidence from investors in the merged company.

Vodafone AirTouch, the world’s largest mobile phone operator, launched the first leg of a $4.5bn bond market spree this week when it brought a highly successful Eu1.5bn seven year transaction that represented a vote of confidence from investors in the merged company.