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UBS took the market by surprise on Wednesday morning when it announced it had entered into a merger with PaineWebber, one of the last independent stockbrokers on Wall Street. UBS's move is the clearest signal yet that the Swiss bank wants to break into the US market of affluent clients. Despite being the world's largest private bank and managing one of the largest portfolios of high net worth individuals in Europe, it has not been able to crack the US thus far.

UBS took the market by surprise on Wednesday morning when it announced it had entered into a merger with PaineWebber, one of the last independent stockbrokers on Wall Street. UBS's move is the clearest signal yet that the Swiss bank wants to break into the US market of affluent clients. Despite being the world's largest private bank and managing one of the largest portfolios of high net worth individuals in Europe, it has not been able to crack the US thus far.

The £5bn loan for Granada Group should close next week, with the arrangers hoping to see the total of banks - including the six arrangers - reach the low 20s. Officials say about 14 banks have joined so far. Syndication has been hard work. There have been complaints about the high final take levels from some, while other banks have chosen to give up their relationship with Granada as it restructures. The narrow margins have also attracted criticism.

* AIG SunAmerica Institutional Funding II Rating: Aaa/AAA

Despite criticism of the borrower's balance sheet and growth strategy, and after a sceptical reception at launch, the Eu4bn facility for UPC (United Pan-European Communications) has raised solid support among the banks invited to join at the top level. Mandated arrangers Chase Manhattan and Toronto-Dominion went out to a targeted group of nine banks in this round, of which eight joined. Banks were asked to underwrite Eu350m for 170bp all-in.

* Bank of Nova Scotia Rating: Aa3/A+/AA-

UBS Warburg is seeing a positive response to its roadshow of the $220-$260m equity and equity linked fundraising for VimpelCom, say bankers. Indicated terms for the five year convertible bond were released this week. The issue - the first equity linked bond from Russia since LUKoil's $350m issue in October 1997 - is expected to sell $180m of bonds, although the final size will depend on demand.

BNP Paribas, Crédit Agricole Indosuez and Morgan Stanley Dean Witter successfully fought investor apathy toward the ISP sector to close the Eu2bn IPO of France Wanadoo up to 12 times oversubscribed yesterday (Thursday). Pricing takes place on Monday but sources close to the deal suggested it will be in the top half of the Eu17-Eu20 range, possibly at Eu19. A total of 100m shares will be sold with 97m primary shares and 3m sold by 100% shareholder France Télécom. The deal will sell 10% of outstanding shares before IPO.

Economic data from the US continue to demonstrate that the economy is cooling down. After encouraging non-payroll figures released last Friday and higher than anticipated jobless claims on Thursday, confirmation of the trend is expected this (Friday) afternoon, with PPI and retail sales numbers. As a result, the Treasury market has rallied strongly and swaps spreads have tightened significantly, giving investors confidence to digest over $15bn of dollar issuance this week. Deals have been increased in size and priced at the tight end of price talk.

BNP Paribas closed Altran Technologies debut Eu390m convertible bond yesterday (Thursday) three times subscribed having priced toward the top of the conversion premium range. The consultancy group sold the bond at an issue price of par with a conversion premium of 31.3% from a range of 28%-32% and a coupon - and yield to maturity - of 3.5% from a range of 3.25%-3.75%.

China Co-ordinating arrangers and joint bookrunners FleetBoston and HSBC Investment Bank Asia have launched the $150m five year FRN and term loan facility for China Merchants Holding Co. The facility was oversubscribed and increased from $100m.

Argentina this week breathed new life into the emerging markets and boosted investor confidence in its ability to launch successful dollar transactions when it issued a blow-out $1.25bn 10.25% 30 year global bond. After weeks of speculation that Argentina wanted to tap 30 years, but was unable to generate interest in size, the republic was able to garner orders of more than $2bn on a deal that subsequently traded up as much as three points, according to some dealers. Yesterday (Thursday), the bond was quoted at a spread of 647bp over Treasuries from a launch spread of 683bp.