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n DaimlerChrysler NA Holdings Guarantor: DaimlerChrysler AG

Dutch publisher VNU injected new vigour into the vibrant European acquisition finance market this week, mandating ABN Amro and Merrill Lynch to arrange a $3bn bridging loan to fund its $3.5bn purchase of Nielsen Media Research, the US-based TV ratings company.

The autumn new issue season in the euro sector will start with a bang next week with Allgemeine Hypothekenbank leading a slew of deals with its Eu5bn jumbo Pfandbrief. The issue will be launched on Wednesday via joint bookrunners ABN Amro, Deutsche, DG Bank, Dresdner Kleinwort Benson and WestLB. Bankers also expect Mannesmann's five year Eu2bn issue to emerge next week via a lead management group of Deutsche, Dresdner Kleinwort Benson and Warburg Dillon Read.

The Royal Bank of Scotland will next week launch its £480m securitisation of train leases for West Coast Train Finance. A London investor presentation yesterday (Thursday) capped two and a half weeks of roadshows for the bond, which will finance the acquisition of 53 new high speed trains for the London to Manchester and Glasgow train lines, operated by a Virgin Rail Group owned company. Bookrunnner and lead manager RBS is to price the 10.5 years average life bond toward the end of the week. Market talk suggests a price range of 170bp/190bp over the 2012 Gilt, although RBS syndicate officials did not return calls seeking confirmation.

France Merrill Lynch, Paribas and Royal Bank of Scotland (Paris) will launch syndication of the senior debt backing the buy-out of 40% of the Le Figaro in September. Equity sponsor is the Carlyle Group which is buying the stake from Socpresse, the French publishing firm.

The traditional late summer lull meant a quiet week for US new issues, but continued market jitters made conditions bumpy for companies that sought to get their deals away this week. This week's debut from Wink Communications confirmed, however, that there is plenty of appetite for the right name. Wink provides a low-cost enhanced television broadcasting system which allows interactive programming, letting TV viewers request information and buy products from their homes.

Korean analysts have expressed fears that some of the banking sector deals in the pipeline will not make it to market in the wake of the disastrous $1bn issue for Hanvit Bank a fortnight ago. Falling confidence in the Korean banking sector and a crisis-ridden Daewoo Group helped force Hanvit Bank to price its GDR offering at a 21% discount to the local stock. Hanvit is a major creditor of Daewoo.

Uncertainty surrounds the fate of the planned debut euro denominated bond by Israeli power utility Israel Electric Copra (IEC). Last month the state owned borrower announced that it had mandated Salomon Smith Barney and Warburg Dillon Read to run the books on a Eu300m-Eu500m seven to 10 year euro bond set to be launched in September. The planned issue was set to form part of IEC's $1bn fundraising programme for 1999-2000.

New issuance activity in the European high yield market is set to resume next month with a healthy pipeline of deals already starting to build. Testing the depth of the European market will be a $1bn plus deal for German media group Kirch. The 10 year transaction, expected to have both dollar and euro tranches, should be launched in September.

Rating: Aaa/AAA Amount: Eu210m (fungible with three issues totalling Eu1.790bn launched 28/07/98, 02/09/98 and 06/11/98) Öffentlicher Pfandbrief series 758

SEPTEMBER promises to be one of the busiest months on record for the syndicated loan market. A host of leveraged buy-out transactions have been primed for launch. Also, an unprecedented number of corporates have been in detailed negotiations with their house banks over securing jumbo credit facilities for general purposes as well as ambitious takeovers and mergers. Because so many deals are being stored for September, when market participants have returned from their summer breaks, lenders will be able to pick and choose transactions.