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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.

THE STATE of Israel is looking to tap the loan markets in the coming months, probably to refinance a DM350m loan signed in November 1995. That was a two tranche term loan, divided into a DM87m five year tranche at 50bp, and a DM262.5m four year tranche at 45bp. The top participation fee was 32.5bp for takes between $6m and $8m.

SHINHAN Bank is tapping the market for $100m with a 364 day term loan with TLCs. Standard Chartered Bank is the sole arranger and underwriter. The deal pays a margin of 75bp. Banks are being invited to take part on three different levels. Co-arrangers earn 45bp for commitments of $9m or more, lead managers will be paid 40bp for takes of $5m to $8m and managers gain 35bp for pledging $3m to $4m.

Rating: Aaa/AAA/AAA Amount: Eu1.5bn global bond Öffentlicher Pfandbrief series 588

SUMITOMO HAS won the mandate to arrange a Eu50m five year revolver for Bunadarbanki Islands. Syndication has been launched. But when the invitations first went out there was surprise - and much criticism - of the pricing, until the arranger discovered that somehow it had omitted the paragraph detailing the utilisation fee.

n Aéroports de Paris Rating: AAA

A SERIES OF telecoms-related transactions has enlivened the eastern European loan market, as operators build out their networks and bid for licences. This week details emerged of a Eu150m bridge financing for Polish fixed line operator Telefonia Lokalna, which needs to refinance existing debt and expand its coverage.