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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.

Mexico Lead arranger Chase Securities Inc and arrangers BankBoston NA, Bank of Montreal, Banco Bilbao Vizcaya SA, Rabobank Nederland and Dresdner Kleinwort Benson have completed syndication of the $200m term loan for cornflour producer, Gruma SA de CV.

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.

Egypt The $200m (increased from $150m) three year term loan for Commercial International Bank (Egypt) SAE was signed last week. As the facility increase indicates, arrangers Bank of New York, Bank of Tokyo-Mitsubishi and WestLB received a strong response in syndication.

n As previously revealed in Euroweek, Stephen West looks set to join Merrill Lynch in a senior debt capital markets origination role as early as the start of next week. n Lehman Brothers has appointed Brian McCarthy as a director at the firm's MTN desk in London. He will report to Christian Wait, managing director and head of European fixed income syndicate.

Market commentary: Compiled by Glenn Blackley,

In a new attempt to address its expanding budget deficit, the Republic of the Philippines is considering re-entering the international debt capital markets this year with its first ever securitisation. Having said earlier this summer that it had completed its international financing requirement for the year, the BB+/Ba1 credit has been forced to consider new alternatives after the Bureau of Internal Revenue failed once again to meet its revenue generation targets.