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The superlative performance of major stockmarkets - in particular the US - in recent weeks has disguised the concern of investors which are focusing on the underlying factors bearing on the economy, the health of the corporate sector and the outlook for interest rates. "The fact that the Dow Jones Industrial Average moved through its highest barrier this week means nothing to broad-range investors," says one head of equity capital markets at one of the top three firms. "It simply shows that this index has become so narrow and concentrated that it bears no relation to the underlying demand for stocks in the market."

The Brazilian government's plea for understanding from the international banking community paid off in New York this week when 11 US and Canadian banks agreed to maintain their credit exposure to the country through to the end of August this year. New central bank president, Arminio Fraga, said in New York yesterday that trade and interbank lines amounting to around $28bn would be maintained at least until the end of August.

BT ALEX Brown will roll over the existing financing that backed Nomura Principal Finance's purchase of William Hill from Brent Walker to finance CVC and Cinven's acquisition of the UK bookmaker that took place in February. Nomura's purchase of William Hill in 1997 was backed by £400m of senior leveraged debt that comprised a £175m seven year term loan priced at 175bp over Libor (term 'A'), a £100m eight year term loan at 200bp over Libor (term 'B'), a £75m nine year term loan at 225bp (term 'C') and a £50m working capital revolver priced at 175bp but with a non-utilisation fee of 75bp.