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DEN NORSKE has closed the $60m (increased from $50m) three year term loan for Finansbanken. As with most loans launched for Norwegian borrowers before the latest Russian economic crisis began, the facility was well supported in general syndication. Appetite was so strong that banks still had to be scaled back after the increase.

THE COLLAPSE of US hedge fund Long-Term Capital Management added to the pressure on global financial markets last week. The firm narrowly avoided disaster only after the Federal Reserve Bank orchestrated a $4.3bn bail-out by a group of commercial and investment banks. The fact that UBS announced a third quarter loss of between Sfr500m and Sfr1bn partly as a result of its involvement in LTCM added to the gloom, as did the worry by some market players that other hedge funds could be facing similar problems.

THE GREEK government this week shifted its state sell-off programme into a crucial stage, starting roadshows for a Eu1bn-plus privatisation certificate issue. To be led by the National Bank of Greece, EFG Eurobank and Paribas, the issue will run slightly ahead of the third sale of shares in Greek national telecom operator OTE - which is likely to be launched by Credit Suisse First Boston, National Bank of Greece and Salomon Smith Barney next week.

WHO SAID that the new UBS AG was bullet proof? For you and the family budgie UBS AG is the old Swiss Bank Corporation and the less than savoury entrail remnants of UBS, which conveniently died of the plague. We always thought that the new bank resembled a dog's dinner but we were told: "No, you are looking at a future Crufts champion."

THE HELLENIC Republic is set to return to the Euroloan market in style with a Eu1bn standby credit facility through co-ordinators Bank of Tokyo-Mitsubishi, Chase Manhattan, Deutsche Bank and SG. The republic has been planning the facility for more than four months and at one stage was considering tapping the market before the summer break for about $2bn.

ANZ Investment Bank has been mandated to arrange an $80m project financing for HPL Cogeneration. The deal's structure is still being finalised before sub-underwriters are brought in later this year.

LATIN AMERICAN bonds went into freefall yesterday (Thurday) as investors continued to liquidate these and other emerging market bonds to cover Russian losses. Argentine 2006s were trading around 1,195bp from 846bp last Friday, with the 2017s at 1,220bp from 833bp and the 2027s at 1,010bp from 769bp. Brazilian 2008s were quoted at 1,350bp from 1,084bp last Friday and its 2027s at 1,390bp from 1,049bp.

THE MOST concrete signs yet of the impact of the global financial turmoil on banks and asset management firms emerged this week as market participants began to worry openly that the meltdown could claim some surprising and high-profile casualties. Long-Term Capital Management (LTCM), the highly leveraged and previously revered US hedge fund run by former Salomon traders, only avoided collapse on Wednesday after the New York Federal Reserve orchestrated a $4.3bn bail-out by 16 commercial and investment banks.

In a highly unusual, although not unprecedented, move, Japan's Ministry of Trade and Industry (MITI) agreed earlier this week to guarantee a roughly ¥70bn ($510m) loan to the country that will be repackaged as a bond for international investors.

In a highly unusual, although not unprecedented, move, Japan's Ministry of Trade and Industry (MITI) agreed earlier this week to guarantee a roughly ¥70bn ($510m) loan to the country that will be repackaged as a bond for international investors. The deal will be led by two Japanese houses - contrary to market expectations that any future international debt issuance from the country would start funding a restructuring of the banking sector, via mandated advisers JP Morgan and Salomon Smith Barney.