A workshop of the European Science Foundation Network in Financial Markets on `Primary Financial Markets', hosted by the European Centre for Advanced Research in Economics (ECARE), Université Libre de Bruxelles, was held on 26 April. The workshop was organized by Ron Anderson, Professor of Economics at the Université Catholique de Louvain, and Ailsa Röell, Lecturer in Economics at the London School of Economics, both Research Fellows in CEPR's Applied Microeconomics programme. A full report will appear in issue no. 7 of the Newsletter of the ESF Network in Financial Markets, September 1993. The following papers were presented:

`Reputation, Renegotiation, and the Choice between Bank Loans and Publicly Traded Debt', Thomas Chemmanur and Paolo Fulghieri (Columbia University)

`Design and Valuation of Debt Contracts', Ronald Anderson (Université Catholique de Louvain and CEPR) and Suresh Sundaresan (Columbia University)

`Corporate Finance in Euromarkets and the Economics of Intermediation', Phil Davis (Bank of England) and Colin Mayer (University of Warwick and CEPR)

`Diversionary Tactics: Why Loans to Small Businesses are so Safe', Jane Black and David de Meza (University of Exeter)

`The Design of Bank Loan Contracts, Collateral, and Renegotiation', Gary Gorton (University of Chicago) and James Kahn (Rochester University)