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Banks have been offered five tickets on the syndication of a $3.5bn revolving credit for Glencore International AG - lead arrangers with $185m, arrangers with $130m, co-arrangers with $100m, senior lead managers with $70m and lead managers with $40m. Fees range from 17bp to 11bp. The deal is split between a $3bn 364 day revolving credit with a one year term-out option, which pays an out of the box margin of 42.5bp and can range from 40bp to 45bp according to the borrower's rating, and a $500m three year revolver which pays an out of the box margin of 50bp and ranges from 42.5bp to 60bp. The company is rated BBB+ by Standard&Poor's and Baa2 by Moody's.

World Peace Industrial has granted a mandate to Chinatrust Commercial Bank to arrange a NT$1bn three year revolving credit. The borrower is involved with distribution, sales and marketing of electronic components and devices.

Guarantor: Telecom Corp of New Zealand Ltd Rating: A2/A

There are conflicting stories about the mandate for the $300m loan-style FRN for Kingdom of Thailand. Some bankers say a mandate has been awarded while others say a group of banks including HSBC and Deutsche Bank are close to the deal.