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Are there changes taking place at Barclays Capital, known affectionately down in the badlands of Canary Wharf as "the house that Bob built"? Friends at other firms say that we are sometimes too kind about BarCap, but there is not a competitor who doesn't admire BarCap's success, and wouldn't they love to be part of an organisation which isn't burdened with underperforming, whinging investment bankers and cash equities traders and salesmen?

Barclays Capital, Dresdner Kleinwort Wasserstein, Deutsche Bank and JP Morgan have launched the syndication of the $2.27bn loan for Xstrata. Three tickets have been offered to the market of $55m, $35m and $20m. Fees range from 65bp down to 25bp.

The rally in US high yield bonds has prompted Xerox Corp, one of the first high grade credits to blow up last year, to consider returning to the capital markets for about $1bn. Citigroup, Deutsche Bank, JP Morgan, Goldman Sachs, Merrill Lynch and UBS Warburg are expected to lead a variety of capital markets transactions to refinance a $3.5bn credit facility put in place last year.

News this week that Yukos and Sibneft will merge may be positive for Russia's swiftly developing oil sector but is likely to mean a quieter deal pipeline for the region's debt capital markets bankers. Following soon after February's record breaking $6.75bn partnership agreement between TNK and the UK's BP, Russia's second and fourth largest oil companies will merge to create the world's fourth largest oil producer. The new entity, to be called YukosSibneft, is expected to list in New York by the end of 2004.

Russian loan specialists were this week sizing up the implications of the announced merger between oil firms Yukos and Sibneft. While the merger is far from complete, already some bankers reckon it is likely to change the landscape for Russian loans. It may herald the end of the rich pickings that banks have enjoyed from strong Russian corporates over the past few years.

News this week that Yukos and Sibneft will merge may be positive for Russia's swiftly developing oil sector but is likely to mean a quieter deal pipeline for the region's debt capital markets bankers. Following soon after February's record breaking $6.75bn partnership agreement between TNK and the UK's BP, Russia's second and fourth largest oil companies will merge to create the world's fourth largest oil producer. The new entity, to be called YukosSibneft, is expected to list in New York by the end of 2004.

Mandated arrangers Bank Austria Creditanstalt, Bawag, LB Kiel and RZB have launched general syndication of the Eu50m five year amortising facility for Banka Celje. In retail, banks have been offered three tickets: co-arrangers taking Eu4m for 47.5bp; lead managers Eu3m for 43.5bp; and managers Eu2m for 40bp. The loan pays a margin of 42bp.

Amount: $1bn and A$30m Legal maturity: October 9 2029

Sovereign credits continue to dominate the debt markets with ERAP, guaranteed by the French Republic, raising Eu5.4bn of three and seven year securities and Italy raising $1.25bn of five year bonds. KfW issued a $750m four year transaction and Austria is expected today (Friday) with a $500m seven year issue priced in the low 70s over Treasuries. The ERAP deal, which completes the borrower's funding programme for 2003, was oversubscribed to the tune of Eu9bn and was finally allocated as Eu3bn of three year bonds and Eu2.4bn of seven year bonds.

South African Reserve Bank is on the verge of awarding a formal mandate to a group of around 14 banks for its new $1bn three year term loan. Banks close to the mandate include Bank of Tokyo-Mitsubishi, BNP Paribas, China Construction Bank, Citigroup, Commerzbank, Crédit Agricole Indosuez, Dresdner Kleinwort Wasserstein, ING, Mizuho, Standard Bank, SMBC, UFJ and WestLB.

Momentum is building among banks invited to support the Eu6.3bn loan facility supporting Gas Natural's proposed takeover of Iberdrola. EuroWeek understands that two Spanish banks have now committed to underwriting Eu750m each, while a further group of between eight and 10 banks are considering commitments of between Eu500m and Eu750m.