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Rating: Aaa/AAA Amount: $1bn

Banks will be signed into the senior phase of syndication of the $2.65bn demerger loan for InterContinental Hotels Group and Mitchells&Butler's £1.5bn facility next week. Underwriters have not been brought down to comfortable hold levels for the InterContinental loan and the deal will be launched into a retail phase. There will be no further syndication of the Mitchells&Butler deal.

Amount: A$213m (tap) Rating: Standard&Poor's

Signs that the war with Iraq is coming to an early close have transformed the mood in the international bond market. A more positive market tone and a heavy sell-off in government bonds steepened the yield curve in dollars and euros this week. The result was higher yields and a consequent deluge of investor demand for highly rated instruments, resulting in the busiest week of issuance since January. In the euro market in particular there was a strong bid for duration.

Mandated arrangers AIB, Bank of Ireland, BNP Paribas and Citigroup have closed syndication of the Eu500m five year dual tranche facility for Bord Gais. Banks will be signed into the deal next week. For more details see EuroWeek 795.

Rating: A1/A+/A Amount: Eu500m

Capitalia, Banca Intesa and Sanpaolo have approached a group of around 12 banks in the first stage of syndication of the Eu2.5bn three year refinancing for Edison. Banks have been invited to join as sub-underwriters taking an initial Eu250m to be brought down to Eu150m for an all-in fee of around 40bp. The out-of-the-box margin is 200bp over Euribor for a rating of BBB/Baa3.

Rating: Aaa/AA+ Amount: Eu5bn obligación

SG, La Caixa and Goldman Sachs this week launched syndication of the Eu6.3bn acquisition facility funding Gas Natural's proposed takeover of Iberdrola. Gas Natural and the arrangers have priced the deal to sell. The Eu6.3bn guarantee facility offers an initial guarantee fee of 85bp. Once Moody's and Standard&Poor's have given the newly merged company its rating the fee will ratchet on a ratings grid. For A2/A it is 70bp, at A3/A1 it increases to 85bp, for BBB+/Baa2 it will be 110bp, for Ba2/BBB it rises to 130bp, and for below Baa2/BBB it steps up to 185bp. The indicative ratings for Gas Natural post-merger are single-A.

The $200m fundraising for Korea Development Bank has been closed. The deal received a good response despite the negative sentiment towards Korean banking credits.

Rating: Aaa/AAA/AAA Amount: Eu1bn Öffentlicher Pfandbrief series 672