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Guarantor: Rio Tinto plc Rating: Aa3/A+

French chemicals maker Rhodia is said to have awarded a mandate for an Eu800m equivalent high yield bond to Bear Stearns, BNP Paribas and Goldman Sachs. Market participants expect the borrower to issue both euro and dollar tranches to meet its funding target.

Scottish&Newcastle (S&N) is preparing to sign a Eu1bn EuroCP programme through Deutsche Bank next week. Citigroup, Goldman Sachs and Royal Bank of Scotland have joined the German bank on the dealer panel.

Mandated arranger BNP Paribas and HVB Group will close syndication of the $300m dual tranche facility for Tatneft next week. Banks will be signed into the deal by the end of April. There has been a modest oversubscription but it is not yet known if an increase will be accepted.

Rating: Aa2/A+/AA- Amount: Eu750m lower tier two capital

CapitaLand Commercial has completed its S$200m three year credit through arrangers HSBC, NordLB (Singapore) and Standard Chartered (Singapore). The deal closed oversubscribed and an increase is being discussed.

Lloyds TSB and Royal Bank of Scotland this week launched Smith&Nephew's $2.1bn acquisition facility into syndication. Two tickets are on offer: $150m for lead arrangers or $100m for arrangers. Relationship banks targeted in this stage of syndication have been invited to a bank meeting on April 15.

Rating: A2/A/A+ Tranche 1: $300m (fungible with $500m issue launched 12/02/03)

Bidding is under way for the mandate to arrange the new Eu70m to Eu100m one to three year facility for Slovenian Export Corporation (SEC). The mandate should be awarded in the next two weeks. Banks close to the deal include Bank Austria Creditanstalt and RZB. The borrower last tapped the market in October 2002 with a Eu70m five year facility.

Around 14 banks attended a meeting held in London by the South African Reserve Bank to thrash out the terms and conditions of its new $1bn three year term loan. Some banks, which have been approached to underwrite the facility, are awaiting credit approval before signing the mandate letter.

Banks were signed into the Eu1bn revolver for Empresa Nacional del Gas SA (Enagas) yesterday (Thursday). Arrangers are Banco Bilbao Vizcaya Argentaria, Banesto, Citigroup and La Caixa.

The Kingdom of Spain this week showed just how far it has risen in investors' estimation by pricing a Eu5bn syndicated 10 year Bono just 4bp back from the German Bund curve. The issue was run by bookrunners BBVA, Citigroup, Crédit Agricole Indosuez, Deutsche Bank and SCH. The sovereign's previous 10 year benchmark had been trading through Germany's benchmark for several weeks, benefiting like other non-core European government bonds from the poor performance of Bunds. The comparison was also flattering to Spain, whose 2012 Bono was being quoted against a 2013 Bund.