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Mandated lead arrangers BNP Paribas, CIBC and HSBC are preparing to launch the senior syndication of the £960m PFI/PPP (private finance initiative/public private partnership) financing for the Skynet 5 military satellite communications system by the end of the month. The £1.6bn project is sponsored by the Paradigm Secure Communications consortium, which is owned 100% by European Aeronautic Defence&Space Company (EADS).

Nova Kreditna banka Maribor is tapping the market for a Eu30m five year loan through arranger ING. Co-arrangers with takes of Eu5m receive 30bp; lead managers with Eu4m, 25bp; managers with Eu3m, 22.5bp; and participants with Eu2m, 20bp.

Class A5 notes: Eu640m Rating: Aaa/AAA/AAA

Rating: Aa3/AAA Amount: Eu100m Öffentlicher Pfandbrief series 988

Rating: A2 Amount: Eu400m

Guarantor: Lianozovo Dairy Plant, Tsaritsino Dairy Plant, Wimm-Bill-Dann Trade Co Rating: B3/B+

Russian dairy and juice producer Wimm-Bill-Dann yesterday (Thursday) took the unusual step of launching its debut Eurobond a day ahead of schedule, citing strong investor demand and its determination to stick to a $150m issue size. The offering showed that investor demand for Russian credits away from the oil and gas sectors is strong.

Rating: Aa3 Amount: Eu1bn Hypothekenpfandbrief series 528

UK mining group Xstrata will today (Friday) launch its £900m rights issue after shareholders approved the acquisition of Australian company MIM Holding. Xstrata will launch a three for two issue at 245p, underwritten by Deutsche Bank and JP Morgan, to finance the MIM acquisition.

Württemberger Hypo (WürttHyp) received a rapturous reception this week when it launched a Eu1bn six year mortgage Pfandbrief. It is the first major jumbo from an entity that will be part of Hypo Real Estate Holdings (HREH) when HypoVereinsbank (HVB) spins off its real estate activities later this year. The transaction was seen as a test of investor appetite for paper from the mortgage banking subsidiaries that will form HREH, which have been downgraded and have widened in the secondary market as their parent has struggled to clean up its balance sheet.

The £1.5bn loan for Compass Granada is in documentation after closing well oversubscribed. Banks have been invited to join the deal with takes of £70m for 20bp and £35m for 15bp. The out of the box margin is 45bp over Libor.