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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.

Indebted French utility Suez yesterday (Thursday) raised Eu1.8bn from a combined block sale and mandatory convertible in Belgian bancassurer Fortis.

Indebted French utility Suez yesterday (Thursday) raised Eu1.8bn from a combined block sale and mandatory convertible in Belgian bancassurer Fortis.

SEB Merchant Banking will hold a bank meeting on May 20 for the selldown of the Eu175m five year multi-currency revolver for security group Gunnebo Treasury. Nordea, NordLB and Svenska Handelsbanken are already in the deal.

Mandated arrangers ABN Amro, Barclays Capital (joint bookrunner), BNP Paribas (joint bookrunner), Deutsche Bank, ING, JP Morgan (joint bookrunner) and SG have launched syndication of a $3.5bn revolving credit for Glencore International AG. Relationship banks of Glencore have been invited to join with tickets of $185m as lead arrangers or $130m as arrangers.

Bids were submitted by banks earlier this week for the dollar fundraising for Kingdom of Thailand. The borrower sent out the requests for proposals two weeks ago and will review the proposals before awarding a mandate. Standard Chartered has completed the Bt6.22bn equivalent two year fundraising for Digital Phone after the deal was oversubscribed. The facility is divided into a Bt2.88bn portion and a ¥2.975bn tranche.