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Egg Banking plc, the UK-based internet bank, came to market this week, not with the Asian retail targeted dollar tier one deal that had been expected, but with an institutionally targeted sterling upper tier two. The deal was priced yesterday (Thursday) after the issuer announced a first quarter loss. Its results showed a slim profit of £2.4m in the first quarter of 2002 slipping into a £15.7m loss in the corresponding period this year. The UK business performed well, but the bank's expansion into France led to a loss of £23.9m for Egg France.

Rating: Baa3/BBB-/BBB Amount: $150m 144A

Guarantor: Republic of France Rating: Aaa/AAA/AAA

ERAP, the entity through which the French government has helped to recapitalise France Télécom, has completed its funding programme for the year by issuing Eu5.4bn of three and seven year bonds. Both deals were blowouts, with lead managers ABN Amro, Barclays Capital, Deutsche Bank, JP Morgan and SG amassing a book of Eu9bn across both tranches, enabling the bonds to be pitched at the tight end of price guidance.

Rating: Aaa/AAA Amount: Sfr123m

Rating: Aaa/AAA Amount: Eu100m

Compiled by Annie Seelaus, HSBC Bank plc, London

A bank meeting was held on Wednesday for the launch of syndication of the £150m three year financing supporting the merger of Express Dairies and Arla Foods. The new entity will be called Arla Foods UK plc. Barclays Capital and Royal Bank of Scotland are arranging the deal.

Rating: Aaa/AAA/AAA Amount: $4bn

Rating: Aaa/AAA Amount: $1bn

A bank meeting will be held in Helsinki on Monday for the syndication of the Eu800m five year revolver for UPM-Kymmene. Early market feedback suggests that the deal will receive strong backing.