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The City of Prague has priced a Eu170m 10 year bond via lead manager Deutsche Bank, the first from its newly arranged Eu1bn EuroMTN programme. The bond was priced at 99.123 with a 4.25% coupon to give a spread of 53bp over Bunds, or 33bp over benchmark euro denominated swaps.

Despite its tight pricing the Eu500m three year revolver for Electricidade de Portugal (EDP) looks set to close fully subscribed this week. The deal was launched at the end of February.

Marco Tronchetti Provera, chairman of Telecom Italia and Pirelli, this week outlined his plans for the merger of Telecom Italia and Olivetti into the new Telecom Italia.

Marco Tronchetti Provera, chairman of Telecom Italia and Pirelli, this week outlined his plans for the merger of Telecom Italia and Olivetti into the new Telecom Italia.

Slack issuance in the primary loan market, increased portfolio management by most banks and asset disposal programmes in some institutions has driven activity in the secondary loan market since the start of the year, with some traders claiming to have had a record start to 2003. The lack of consistently lucrative underwriting or fee earning opportunities for banks active in the loan market means that, besides the lucky few that have clinched M&A mandates, most banks are attempting to reach trading targets through buying assets in the secondary market.

Scientific publisher Reed Elsevier has verbally mandated a group of banks to arrange the refinancing of a $2.5bn three year portion of a deal signed in 2000. The banks are thought to be Barclays, BNP Paribas, Citigroup/SSSB, Deutsche Bank, JP Morgan, Royal Bank of Scotland and SG.

The mandate to arrange the $130m three year unsecured facility for Transneft was awarded on Wednesday to RZB. A second mandated arranger may join the deal before launch. The groundbreaking facility will pay a margin of 250bp-300bp over Libor and has attracted a good deal of interest in the market due to the fact that it is the first unsecured facility for a Russian corporate since before August 1998 and that it will pay less than 300bp.

Rating: Aaa/AAA/AAA Amount: $100m (fungible with two issues totalling $800m launched 22/08/02 and 08/01/03)

Roche Holdings is planning to launch its debut euro bond in the coming weeks as part of its efforts to reposition itself in the financial markets. Syndicate officials are expecting an intermediate maturity benchmark via ABN Amro, Citigroup/SSSB and Credit Suisse First Boston shortly after the Swiss pharmaceutical company completes a roadshow next week. The deal will be the first off Roche's newly established MTN programme, which EuroWeek understands the company plans to use as a platform to build up a yield curve in the euro market. Such a move would be part of Roche's wider efforts to cut funding costs, reduce the level of risk on its balance sheet and increase transparency.

Roche Holdings is planning to launch its debut euro bond in the coming weeks as part of its efforts to reposition itself in the financial markets. Syndicate officials are expecting an intermediate maturity benchmark via ABN Amro, Citigroup/SSSB and Credit Suisse First Boston shortly after the Swiss pharmaceutical company completes a roadshow next week. The deal will be the first off Roche's newly established MTN programme, which EuroWeek understands the company plans to use as a platform to build up a yield curve in the euro market. Such a move would be part of Roche's wider efforts to cut funding costs, reduce the level of risk on its balance sheet and increase transparency.

Deutsche Bank is refinancing the debt facilities that supported Blackstone's acquisition of the Savoy Group. The Savoy owns Claridges, Savoy Hotel and Simpsons.

Amount: Eu323.8m Legal maturity: February 25, 2030