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Access to the debt markets for the UK's public transport network came a step closer to fruition this week as the Strategic Rail Authority (SRA) received senior debt ratings from all three agencies. The ratings, Aa1/AAA/AAA, are predicated on a letter of comfort from the government, signed on Monday and to be approved by parliament in the next two weeks.

Development Bank of Singapore has been verbally awarded the mandate for a fundraising for SingPost. Relationship banks will be invited into the deal. Bankers say the facility will be between S$150m and S$200m. Details are being finalised for the S$1.2bn eight year fundraising for Starhub. The six bank arranger group comprises BNP Paribas, Crédit Agricole, Development Bank of Singapore, OCBC, Sumitomo Mitsui Banking Corp and Union Overseas Bank.

Argentina Lazard Frères looks set to win the job of advising Argentina on how to restructure the $95bn of debt it defaulted on in 2001.

Belgium The European Commission has raised the stakes in the long running conflict over golden shares by threatening legal action against the Danish, Dutch, and Italian governments over the control they still wield over privatised companies.

Guarantor: State of New South Wales Rating: Aaa/AA+

Tranz Rail has named ABN Amro as financial adviser for the Clifford Bay project. The project will involve the relocation of the sponsor's inter-island ferry to Clifford Bay and Tranz Rail has requested ABN Amro to evaluate the merits of the move including a review of the business case for the new location, the cost and revenue benefits, together with an assessment of the construction and engineering requirements and a recommended financial structure for the project.

Mandated arrangers ABN Amro (bookrunner), Crédit Lyonnais (bookrunner), Fortis Bank, HVB Group, ING and WestLB have launched general syndication of the $460m term loan for Bonny Gas Transport Limited. Bank of Scotland, Natexis Banques Populaires, Nordea, Commerzbank and SEB Merchant Banking joined as arrangers for a ticket of $30m each. Four tickets are on offer during the retail stage of syndication: senior co-arranger for a take of $25m for 110bp; co-arranger for a take of $20m for 100bp; senior lead manager for $15m for 90bp; and lead manager for a ticket of $10m for 80bp. Commitments are due by March 4. For more details see EuroWeek 785.

Rating: Aa3 Amount: Eu100m

Bankers in the Nordic loan market have been forced to pick up the pace in the last 10 days as the region gets ready for an explosion of deals. One transaction which has sparked strong interest is the new facility for Sweden's Scania which is understood to be for over $1bn. The borrower has sent out requests for proposals to its relationship banks and bids are due back by today (Friday). A mandate should be awarded in the next two weeks.

Mandated arranger CSFB has launched general syndication of the Eu430m multi-tranche facility for Nycomed. This is the senior debt portion which makes up the financing backing the secondary buy-out of Nycomed by CSFB Private Equity, Blackstone and NIB from Nordic Capital. A bank presentation will be held in Oslo today (Friday). SEB Merchant Banking is jointly underwriting the deal. Two tickets are being offered during the retail stage of syndication: a Eu25m ticket for a fee of 75bp and a Eu15m ticket for 65bp. Senior debt is split into a Eu114m seven year term loan 'A' at 225bp over Euribor, a Eu103m eight year term loan 'B' with a margin of 275bp, a Eu103m nine year term loan 'C' paying 325bp and a Eu40m revolver at 225bp. There is also a Eu40m licensing facility, a Eu15m acquisition facility and a Eu15m capex loan. These tranches offer margins of 250bp.

Rating: AAA Amount: Sk750m

Following a month long bidding process involving two rival bidding groups, Bangko Sentral ng Pilipinas has awarded a verbal mandate for its annual $500m fundraising requirement. The winning consortium for the five year transaction comprises Citigroup/SSB, Crédit Lyonnais, HSBC, ICBC, Mizuho, Sumitomo Mitsui Banking Corp and Tokyo-Mitsubishi International (HK).