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The Republic of the Philippines is looking to launch a seven year deal for up to Eu500m despite market concerns about the increasingly likelihood of military action against Iraq.

The Republic of the Philippines is looking to launch a seven year deal for up to Eu500m despite market concerns about the increasingly likelihood of military action against Iraq.

EuroWeek hears that PKN Orlen has approached its relationship banks to secure a facility of up to $500m with a tenor of up to five years. Although bidding is still at an early stage, the deal has caused a stir in the syndicated loan market. The keen interest is due to the quiet start to the year by central and eastern European borrowers, but is also due to the solid reputation of the borrower and its ambitions to expand its business.

Mandated arrangers Bank Austria Creditanstalt and RZB have launched syndication of the $25m two year and one day multi-currency facility for Bank Amerykanski w Polsce (American Bank of Poland). The facility is split into a $15m term loan which pays a 32.5bp margin and a $10m revolver which pays a margin of 35bp. For more details see EuroWeek 785.

EuroWeek hears that Lloyds TSB has arranged a new debt facility for Pool Reinsurance Company Ltd. No further details are available.

Compiled by Richard Favis RBC Capital Markets

Compiled by Holger Kron, Deutsche Bank Tel: +49 69 9103 4468

Compiled by Holger Kron, Deutsche Bank Tel: +49 69 9103 4468

Compiled by Holger Kron, Deutsche Bank Tel: +49 69 9103 4468

Dollar trading dipped slightly from last week's impressive levels, but remained healthy. Over $2.5bn was issued from 143 notes, more than in any other currency. Rabobank Nederland eclipsed most other borrowers in terms of volume. Included in its seven dollar deals was a $50m issue via HSBC. The five year note is callable from February 6, 2004, and annually thereafter at accreted value.

More volume was closed in euros this week than in any other currency. Over $2.7bn was issued from 91 trades. German borrowers dominated in terms of volume issuing over $650m from 20 notes. One of the busiest names was Hypothekenbank in Essen. The German bank closed three trades, the biggest being for Eu115m. The note has a quarterly coupon of 5bp over three month Euribor and matures on August 9, 2004. Morgan Stanley was the bookrunner. Morgan Stanley also placed a Eu100m note for the same borrower and Deutsche Bank placed Hypothekenbank in Essen's Eu10m trade.

The beginning of a new month marked a continuing increase in MTN trading. Over $8bn equivalent was issued from 421 trades. The number of dollar and yen notes was separated by just one, while euros saw the most volume closed. Pfandbriefstelle der Österreichischen Landes-Hypothekenbanken closed more volume than any other borrower in yen. The issuer launched a ¥10bn note and a ¥700m trade. The larger transaction has a tenor of 20 years and pays interest annually.