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Banks are working on the refinancing of the Eu6.5bn multi-tranche loan taken out by Italenergia in 2001. At this stage bankers imply that the refinancing will more than likely be led by Italian banks. Deutsche Bank, IntesaBci, SG, Banca di Roma and Sanpaolo IMI were mandated to lead arrange the original deal.

Russian pharmacy chain 36.6 is set to break the European IPO deadlock after bookbuilding started this week on its partial flotation that could raise up to $30m. The company, which takes its name from the optimal temperature for the body in degrees celsius, intends to sell 1.6m shares at $11-$16 each. ING, which is leading the sale, will retain a greenshoe of 280,000 shares, which could increase the size of the offering to around 23% of the company. MDM Bank is a co-lead manager.

Rating: A+ Amount: Eu250m

Mandated arranger RZB will launch the $20m 'B' loan for BankTuranAlem to a limited number of banks in the next 10 days. Once the information memorandum is completed syndication will start. The loan pays a margin of 330bp over Libor in the first year and 305bp in the second year. The loan is part of a $30m dual tranche facility provided with the EBRD, which will provide the remaining $10m 'A' loan.

One of Europe's largest issuers in the asset backed market came under fire this week as rating agency Standard & Poor's questioned the Republic of Italy's use of securitisation and placed the country's credit on negative outlook. The rating action, threatening Italy's double-A credit rating, coincides awkwardly with the republic's planned three year dollar global issue, which was to be priced this week. According to a London sovereign banker Italian foreign currency bonds widened by 1bp-2bp on news of the rating action, despite the very remote probability of a downgrade.

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Three agencies were in the market this week with very different deals. Kreditanstalt für Wiederaufbau priced a $3bn five year dollar benchmark that, while not offering the keen funding levels it might have achieved elsewhere, cemented the German government guaranteed borrower's reputation as a responsible and responsive issue.

Guarantor: Federal Republic of Germany Rating: Aaa/AAA/AAA

Rating: Aaa/AAA/AAA Amount: $130m

Rating: Aa1/AA/AAA Amount: Eu1bn