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Guarantor: Northumbrian Water Ltd Rating: A-/A (S&P/Fitch)

Rating: Baa2/BBB (Moody's/Fitch) Amount: Eu30m

Guarantor: Republic of Austria Rating: Aaa/AAA

UK oil company Paladin Resources launched a £42m placing and open offer this week to part finance its acquisition of a portfolio of North Sea assets. The fully underwritten offering was launched on Monday and investors will have until January 7 to apply for shares. Cazenove and Investec Investment Banking are underwriting the sale.

Zurich Financial Services has appointed Michael Paravicini chief information technology officer. Paravicini joins Zurich from Commerzbank where he has been chief information officer since 2000. Peter Pietsch, head of media relations at Commerzbank, was at pains to point out that, contrary to reports, the move was not connected to a recent interview Paravicini had given. In it he had told a newspaper that efforts to integrate back office operations with DZ Bank had proved extremely tough.

Amount: Eu653.5m Rating: Moody's/Fitch

Pemex, the state owned Mexican oil company, is planning to follow in CAF's footsteps and issue a debut sterling bond, possibly as early as next week. The deal, to be lead managed by Barclays and HSBC, is to be a 10 year issue for around £200m. Price talk and timing will be discussed on Monday. If the market looks quiet ahead of Christmas, then the deal issue may be launched in the new year.

The Ps3bn three year term loan for Pilipinas Shell Petroleum has been completed by mandated arranger ING. The arranger pledged Ps450m. Arrangers are Banco de Oro Universal Bank and Security Bank committing Ps300m each.

EuroWeek understands that the mandate to arrange the $200m 2-1/2 year facility for Polish Oil and Gas Company (PGNIG) will be awarded soon. It is not known at this point if the deal will be launched this year or next. Two bidding groups remain - Citigroup/SSSB, Kredyt Bank/ KBC, Pekao Bank and WestLB; and SG, Bank of Tokyo-Mitsubishi, HVB Group and ING.

The Republic of Poland is due to sign a EuroMTN programme in the first quarter of 2003 and has sent out invites for arrangership pitches. The majority of the EuroMTN market's top 10 league table dealers have been asked this week to pitch to be either the arranger or a dealer on the facility. One top EuroMTN originator intending to respond told EuroWeek that those invited include Citigroup/SSSB, Credit Suisse First Boston, Deutsche Bank, Dresdner Kleinwort Wasserstein, JP Morgan, Merrill Lynch, Morgan Stanley and UBS Warburg.

The Republic of Poland is due to sign a EuroMTN programme in the first quarter of 2003 and has sent out invites for arrangership pitches. The majority of the EuroMTN market's top 10 league table dealers have been asked this week to pitch to be either the arranger or a dealer on the facility. One top EuroMTN originator intending to respond told EuroWeek that those invited include Citigroup/SSSB, Credit Suisse First Boston, Deutsche Bank, Dresdner Kleinwort Wasserstein, JP Morgan, Merrill Lynch, Morgan Stanley and UBS Warburg.