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Rating: Aa2 Amount: Eu50m (increase to Eu50m launched 25/11/02) Öffentlicher Pfandbrief series 515

The six banks which agreed to sub-underwrite the Eu825m of debt facilities backing the recapitalisation of paper company Xerium, owned by Apax Partners were upset this week to hear that Morgan Stanley had come up against internal issues regarding its position as co-underwriter and mandated lead arranger with CIBC. The problems disconcerted sub-underwriters which assumed that Morgan Stanley had received full approval to do the deal. It is unclear what the problem was, but some bankers suggest that Apax demanded terms and conditions on the debt from Morgan Stanley which the bank's head office in New York would not authorise. Other bankers say that problems arose because of the investment bank's guarded use of capital.

Amadeus Global Travel has secured a Eu300m five year revolver from relationship banks BBVA (bookrunner), Banco Español de Crédito, Banque Bruxelles Lambert, Crédit Agricole Indosuez, JP Morgan, Natexis Banques Populaires, Royal Bank of Scotland (co-ordinator and documentation agent) and SG. Proceeds are for general corporate purposes.

Rating: Aa2/AA+ Amount: NZ$100m

Mandated arrangers Danske Bank and SEB Merchant Banking will sign the remaining nine banks into the $225m multi-currency revolver for Haldex AB on Monday. The deal has been oversubscribed, but will not be increased.

Swiss Life completed its Sfr1.1bn recapitalisation yesterday (Thursday), confounding critics who believed the deal could not be done. The Swiss life insurer raised Sfr856m from a rights issue that was 99.5% taken up and a further Sfr250m from a mandatory convertible bond that was four times oversubscribed. Credit Suisse First Boston lead managed the restructuring.

Two banks have already committed to ABB's $1.5bn 364 day refinancing giving the deal strong early momentum. ABB has realised the need for transparency and is providing potential lenders with full financial information for thorough due diligence. So despite ABB's financial problems this year, relationship lenders should support the Swiss/Swedish corporate.

Amount: A$300m Rating: Standard & Poor's

Yuan-Ze Telecom, a joint venture of Far Eastone Telecom (80.7%) and Teco Group (19.3%), has mandated First Commercial Bank to arrange a NT$3.5bn three year revolving credit. The borrower was awarded one of the five 3G licences that were issued in Taiwan in February.

Power generator Termoelectrica has brought the first dollar denominated Eurobond from Romania since 1997, with a $200m five year amortising bond. JP Morgan was bookrunner on the deal, with HypoVereinsbank serving as joint lead.

Guarantor: Republic of Romania Rating: B+/BB-