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Guarantor: Bank of Scotland Rating: Aa2/AA

Mandated arrangers Bank of Tokyo-Mitsubishi (bookrunner), Citigroup/SSSB (bookrunner) and National Bank of Greece launched the first Greek deal of the year into the international syndicated loan market this week. The $200m three year dual tranche bullet term loan and revolver for Hellenic Petroleum is divided into two tranches: a $50m three year revolver; and a $150m three year term loan. The deal pays an increased margin of 50bp over Libor and will be linked to the group's net debt-to-Ebitda ratio, which moves from 45bp to 60bp over Libor. The opening leverage is understood to be around 3.5 times.

Rating: A2/A/A Amount: Eu5bn

Kingboard Chemical Holdings is tapping the market for a HK$800m term loan through arrangers Citigroup/SSB, Rabobank and Standard Chartered. Proceeds will partly refinance the borrower's last fundraising - a HK$600m three year deal priced at an all-in of 127.5bp at the top tier that was increased from HK$400m - and partly provide general working capital.

Rating: A2/A- Amount: £500m

Mandated arrangers Bank Austria Creditanstalt and DZ Bank have launched senior syndication of the Eu75m five year bullet facility for HVB Bank Hungary. Commitments are due next week. The deal pays a margin of 22.5bp over Libor for years one to three and 25bp for years four and five. Some bankers say this is too tight and will force banks away from the deal.

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