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BoT-Mitsubishi (joint bookrunner), Natexis Banques Populaires and WestLB (joint bookrunner) have been mandated to lead a $100m three year term loan for National Bank of Egypt International Limited. The new deal pays a margin of 60bp over Libor and refinances an April 2000 loan.

Germany Hannover Re's shareholders have approved plans to issue new convertible bonds and stock. The decision, made yesterday (Thursday) at an EGM, will allow the German reinsurer to raise capital to exploit market opportunities.

BNP Paribas and SG have signed banks into the initial phase of syndication of the Eu625m project financing for Rijnmond Energi. Crédit Lyonnais has committed a take-and-hold ticket of Eu50m and Bank of Ireland has come in with Eu25m.

Croatia State owned development bank HBOR will meet investors in Germany on Monday and London on Tuesday on the roadshow for its debut Eu100m seven year transaction. The deal is likely to be launched later in the week. JP Morgan is lead manager.

Rating: Aaa/AAA Amount: Nkr500m

Mandated arrangers BNP Paribas, Crédit Lyonnais, Citigroup/SSB, Mediocredito and WestLB will close the general syndication of the $800m of international debt facilities for the $1bn Nigeria LNG next week. The lead banks are awaiting a couple of responses before wrapping up the deal which has already attracted five banks in retail.

It was another bumper week in the Norwegian krone market and Nkr2.7bn was priced in various deals at different maturities this week. In the biggest deal of the week in the sector, UK insurance firm Standard Life Funding brought a Nkr1bn 12 year issue via Pareto. The proceeds are confirmed to have been swapped back to floating sterling. The 6.25% notes yielded 6.25%, and with 12 year krone swap bids around 6.23%/24%, around Nibor flat might have been achieved. However, the basis swap from kroner to dollars could cost up to 9bp at the bid side of spreads, but the basis swap to sterling provides a pick-up of around 6bp.

Amount: Eu320m Issue price: 100.00

According to arrangers HSBC and Nordea, the client-driven syndication of the Eu1bn 364 day revolver for Telenor ASA is progressing well. A2/A- rated Telenor is one of the more sought after credits in the loan market and should have no problem presuading its relationship banks to join the deal.

Guarantor: Novartis AG Rating: Aaa/AAA

Novartis, the Swiss pharmaceutical company, demonstrated its pulling power to investors this week by issuing a Eu1bn 3.75% five year bond at 16bp over the Bobl, or 11bp through mid-swaps — levels that would be the envy of triple-A issuers such as KfW and the EIB.

Novartis, the Swiss pharmaceutical company, demonstrated its pulling power to investors this week by issuing a Eu1bn 3.75% five year bond at 16bp over the Bobl, or 11bp through mid-swaps — levels that would be the envy of triple-A issuers such as KfW and the EIB.