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A bank presentation and site visit was held this week for general syndication of the Eu828m project financing for the Stendal Pulp Mill Project. Around 25 banks have been invited to commit tickets of Eu60m, Eu40m or Eu25m.

Mandated arrangers Dresdner Kleinwort Wasserstein, KBC, WestLB and Standard Chartered will close syndication of the $50m 364 day term loan for African Export and Import Bank (Afrexim) today (Friday). Signing is set for November 18. The deal has been oversubscribed and is due to be increased. For more details see EuroWeek 775.

Syndication of the £440m loan for ACE Europe will be closed oversubscribed by arrangers Barclays Capital and Citigroup/SSSB today (Friday). Proceeds will be used to refinance debt. The borrower is an insurer and reinsurer offering services in the US, Europe and Asia. ACE is listed on the New York Stock Exchange.

Guarantor: OAO Alfa Bank Rating: B1/B-/B

Amount: Eu580m and A$36.5m Legal maturity: November 10, 2033

Amount: Eu1bn Rating: Moody's/Fitch

Rating: A- Amount: Ps1bn

Arrangers Deutsche Bank and Westpac Banking Corp are inviting banks to underwrite a A$580m seven year term loan for Cross City Tunnel. The project involves the construction of an A$800m cross-city tunnel that is to link Sydney's eastern suburbs to the west of Australia. Construction is to begin at the end of this year and should be finished by 2006.

Rating: Aaa/AAA/AAA

Rating: A2/A- Amount: Eu500m

Lloyd's insurer Beazley Group this week became the first company to successfully complete a sizeable IPO on the European markets since July. And although the deal was not a classic IPO bookbuild, neither the managers nor the company will mind. Lead manager Numis Securities, a boutique investment bank that normally conducts ECM business on London's AIM market, pre-placed the entire £150m of stock on offer with institutional investors before announcing Beazley's acceptance on to the main list of the London Stock Exchange. The group sold 205.5m shares at 73p, giving Beazley a freefloat of 90%.

A ground-breaking $5bn-$6bn offering of five year bonds from a trust issuing for more than 20 well known US corporates is being prepared for launch in the next two weeks. The deal, called Core and led by Bank of America and JP Morgan, is aimed at offering institutional investors the ability to take large chunks of a highly liquid bond issue without taking on concentrated exposure to just one borrower.