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Freight company CFR Marfa has become only the second Romanian corporate to issue a Eurobond without an explicit state guarantee, when it priced an Eu100m five year transaction this week. Marfa did have a letter of support from the transport and finance ministries, but was still forced to pay generously for its debut deal, which Standard & Poor's rated B+.

Guarantor: Banco de Sabadell SA Rating: A2/A+

Rating: Aa2/AA/AAA Amount: Eu750m

Santander Central Hispano (SCH) this week raised Eu2.6bn through partial disposals of its holding in Spanish retail banking unit Banesto and its stake in Royal Bank of Scotland. The two sales, both of which used innovative structures, ensure the Spanish bank will meet the targets it had set this year to increase its core capital ratios.

General syndication of the £1.5bn five year revolver for Scottish & Newcastle was closed yesterday (Thursday). The deal received enthusiastic support from the retail market, raising around £1.5bn from banks. In total some £2.5bn of commitments have been raised at all levels.

Rating: A (Fitch) Amount: Eu500m Öffentlicher Pfandbrief series 308

Leading UK retailer Tesco launched a four tranche Eu1.68bn equivalent euro/sterling transaction on Tuesday that was warmly welcomed by market participants. The multi-tranche offering, lead managed by Deutsche Bank, Citigroup/SSSB, HSBC and RBS, comprised a £50m tap of a 2025 inflation-linked bond, a £350m piece due 2019, a £200m portion due 2033, and a Eu750m 2010 issue.

Leading UK retailer Tesco launched a four tranche Eu1.68bn equivalent euro/sterling transaction on Tuesday that was warmly welcomed by market participants. The multi-tranche offering, lead managed by Deutsche Bank, Citigroup/SSSB, HSBC and RBS, comprised a £50m tap of a 2025 inflation-linked bond, a £350m piece due 2019, a £200m portion due 2033, and a Eu750m 2010 issue.

Sibneft impressed bankers this week by the speed with which it priced a $500m January 2009 bond, its third debt capital markets transaction so far this year. Lead manager Citigroup/SSSB began bookbuilding on Monday morning and had already gathered orders of $750m by the end of the day. "The company was prepared to go on a roadshow, but we found that there was no need," said Rafael Biosse Duplan, director of debt capital markets at Citigroup/SSSB in London. "It is remarkable to note the speed with which we were able to put this transaction together."

Sole mandated arranger Islandsbanki will close syndication of the Eu52m five year club-style facility for the Baugar Group in the middle of December. Interest has been good due to the lack of Icelandic deals and so at least four banks should join.. Proceeds will be used for refinancing the borrower's Icelandic retail division. The borrower is an international retail company with operations in the US, Scandinavia and Iceland.

Amount: Eu90m, $20m, ¥2bn Rating: Moody's/Fitch

Early market reaction to the refinancing of Imperial Tobacco's $6.615bn acquisition facility has been positive. The borrower's desire to reduce funding costs and to trim its relationship bank group looks set to succeed, according to mandated lead arrangers ABN Amro, BayernLB, HSBC and JP Morgan.