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Shortlisted banks will present committed offers next week in the second round of bidding for the mandate to arrange a $200m 2-1/2 year facility for Polish Oil & Gas Company (PGNIG),. The deal will refinance the borrower's July 2001 $150m 1-1/2 year facility and will also provide for new working capital.

Mandated arrangers Landesbank Schleswig-Holstein and RZB have closed syndication of the Eu50m three year term loan for Banco Internacional do Funchal SA (Banif). The loan, which carries a two year extension option, pays a margin of 30bp over Euribor.

CIBC and Crédit Agricole Indosuez have decided not to launch the Eu910m of senior debt backing the buy-out of France's Elis by PAI from BC Partners into a formal round of retail syndication. Instead, the arrangers will quietly mop up the remaining Eu60m to be sold down through selective primary market sales.

Arrangers Commonwealth Bank of Australia, Deutsche Bank, JP Morgan and Westpac Banking Corp have received an excellent response to the $600m fundraising for WMC Resources. Some 13 banks have joined the arrangers. The facility is divided between a $350m three year term loan and a $250m 364 day revolving credit.

Rating: Aa3/AA- Amount: £250m (increased 13/11/02 from £200m)

Avis Europe is in the market with a new £500m facility. Dresdner Kleinwort Wasserstein and Barclays are thought to be close to the deal.

Is Sallie Krawcheck, the new acceptable face of Salomon Smith Barney, about to become a Wall Street icon? It certainly looks that way. Rarely have we seen such interest in a lady Wall Street superstar - well, at least since Lehman's Elaine Garzarelli modelled fishnet stockings and other eye-catching lingerie. Because Sallie Krawcheck is attracting far more attention than Madonna, everyone is lining up to say that they knew her when she was a mere slip of a girl from Charleston, South Carolina, with a wonderful southern lilt that clearly mesmerised her early interviewers.

A decision on the arranger mandate for the $1.55bn Aluminium Bahrain BSC (Alba) phase II expansion project should be announced imminently. Banks close to Alba have been expecting an official announcement on the mandate for some time. The delay is causing some to wonder if the transaction will be put on hold due to the worsening political situation in the region.

Spain's largest bank Banco Santander Central Hispano has received mixed reactions to its Eu730m sale of a 12% stake in Banesto, its retail bank subsidiary. Initial reports suggest that the retail tranche of the offering, which will make up 60% of the final deal, was already 1.7 times covered after the first three days of bookbuilding. But predictably, institutional investors are not displaying the same degree of enthusiasm.

Rating: Aaa/AAA/AAA Amount: £100m (fungible with £100m issue launched 20/09/02)

Guarantor: Governor and Company of the Bank of Scotland Rating: Aa2/AA

Rating: Aaa/AAA Amount: Nkr250m (fungible with Nkr500m issue launched 23/09/02)