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Rating: Aaa/AA/AAA Amount: Eu120m

Around eight to 10 banks are set to win the lead arranger mandate for the $1.15bn 15 year debt financing for Egypt LNG (ELNG). Of the 20-plus banks initially invited to bid, 13 were invited to clarification meetings with the sponsors last week.

The market consensus among loan bankers this week was that E.On's AA- rating and strong banking relationships should ensure that arrangers will have few problems selling the German borrower's jumbo Eu15bn in syndication. This is not an easy environment to syndicate Eu15bn of debt, however, especially as the end of the year is looming. "This deal cannot afford to be a flop," said a market participant outside of the arranging group. "It will send the loan syndication market into a spin and will set a negative tone for investment grade investor appetite moving into 2003. The arrangers know this, so does E.On and so all the stops have been pulled out."

All eight central European EU accession candidate countries have received a double or triple notch foreign currency upgrade from Moody's. The changes led to spread tightening of between 5bp and 25bp across the region. The Czech Republic, Estonia, Latvia, Lithuania and Slovakia have jumped up three notches, while Hungary, Poland and Slovenia have moved up two each (see table on page 20).

All eight central European EU accession candidate countries have received a double or triple notch foreign currency upgrade from Moody's. The changes led to spread tightening of between 5bp and 25bp across the region. The Czech Republic, Estonia, Latvia, Lithuania and Slovakia have jumped up three notches, while Hungary, Poland and Slovenia have moved up two each (see table on page 20).

Rating: Aaa/AAA Amount: A$150m

Rating: Aaa/AAA Amount: C$200m

Rating: Aaa/AAA Amount: Nkr250m (fungible with two issues totalling Nkr800m first launched 17/10/01)

Rating: Aaa/AAA Amount: £100m (fungible with seven deals totalling £1.1bn first launched 22/11/01)

Rating: Aaa/AAA/AAA Amount: $4bn

Rating: Aaa/AAA Amount: $500m (fungible with $1bn issue launched 30/10/02)

Barclays, HSBC, HVB Group, Nordea and Svenska Handelsbanken will sign banks into the Eu850m five year deal for M-Real on Tuesday. The deal was a success in syndication and was increased from Eu600m.