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Hungary Hungarian government debt management agency managing director Andras Laszlo Borbely said this week the Republic of Hungary is likely to issue Eu2bn of debt in the international markets next year to refinance redemptions in 2003 and early 2004.

Mandated arrangers BNP Paribas, Crédit Lyonnais, Citigroup/SSSB, Mediocredito and WestLB have launched the retail phase of the syndication of the $800m of international debt facilities for the $1bn Nigeria LNG project. The market has been offered two tickets: senior co-arrangers with $44m and co-arrangers takings $22m. Fees will be released after a bank presentation in London next Tuesday. The ticket sizes are unusual, but reflect the arrangers' efforts to offer round numbers following a heavily oversubscribed senior syndication.

Rating: Aa3/AA-/AA- Amount: Eu250m (fungible with Eu500m issue launched 24/09/02)

Joint mandated arrangers Arab Banking Corporation (ABC) (facility agent), National Bank of Abu Dhabi (information memorandum) and Bank of Tokyo-Mitsubishi will close syndication of the $120m three year facility for Commercial Bank of Qatar on Monday 7. Two more commitments are due before the deal closes. The deal will be signed in Doha on October 17.

Rating: Aa1/AAA Amount: Nkr500m

Rabobank has put its name to four $10bn debt issuance programmes. The bank, through its structured investment vehicle Tango Finance, has put the finishing touches to a EuroMTN facility, a US MTN shelf, a EuroCP programme and a US CP facility. The issuer will use the proceeds to purchase investment grade securities in various currencies, ratings and tenors. The MTN programmes have been assigned ratings of Aaa/AAA from Moody's and Standard & Poor's, and the CP facilities have been assigned ratings of P1/A1+.

Mandated arrangers ABN Amro, Dexia, HVB Group and WestLB have not yet launched the $450m 4-1/2 year facility for Gazprom into syndication. The arrangers are talking to senior investors and will formally launch the deal into syndication in the next few weeks.

Bidding is hotting up for the mandate to arrange the $320m five year facility for Termoelectrica, which will be awarded next week. Three bidding groups are in the running. They include ABN Amro, Alpha Bank, Bank Austria Creditanstalt and Deutsche Bank; and RZB, Standard Bank, Crédit Agricole and Dexia.

The pipeline of Russian corporates seeking to list on the international equity markets continues to build, as investor sentiment towards the country improves. Heavy machinery manufacturer Uralmash-Izhora has announced plans to list on the London Stock Exchange next year and, according to analysts at Alfa Bank it is selecting an adviser.

Guarantor: RWE AG Rating: A1/A+

The US Securities and Exchange Commission (SEC) and Larry Thompson, the US deputy attorney-general, have repeated the allegation that Merrill Lynch actively co-operated with former Enron CFO Andrew Fastow in transferring some loss-making power barges to the Merrill Lynch balance sheet. Merrill Lynch denied the allegation in July when it gave evidence to a US Senate committee.

The US Securities and Exchange Commission (SEC) and Larry Thompson, the US deputy attorney-general, have repeated the allegation that Merrill Lynch actively co-operated with former Enron CFO Andrew Fastow in transferring some loss-making power barges to the Merrill Lynch balance sheet. Merrill Lynch denied the allegation in July when it gave evidence to a US Senate committee.