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Mandated arrangers Bank Austria (bookrunner), KBC (bookrunner), LB Kiel (signing) and WestLB (bookrunner) have launched syndication of the Eu50m five year facility for Nova Ljubljanska banka. The deal pays a margin of 30bp over Libor.

Manchester City has become the latest European football club to turn to securitisation for funding, with a £30.3m private placement lead managed by Bear Stearns. The deal, which was closed last Friday, was first reported in EuroWeek 751 in May. At that stage, figures ranged from £40m to £44m. Although the transaction eventually came at a smaller amount, the club still has the option to increase the package to £44.5m.

Diversified mining company Kumba Resources has sought proposals from its closest banks for a $125m three year amortising term loan. According to bankers, the loan will be priced off the $125m three year term loan signed for the Industrial development Corporation of South Africa (IDC) which was signed in March 2002.

Joint mandated lead arrangers JP Morgan, Banesto and ING are arranging a Eu230m five year acquisition facility for television station Antenna 3. The facility offers a margin of 100bp over Euribor.

Emerging market sovereign defaults on bonds and bank loans are on the rise again, although credit quality at the bottom of the ratings spectrum has improved steadily, according to a report by Standard & Poor's (S&P). The report found that six new governments have defaulted so far this year, compared with just one - Argentina - in 2001. They include governments such as Argentina and Madagascar, which have already been in default on part of their obligations but have now defaulted on other categories of debt. The other four are Gabon, Indonesia, Moldova and Nauru.

Amount: Sfr500m Maturity: October 30, 2012

Interest shall be determined as follows:

Dollar swap spreads widened sharply this week and by yesterday (Thursday) afternoon in New York were at least 7bp wider than a week earlier. The five year was at 65.5bp over Treasuries, while the 10 year was inverted by 2bp at 63.5bp. These prices were off the week's highs, which were around 67bp at five years and 65bp at 10 years. In the first part of the week, event and credit risk fears dominated the market, and this levered swap spreads wider in euros and dollars.

Rating: A1/A- Amount: Eu400m lower tier two capital

Stena AB is finalising the details before awarding the mandate to arrange a new $600m five year facility. JP Morgan, Nordea and Svenska Handelbanken are tipped to win the mandate.

Over $4bn has been raised from the market for Aaa/AAA rated Swiss Re's $3bn equivalent 364 day LC facility. Bank One and JP Morgan have invited banks in both Europe and the US to commit tickets of $200m for 3bp or $100m for 2bp.