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Thai Military Bank's $80m three year deal arranged by ABN Amro was launched into general syndication yesterday (Thursday). Lenders will receive a margin of 67bp and front end fees set at three levels: senior managers pledging $10m or more gain 20bp; managers earn 18bp for contributions of $5m-$9.9m; and co-managers absorbing less than $5m receive 15bp.

Fixed income bankers were this week cautiously predicting an end to the turmoil in the equity markets that has almost paralysed the primary and secondary bond markets.

This week the markets established a new set of depressing records. Wednesday saw heavy trading on every stock exchange and volatility that paralysed new issue activity. The FTSE hit its lowest level for more than six years and the Dow recorded its largest price increase since the crash of October 1987, after dropping in early trading to its lowest point since the Russian crisis of 1998. Government bond markets see-sawed in sympathy, creating a nightmare scenario for dealers and investors. The African Development Bank managed to price its debut global bond on Friday before volatility gripped, but Export Development Canada plunged headlong into the fray and priced its debut dollar global on Wednesday, one of the most turbulent days in the stock markets' recent history. The deal, however, was successfully executed at 2bp over agencies or minus 9bp versus swaps, achieving broad global distribution.

Leading Russian investment bank United Financial Group has boosted its research team with the appointment of two new analysts. Pavel Kushnir has been named as the firm's new oil and gas sector analyst, and Elena Sakhnova is its new automotive, engineering and transportation analyst. The two new recruits are replacing Dmitry Avdeev and Julia Zhdanova, both of whom have both been promoted to positions in UFG's corporate finance department.

Alpha Credit Group (Alpha), the Greek banking and financial services company, has put its name to a Eu1bn EuroCP programme. Deutsche Bank has won the arranger role. The signing came seven months after the borrower set up its Eu3bn EuroMTN facility. George Georgiou, group treasurer at the bank, believes that the time is right to tap the short term market.

Rating: Aa3/AA- Amount: Nkr400m

JP Morgan and Riyad Bank have been awarded the prestigious mandate to arrange a $2bn five year standby revolving credit facility for Saudi Arabian Oil Company (Saudi Aramco). The company is the premier name in the Middle East and one of the most powerful players in the global oil and gas markets.

Arrangers ANZ Investment Bank and Barclays Bank have closed the A$500m facility for Westfield Holdings. The facility is divided between a three year portion and a five year tranche. The deal was closed oversubscribed following an excellent response from the market, with 12 banks signing up in general syndication. Westfield may increase the size of the facility.

Deutsche Bank will close the books for the $3.2bn six month letter of credit (L/C) facility for Euroclear Bank next week. The same group of banks which committed to the $2.95bn L/C that the new deal refinances, and some new names, have been invited to join the new $3.2bn facility.

Rating: BBB/BBB Amount: $100m

Bank of America, Barclays and Citigroup/SSSB have released the list of banks which joined the $1bn multi-currency revolver for Bacardi. ABN Amro, Deutsche Bank, Lloyds, SunTrust, BBVA, Crédit Lyonnais, Danske Bank, BBL, JP Morgan, Bank of Nova Scotia, CDC Royal Bank of Scotland, SG, SCH and Bank of Bermuda have joined the facility.