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Reflecting the tough conditions in the UK power finance sector, the £429m project financing for the Spalding independent power project has been flexed by arrangers Barclays Capital and Citigroup/SSSB. Originally paying 110bp over Libor pre-completion through to a high of 145bp at maturity, the deal now offers margins of 135bp to 170bp - an increase of 25bp.

Rating: AAA (Fitch) Amount: Eu150m

Redemption per Eu1,000 denomination shall be determined as follows:

Amount: Eu375m Rating: Moody's/Fitch

After a month in which falling stock markets have all but killed off European equity capital markets business, strategists are confident that an end to the misery is at last in sight. "There is a compelling valuation case to be made in the UK market," said James Montier, an equity strategist at Dresdner Kleinwort Wasserstein. "But the key question is: can it decouple from the US market?"

Mandated arrangers SEB Merchant Banking and Svenska Handelsbanken have signed banks into the Eu575m five year multi-currency credit facility for Alfa Laval. The facility is split into a Eu425m five year term loan and a Eu150m five year revolver. HSBC, FIH, ING, LB Kiel, Nordea and NyKredit Bank have also joined the deal. The credit will be used to refinance debt and also to be used to back the listing of Alfa Laval on the Stockholm stock exchange.

Sole mandated arranger Citigroup/SSSB is wrapping up Nestlé's Eu2bn 364 day refinancing and banks will be signed into the deal imminently. The dual tranche revolver features the same terms and conditions as the 2001 deal it refinances. It is split into a Eu600m tranche and Eu1.4bn piece, has a one year term out option for a 5bp extension fee, carries a margin of 12.5bp over Euribor and has a 3bp commitment fee. Nestlé will be charged a 2.5bp utilisation fee for drawings over a third and 7.5bp for drawings over two-thirds.

First Commercial Bank has the mandate for a NT$3bn six year term loan for Eastern Broadcasting, a Taiwanese cable TV station. Thirty banks have been invited into the deal and will be paid a margin of 500bp over First Commercial Bank's one year fixed deposit rate if they join.

Rating: Aa2/AA+ Amount: A$100m

Rating: Aa3/AA-/AA- Amount: A$1.4bn

Colombia's government finally received authorisation this week to issue another $600m in the international markets to pre-finance 2003's borrowing needs, estimated at $1.8bn-$2bn. But no sooner had the announcement been made than some bankers dismissed Colombia's hopes for issuance in the near future as a pipedream.