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Crédit Lyonnais, Gulf International Bank, National Bank of Dubai, Qatar National Bank and Standard Chartered have been selected as mandated lead arrangers for the $300m refinancing for Qatar Fuel Additives Company (Qafac). The five have underwritten the deal and are working out the timetable for launching the transaction into syndication, which may be as soon as next week.

Rating: Aaa/AAA/AAA Amount: Eu150m (fungible with two issues totalling Eu750m launched 07/01/02 and 05/03/02)

Rating: Aaa/AAA/AAA Amount: $350m increased 09/07/02 from $250m (fungible with five issues totalling $1.25bn issue first launched 25/11/98)

Rating: Aaa/AAA/AAA Amount: $205m

The £500m five year revolver for Rolls-Royce has been closed oversubscribed and will be increased to £750m. Banks will be signed into the deal by JP Morgan and Royal Bank of Scotland today (Friday).

Mandated arrangers BNP Paribas, Citigroup/SSSB and WestLB will launch the $450m five year facility for Sibneft into general syndication next week. RZB and Natexis Banques Populaires have joined the deal in senior syndication.

As equity markets continued their inexorable slide this week and yet more accounting irregularities came to light, investors sought the safe haven of government bonds and top quality instruments in the credit markets. This trend was reflected in the blowout reception for the Province of Ontario's $750m 10 year transaction, which was three times oversubscribed and, despite being priced a fraction through Libor, tightened to 3bp-4bp through. The Province of Quebec also made an impressive entry into the dollar market with a $750m seven year bond, which was 2-1/2 times oversubscribed. Both transactions sold well internationally, far exceeding their typical 10% placement outside the US.

The senior syndication of the Eu2.35bn acquisition financing for Saudi Basic Industries Corporation (Sabic) is progressing smoothly and should be completed by early next week. Despite concerns that there may be little liquidity beyond Saudi Arabian institutions for the deal, the mandated lead arrangers report regional and international commitments at this level.

Amount: $550m and A$25m Legal maturity: July 13, 2033

Following the recent spate of Singapore dollar denominated loans to hit the market, HSBC and Maybank have launched a S$175m three year transferable loan facility for AMK Properties Pte. The deal is split between a S$129m land loan tranche priced at 70bp over the Singapore dollar swap rate and a S$46m construction loan priced at 90bp over. Fees to the market have been offered on three levels with arrangers contributing S$30m or more gaining 21bp, co-arrangers absorbing S$20m receiving 15bp and lead managers pledging S$10m earning 9bp.

Mandated arrangers Mizuho and Bank Austria will launch the Eu30m five year facility for Telekom Slovenije into syndication at the end of the month. The facility carries an EIB guarantee. The borrower is 66.52% state owned.

Banks have been signed into the $1bn dual tranche loan for the South African Reserve Bank (SARB). The loan was closed oversubscribed but no increase was accepted.