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Construction company Grupo Acciona has secured a Eu1.6bn seven month bridge facility from mandated lead arrangers and joint bookrunners BBVA (facility agent), BNP Paribas, Citigroup/ SSSB and JP Morgan. The deal will not be syndicated. A group of 13 banks has arranged a Eu1.2bn facility for Auna Operadores de telecomunicaciones.

Syndication is progressing on the £429m project financing for the Spalding independent power project arranged by Barclays Capital and Citigroup/SSSB. The debt is split into three portions - a £362m 19.5 year non-recourse tranche of senior debt, a £60m LC facility and a £7m working capital facility. The deal has a debt to equity ratio of around 80:20. The project is sponsored by Intergen - the joint venture between Shell and Bechtel.

Redemption per note shall be determined as follows:

Mandated arrangers Danske Bank, HSBC and SEB Merchant Banking will launch the $500m five year revolver for Swedish Engineering group Sandvik in the next two weeks. The revolver includes a Skr1bn swingline facility. A bank presentation will take place in Stockholm in August. The facility will be used for general corporate purposes, including CP backstop.

Rating: A1/AA- Amount: Eu500m

Bank of Taiwan, Chinatrust Commercial Bank and Taiwan Cooperative have received the mandate to arrange a NT$15bn equivalent facility for AU Optronics. The borrower is a merger of Acer Display Technologies Inc and Unipac Optoelectronics Corp and produces TFT-LCD modules.

Mandated lead arrangers ABN Amro (bookrunner), Bank of America (bookrunner), BNP Paribas, Citigroup/SSSB (bookrunner) and Deutsche Bank (bookrunner) have signed 27 banks into the $3.5bn revolver for Royal Philips Electronics. Despite a 50% oversubscription, the loan was not increased.

Amount: $1bn and A$133m Legal maturity: July 7, 2034

Investors rushed into Wal-Mart Stores' $1bn five year global bond this week as new accounting scandals and a plunging equity market only strengthened the demand for quality credits. As the rest of the bond market weakened, Aa2/AA rated Wal-Mart priced its five year issue at 50bp over Treasuries, which on a Libor equivalent basis was flat to slightly through secondaries.

The difficulties faced by investors in dealing with fallen angels were thrown into the spotlight again this week, as Moody's downgraded telecoms equipment supplier Alcatel to junk and Pimco managing director Bill Gross' highlights the destructive potential of hedge funds. Moody's cut Alcatel's rating from Baa2 to Ba1 on Tuesday and left the company on negative outlook. The rating agency said that its move was based on its expectation that demand for telecoms equipment will continue to fall over the next two years.

Italian utility ASM Brescia's Eu333m IPO is expected to fall when trading begins today (Friday), after the deal closed last week just 1.1 times covered. The offering was priced over the weekend at Eu1.85, below the initial range of Eu2.1-Eu2.5. UBS Warburg, IntesaBci and Mediobanca led the flotation.