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Hennessee Group, a global hedge fund investment consulting group, published research this week that said hedge funds have invested too heavily in distressed securities. The US advisory group, which advises institutions on over $1bn of assets, believes that hedge funds have been too aggressive in their strategy towards distressed companies. Hennessee explained that distressed hedge funds had seen a big increase in the amount of money being allocated towards the asset class, which has made hedging difficult and has forced managers to put money to work in companies such as WorldCom. Assets invested in distressed hedge funds increased nearly 100% to $17bn in 2001 according to Hennessee.

Sole mandated arranger Standard Chartered will launch syndication of the $60m facility for Iran Petrochemical Commercial Corporation next week. The facility will be a single-stage syndication and pays a margin of 75bp over Libor.

Iran made a strong showing on its debut in the euro denominated bond markets this week with the launch of a well received Eu500m five year issue via its central bank, Bank Markazi Iran.

Iran made a strong showing on its debut in the euro denominated bond markets this week with the launch of a well received Eu500m five year issue via its central bank, Bank Markazi Iran.

Despite investor aversion to the telecoms sector, Telecom Italia's Eu7bn refinancing has been well received in syndication with up to Eu8bn raised from the market. Books are due to be closed either today (Friday) or Monday.

The Eu400m three year revolver for Anglo Irish Bank has been closed oversubscribed with around Eu550m raised from the market. Arrangers Danske Bank (facility agent), Royal Bank of Scotland (joint bookrunner) and WestLB (joint bookrunner) invited banks to join as co-arrangers committing Eu25m for 12.5bp, as lead managers taking Eu17.5m for 10bp and as managers committing Eu10m for 7.5bp.

Banks continue to review the documentation for the ¥8.75bn five year LBO facility for Tower Records KK arranged by JP Morgan. No date has been set for the completion of the deal although the arranger is keen to sign the deal by the end of July.

JP Morgan continues to fine-tune its Asian equity capital market team, enticing another set of senior analysts to strengthen its regional coverage. Adrian Mowat will jump the fence from investment management in September to become a vice president and regional equity strategist, a position that JP Morgan has looked to fill for some time.

JP Morgan continues to fine-tune its Asian equity capital market team, enticing another set of senior analysts to strengthen its regional coverage. Adrian Mowat will jump the fence from investment management in September to become a vice president and regional equity strategist, a position that JP Morgan has looked to fill for some time.

Mandated arranger ING has closed syndication of the $25m six month facility for Kazakhstan Development Bank and the deal is due to be signed by today (Friday). EuroWeek understands that the transaction has been oversubscribed and will be increased to $28m.

Guarantor: Kreditanstalt für Wiederaufbau Rating: Aaa/AAA