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Viswas Raghavan, who has spearheaded JP Morgan's success in equity-linked debt over the last two years, has been promoted to co-head of European equity capital and derivative markets. The promotion is a further step in the restructuring of JP Morgan's equity capital markets and derivatives team, which has seen a number of key departures during 2002.

The National Association of Securities Dealers (NASD) and the Financial Services Authority (FSA) both made moves to tighten up IPO regulations this week, in a bid to restore investor confidence in new listings. The reputation of the capital markets has been damaged on both sides of the Atlantic, following the Enron and WorldCom scandals, and revelations that banks allocated shares to favoured clients in highly sought after IPOs during the tech boom.

Mandated arranger Bank of Tokyo-Mitsubishi has closed syndication of the $150m multi-tranche facility for the Central Bank of the Republic of Seychelles. Signing will take place in three weeks. The deal was modestly oversubscribed, but will not be increased. Barclays Bank (facility agent) and Standard Chartered have joined as lead arrangers.

Mandated arrangers EBRD and HVB Group will close syndication of the $200m six year facility for JSC Severtek in the next two weeks. A banker close to the deal told EuroWeek that the deal has been well received and a healthy oversubscription is likely. The facility comprises a $100m A loan via the EBRD and a $100m B loan which is being sold down with tickets of $20m, $15m and $10m.

The Russian government cancelled its planned $700m sale of Lukoil yesterday (Thursday), after refusing to sell its 5.9% stake below $14 a share.

The Russian government cancelled its planned $700m sale of Lukoil yesterday (Thursday), after refusing to sell its 5.9% stake below $14 a share.

Syndication of the £429m project financing for the Spalding independent power project through arrangers Barclays Capital and Citigroup/SSSB is also making slow headway. The deal offers margins of 135bp to 170bp. 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 Eu5,000 shall be determined as follows:

Mandated arrangers Bank Austria and Mizuho have launched the Eu30m five year facility for Telekom Slovenije into syndication. The deal is due to be closed in the next two weeks. The credit pays a margin of 65bp over Euribor until December 2004 and 75bp over Euribor thereafter. It carries an EIB guarantee. The borrower is 66.52% state owned. EuroWeek understands that mandated arrangers ING (joint bookrunner), LB Kiel and RZB (joint bookrunner) will close syndication of the Eu40m three year facility for Abanka today (Friday). The deal will be signed in the next two weeks. The credit pays a margin of 50bp over Libor.

Amount: Eu520.9m Rating: Moody's/Fitch

If quantitative researchers at BNP Paribas are right, then the stock market crisis could have bottomed out last Wednesday. With the stock markets in such disarray and investors in panic mode, it would be foolish to assume that the markets are on their way up, especially given the 5% fall in the FTSE yesterday (Thursday).