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DresdnerKleinwort Wasserstein will launch the £545m acquisition facility for YTL into general syndication in June. Sub-underwriters were signed in to the deal last week. (For more details on the deal, see last week's issue of EuroWeek.)

A1/A+ rated German car maker Volkswagen is preparing to launch its jumbo Eu15bn revolving credit facility next Thursday, a deal that will severely test the strength of the company’s relationships with its core banks and show the true value of ancillary business in the modern-day European syndicated loan market.

Vivendi Universal, the international media group, failed to shed any light on the possible timing of an anticipated sale of some 20% of Vivendi Environnement, its environmental services subsidiary, when the board met on Wednesday. The form in which the sale might take place is still unclear to the market and European equity syndicate bankers were speculating this week as to when any sale might emerge. "It could come next week, but then we might have to wait until after the summer," said one French ECM banker. "All we know is that the share price has the overhang factored into it and the market is expecting the deal."

Compiled by EuroWeek Like in Hungary, activity in Poland was dominated by a central bank move. Unlike in Hungary, the move, on Wednesday, was to cut rates by 50bp to 9%.

Amount: Eu239.5m Maturity: May 24, 2007

Compiled by EuroWeek Even by Czech standards this was a very quiet week, with the Czech government curve continuing to track Bunds.

Amount: £400m Legal maturity: September 17, 2013

Kevin Regan has left UBS Warburg where he was co-head of fixed income distribution. The move came as a surprise, as his position was thought to be secure. David Shulman is now global head, and runs the distribution and research teams in Japan, Asia, Europe and the US from his base in Stamford.

Morley Fund Management this week signalled its intention to build business in hedge funds and private equity by hiring Philip Manduca as head of a new alternative investments division. Manduca joins from Dexia BIL where he was the head of asset management. He has been involved in hedge funds since 1987 and starts work at Morley next week.

UBS Warburg, Barlays, Dresdner Kleinwort Wasserstein, Citigroup/SSSB, HSBC, Merrill Lynch, Royal Bank of Canada, Royal Bank of Scotland and WestLB have slapped £1bn each on to the table for Network Rail. Banks which have agreed to underwrite the facility have not agreed to step up the plate for cash return - the margin is thought to be a meagre 10bp over Libor.

Rating: A1/A/A+ Amount: Eu300m lower tier two capital

Finland Merrill Lynch has started marketing the Eu500m offering in Fortum, the Finnish power company. The Finnish government is selling 77m shares plus a greenshoe of 7.4m, which will comprise 9% of the company.