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The performance of Glencore International's $2.5bn 364 day revolver has underlined the strength of the borrower's bank market following with an impressive oversubscription in syndication. Arrangers Barclays Capital (joint bookrunner, documentation), BNP Paribas (joint bookrunner), Deutsche Bank, JP Morgan and SG (facility agent) have closed the books and are in documentation.

TD Asset Management is moving two more global equity mandates in-house, as the Canadian retail fund manager makes further progress in establishing its London office. Schroder Investment Management (North America) Limited and Montgomery Asset Management will lose their mandates, as TDAM has decided to take over direct management of funds currently outsourced to them, with effect from August 1.

The Toronto-Dominion Bank and Toronto Dominion Australia have set up a $3 billion Euro-CP programme. Deutsche Bank is the arranger and the dealer panel comprises Barclays Capital, Citibank, Deutsche Bank and TD Securities. It is the sixth Euro- or global CP programme that Deutsche Bank has arranged in 2002, and the 13th dealership it has won. The programme will replace the existing A$3 billion ($1.71 billion) Euro-CP programme with an MTN option that Toronto Dominion Australia signed in 1996. The programme has $1.15 billion-worth outstanding off 26 notes. It is rated A-1+/P-1.

Telecom Italia and Vodafone, two of the bank market's key telecoms borrowers, are set to complete refinancings within the next few weeks. The terms of both deals will defy the continued negative sentiment towards the telecoms sector and will underscore the market's differentiation between tier one names and weaker credits which will continue to struggle to get support.

Amount: Eu300m Legal maturity: December 30, 2008

Guarantor: Total Fina Elf SA Rating: Aa2/AA

Rating: Aa1/AAA Amount: NZ$100m

Bidding is under way for the mandate to arrange the $25m facility for India's Infrastructure & Financial Services. Standard Chartered is among several banks close to the deal.

Guarantor: PT Indofood Sukses Makmur Tbk Rating: B3/B

Rating: AA- Amount: Sfr300m

Intrum Justitia's IPO, which was priced last Friday and was 12 times oversubscribed, has traded strongly this week, closing yesterday (Thursday) up 9.5% from its launch price. The offering, which was lead managed by Enskilda and Carnegie, is one of the most successful IPOs this year.

Syndication has been wrapped up well oversubscribed on the Eu219.5m 16 year project financing for Huntstown Power Company arranged by Barclays Capital. The deal's tolling structure, the opportunity to buy into the deregulating Irish power market and the lack of similar transactions this year gave the distribution process good impetus.