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A meeting will be held in London today (Friday) for South African Reserve Bank 's (SARB) new debt facility. Together with the borrower, between 10 and 15 mandated lead arrangers will finalise the pricing and structure of the new deal at the meeting.

Mandated arrangers SG and BBVA are finalising the details of the Eu600m project financing for the Radial 4 (R4) toll road in Madrid with syndication due to be launched by the end of the month. The financing is split into two tranches: a Eu560m six year term loan and a Eu400m 3-1/2 year VAT facility. The term loan pays around 130bp over Euribor. The VAT facility is understood to pay 75bp.

Dollar swap spreads this week inched out from the levels seen at the end of last. By yesterday (Thursday) afternoon, the 10 year mid-market was around 56.25bp, which was perhaps 2bp wider than the spread level a week ago. The five year mid-market had come in to around 47bp, but this incorporated the roll into the new five year Treasury. The new five year note, the 4.375% May 2007, was auctioned on Tuesday in a $22bn sale. The roll into the W/I was give 9bp, taking the five year swap spread into the new note from around 55bp to 46bp. The 10 year note was re-opened with an additional $11bn on the following day.

Dankse Bank and Nordea will close books for the City of Gothenburg's Eu400m seven year multi-currency facility next week. One more senior lead manager is due to join today (Friday).

Banks continue to bid on two upcoming jumbo deals for the thin-film transistor liquid crystal display (TFT LCD) industry. The borrowers are Quanta Display and AU Optronics Corp and both are searching for NT$15bn seven year facilities.

Rating: A1/A+ Amount: Eu100m (fungible with Eu250m issue launched 04/04/02)

Rating: A1/A- Amount: Eu25m lower tier two capital (fungible with Eu50m issue launched 23/04/02)