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Three banks have elbowed their way into Morgan Stanley’s bridge loan for Enterprise Inns’ £2bn acquisition of pubs from Nomura’s principal finance group.

Three banks have elbowed their way into Morgan Stanley’s bridge loan for Enterprise Inns’ £2bn acquisition of pubs from Nomura’s principal finance group.

The troubled split capital trust sector suffered another blow this week as a large-scale class action lawsuit was launched against many of the main participants in the industry for allegedly mis-selling the product as a low risk investment. Stephen Alexander, senior partner at Class Law, the law firm that is managing the action, believes it could involve the largest number of defendants in history. "In terms of scope this case should be one of the biggest ever," said Alexander.

Amount: Dkr1.057bn Legal maturity: October 7, 2022

Rating: A1/A-/A Amount: Eu50m

Rating: A2 Amount: Eu100m

The Croatian Bank for Reconstruction and Development (HBOR) has mandated ING and RZB to arrange a $50m five year facility. The deal has been launched to a select group of arrangers this week.

The mandate to arrange the Eu700m three year facility for Czech Export Bank (CEB) will be announced in the next two or three weeks. The deal is suffering a number of delays due to political issues.

Fonterra Cooperative Group has signed a $1.5 billion Euro-CP programme. Citibank is the arranger. The programme replaces the $1 billion Euro-CP facility for New Zealand Dairy Board Finance, which has $461.18 million-worth outstanding off six trades. It is the first New Zealand issuer to sign a Euro-CP facility in four years. Fonterra was formed in 2001 when New Zealand Dairy Board and Kiwi Cooperative Dairies merged. The issuer also recently signed a $2 billion Euro-MTN shelf via Salomon Smith Barney. The CP dealers are Citibank, Deutsche Bank, Merrill Lynch, National Australia Bank and UBS Warburg.

It has been a week in which German banks have hogged much of the limelight. Deutsche has loaded its largest artillery pieces for a new summer offensive, and DrKW is reshuffling the pack and preparing to move up a gear or perhaps even two. But Commerzbank also doesn't want to be left off the front pages, and ever since Peter Muller became chairman, the bank gives the impression of having a totally new determination. No one is saying that Commerzbank is out of the woods, but don't you get the impression that there may be a small light at the end of the tunnel?

The exotic currency Eurobond sector notched up a new member this week when Deutsche Bank lead managed the first public international issue to offer Turkish lira currency risk since a short-lived spate of issuance in the spring of 1998. The EBRD issued $200m of three year zero coupon currency-linked notes under its MTN programme.

The mezzanine tranche that is part of the debt facility refinancing a $208.704m leveraged loan that backed the buy-out of LM Glasfiber by Doughty Hanson & Co in 2000 will be reduced as a result of the cancellation of the IPO for the company. Dresdner Kleinwort Wasserstein (bookrunner), Bank of Scotland and Nordea (facility agent) are arranging the refinancing of the original deal that was originally divided into a Eu180m senior portion and a Eu53m mezzanine tranche. The scrapping of the IPO means that the mezzanine tranche will not now be reduced and the senior debt will have to be increased. The original syndicate and a handful of new banks had been invited to join the facility. (See Equities section for more details.)