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Rating: A2/A- Amount: Eu1bn

Combined with an increasing number of leveraged recapitalisations in the market such as Christie Tyler and Homebase, IPO-leveraged refinancings are keeping the European leveraged loan market buoyant. Like HMV, LM Glasfiber and William Hill, engineering company Alfa Laval this week announced its plans to raise a new loan to partly refinance a leveraged buy-out and support its IPO. Alfa has mandated SEB Merchant Banking and Svenska Handelsbanken to arrange a Eu575m multi-currency credit facility to refinance its high yield debt and back its listing on the Stockholmsbörsen on May 15.

Alfa Laval, the Swedish specialist engineering firm, opened the books for its Skr9.4bn (Eu1bn) IPO yesterday (Thursday) amid hopes that it will be able to attract investors betting on a recovery. "This is a plain old cyclical play," said a banker close to the deal. He explained that the bookrunners for the offering, Credit Suisse First Boston and Enskilda Securities, were hoping to attract investors to the issue who are looking to gain exposure to the sector and region.

Crédit Lyonnais and WestLB continue to work on the structuring of the debt financing supporting Orascom Telecom's purchase of a GSM mobile telephony licence in Algeria. Orascom is seeking to raise around $475m of bank financing for the project. The financing will be split between an international tranche of up to $300m and a local tranche of up to $175m equivalent. BADR is working on the local financing.

Rating: Aa2/AA+ Amount: $175m

The new facility for Sociedade Nacional de Combustiveis de Angola (Sonangol) will be launched to the market by mandated arranger Standard Chartered in May. The deal is understood to be between $250m and $300m and is one of the smallest credits the borrower has tapped the market for in recent years. It is understood to carry a margin slightly higher than 250bp over Libor.

Power Hong Kong has signed a $1.5 billion Euro-MTN programme. Morgan Stanley scooped the arrangership and the dealers are Barclays Capital, BNP Paribas, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Salomon Smith Barney, Standard Chartered Bank and UBS Warburg. The issuer announced a $300 million syndicated deal off the shelf. HSBC, Morgan Stanley and Salomon Smith Barney are the mandated bookrunners. The note was announced on Wednesday, April 24, and it is due to be settled on May 8. It goes out to 2012.

Amount: Eu150m Issue price: 100.00

Is there a whiff of cordite in the air around the Ivory Towers of 1, Finsbury Avenue, home from home of the mighty UBS Warburg? When we rang the City of London police, they said some minor explosions had been reported but that there had been no emergency calls for ambulances. In order to find out more about possible intrigue and conspiracy inside UBS Warburg, we called into the nearby Dog and Puddle saloon, where the supremely buxom head barmaid, Slapper Alice carries all before her and keeps her ear to the ground.

Arab Banking Corporation (ABC) is in the market looking for a $300m five year facility. ABC has invited a number of banks to join the deal and commitments are due by today (Friday).

Guarantor: Bank of Scotland Rating: Aa2/AA

Rating: A1/A- Amount: Eu50m lower tier twocapital