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NTL's loudly trumpeted $10.6bn bonds-for-equity swap might appear to be a done deal, but it is only an agreement in principle, and the senior bank lenders will be picking through it. There are three bank syndicates, one in Switzerland and two in the UK, and in all about 60 banks represented by a steering committee of eight. The banks vote on any deal according to the weight of their holdings.

Guarantor: Ing C Olivetti & C SpA Rating: Baa2/BBB/BBB

Mandated lead arrangers and joint bookrunners ABC, ANZ Investment Bank and BNP Paribas are working on scalebacks and documentation for the $674m financing for the $1bn Oman India Fertiliser Company (Omifco) project. Given its success during senior syndication, the lead arrangers and borrower are unlikely to bother with a retail phase.

Thirty-nine trades have been closed in other currencies. The largest volumes came in Hong Kong dollar but 14 notes were closed in sterling. The Royal Bank of Scotland issued three trades in sterling, which were all led by HSBC.

Twenty-eight deals have been closed in other currencies and Swiss franc has been the most popular in terms of volume. Four deals have been closed in Swiss franc and Republic of Austria closed the largest trade. It issued a Sfr500 million ($299.94 million) non-syndicated deal that was led by Credit Suisse First Boston and UBS Warburg. The trade, which goes out to May 2007, pays a coupon of 3% and was issued at a price of 99.78%. Eni Coordination Center (Eni) and Reuters Group also saw opportunities in Swiss franc and issued two Sfr50 million notes. Eni's trade goes out to 2005 and Reuters Group's FRN goes out one year. Vivendi Environnement closed one of two trades in Czech koruna: a Ckr400 million ($11.74 million) seven-year note that pays a coupon of non-libor +0.67%. The FRN was led by ABN Amro and will be issued on April 29 2002. Vattenfall issued the other day's Czech koruna trade. The Ckr500 million FRN goes out to 2007. The financials were again very busy in Hong Kong dollar. HSBC self-led four HK$80 million ($10.26 million) two-month trades but Industrial Bank of Korea went out a little longer with its HK$1 billion FRN that matures in April 2003.

Polskie Sieci Elektroenergetyczne (PSE) will next week award the mandate for a Eu170m five year facility. ING is in the running for title of mandated arranger.

Poland is planning a Yankee bond to follow up on its Eu750m 10 year benchmark earlier this year. It sent out RFPs to banks on Wednesday for a $500m 10 year bond. The banks invited were a handful of US houses plus Deutsche Bank and CSFB. A decision is expected by next month, with the deal to be launched in late May or early June.

Alfa Bank, Russia's largest private sector bank, this week reported record profits for 2001, boosting the bank's chances of accessing the international bond markets this year. Profits last year rose to $85m, from $77m in 2000. Alfa Bank's assets at year-end totalled $2.7bn, compared with $1.9bn at the end of December 2000. Shareholder equity also rose, climbing to $278m, from $125m in 2000.

Rating: Aaa/AAA/AAA Amount: R150m (fungible with two issues totalling R150m first launched 06/03/01)

Guarantor: Kingdom of Spain Rating: Aaa/AA+/AA+

Rating: Aaa/AAA Amount: $250m (fungible with $2bn issue launched 07/01/02)

Rating: AA+ Amount: Eu100m (fungible with Eu200m issue launched 04/04/02) Landesschatzanweisung series 398