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The £220m leveraged financing backing the buy-out of Dignity Funeral Services from SCI has generated a mixed response from the market. EuroWeek understands that despite complaints about the coupling of a piece of the underpriced mezzanine tranche with the top sub-underwriting ticket of £25m, banks taking that ticket will be scaled back to £10m. Banks that took a £15m ticket will be shaved back to £7.5m.

Rating: A2/AAA Amount: Eu50m DZ brief

National Bank of Egypt's $350m three year term loan has been well received in the market. Arranging banks ABC, Citigroup/SSB, Bank of Tokyo-Mitsubishi and Standard Chartered are awaiting further commitments from interested banks and syndication will close in 10 days.

Syndication of the £800m debut multi-currency revolver for music group EMI is coming to a close. Senior co-arrangers were invited to commit tickets of £50m for 40bp flat, and co-arrangers were asked to take £35m for 35bp flat and £20m for 30bp flat.

BNP Paribas has announced the promotion of Wolfgang Engel to head of corporate banking in Germany. He will be based in Frankfurt and report to Francois Cristofari, European head of corporate banking, as of April 15, when he will also become a member of the BNP Paribas management board in Germany. "Given his profesional background, Wolfgang will help us further build our traditional banking business and particularly our investment banking franchise in Germany," said Cristofari. "His long-standing client relationships will allow us to enhance our marketing and cross-selling activities in Germany."

Guarantor: Abbey National plc Rating: Aa2/AA

Financière Agache, the French holding company, sold a tightly priced Eu1bn bond exchangeable into shares in LVMH, the French luxury goods company, on Tuesday. But despite it being seven times oversubscribed, investors and convertible analysts complained that the offering was typical of other recently launched equity-linked deals in that the issuer had tried to squeeze too much out.

Rating: Aa3/AA- Amount: Sfr50m

Compiled by Stephanie Weedon, HSBC Bank plc, London Tel: +44 20 7336 3525

Guarantor: Fortis SA/NV and Fortis NV Rating: Aa3/A+/A+

Triple-A rated General Electric Capital Corporation (GECC) this week announced plans to tap the global loan market for a $15bn credit via arrangers Citigroup/SSB, JP Morgan and Bank of America. EuroWeek understands that the deal was launched into the US market yesterday (Thursday). The deal will hit the Asian market next week with the European tranche due to be syndicated the following week.