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HFC Bank is to issue a £

In his speech to delegates at Euromoney’s syndicated loans conference in London this morning, Richard Cartledge, managing director in the global syndicated finance division at HSBC, predicted that the syndicated loan product would continue to play a vital role in capital raising.

The Eu860m-Eu1bn IPO of Iberia launched on Monday with a price range that could place the Spanish airline at either end of the quality spectrum in its sector. The spread of Eu1.71-Eu2.14 will value the company at between Eu1.6bn and Eu2bn. The mid-point gives it an EV/Ebitda multiple of 5.5 times, just under the sector average of 5.7 times. "You either drive it up to the efficiency of British Airways [6.7 times] or pull it down towards Air France [4.9 times]," said a banker close to the deal.

Fannie Mae launched $10bn of debt into turbulent markets yesterday (Thursday), but the two tranches, a three year and a 10 year, were keenly bid and held up well. The bonds were priced through Freddie Mac's most recent deals in those maturities and flat to Fannie Mae's. The three year was priced at 57bp over the 4.625% February 2003 UST and the 10 year at 82bp over the 5% February 2011.

Stan Sokolowski, a member of the loan distribution team within JP Morgan’s debt capital markets division, addressed delegates at Euromoney’s Third Annual Syndicated Loans Conference this afternoon, and made an upbeat speech about the European leveraged loan market entitled Leveraged Loan Market — Review and Outlook.

Morgan Grenfell Private Equity (MGPE) has taken out a £1.59bn loan to back its purchase of the pub estate of UK leisure firm Whitbread, in the largest leveraged loan supporting a sponsor driven buy-out in the Euromarkets.

Morgan Grenfell Private Equity (MGPE) has taken out a £1.59bn loan to back its purchase of the pub estate of UK leisure firm Whitbread, in the largest leveraged loan supporting a sponsor driven buy-out in the Euromarkets.

Brazil Banco Santander Brazil SA is in the market with a $150m USCP back-up facility through mandated arranger Barclays Bank (Miami).

This year's Star of the Leak table award went to UBS Warburg's Gavin Eddy. It could not really have gone to anyone else - he's more in it than out of it. But that could change. Talking to Leak probably won't seem that interesting now he's been interviewed by the BBC. The Beeb was there at UBS Warburg's art night held in a disused underground railway station last Tuesday evening. There was plenty of champagne going around, so trying to figure out what the artworks actually were was made even more fun. After last Wednesday's awards dinner a few hardcore issuers and dealers felt they needed more entertainment, so the party carried on at Monte's, a bar in Kensington. But there was one award that we didn't give out at the awards party on Wednesday night. First prize for the hottest dance moves at Monte's goes to Dredner's Henry Nevstad and Ulrika Bohlin from SEK. They and many others were doing the funky chicken into the small hours. SEK declared at the conference that it wants to be the fastest borrower in the market. She certainly had to move pretty fast to keep out of Henry's clutches. Barclay's Nabil A-booze-a-lot was there too and living up to his nickname, but he was not the only one. Islandsbanki-FBA's Ingvar Ragnarsson, HSBC's Anne-Marie Ganatra, Barclay's Monja Blattner, Peter van der Hulst from Westland Utrecht and many more can all be very thankful that Leak knocked back quite a few G'n'Ts, so can't recall much about the merry goings-on, which didn't wind down until about 3.30am. One fine-looking fellow caught Leak's eye at the conference. He was wearing a red bow tie with white spots. If anyone knows who this mystery man was, please let him know he's won the best-dressed man 2001 award. Reports are coming thick and fast on SNS Bank's rally driving day last Thursday outside Amsterdam. Prizes were given out to those first back to base - the first prize went to Peter Panzer and West LB's Joachim von Hanishe, while Merrill's Dean 'the dog' Fogg came in second. The booby prize went to dealer Mattew Dickson, who came in last. After hurtling round country lanes all afternoon, the 40 or so dealers that went were treated to a trip on a barge on Amsterdam's canals. A lovely time was had by all, except for CSFB's Simon Hill and Nabil Aboulzelof, who somehow got waylaid in a lift and returned to find they had missed the boat. Who knows what two dealers left to their own devices in Amsterdam for the evening would get up to. And another question: what exactly did Merrill's cheeky trader Dean Fogg get up to that he was so keen for Leak not to find out about? Answers on a postcard please. The evening ended with dancing - Goldman Sachs' Shadi Farzad is quite a mover too, apparently. Several old faces have come out of the woodwork this week. Tony Wilson, ex MTN and CP desk head at Daiwa, showed up at the conference - he has now left DealComposer, the company he worked for with Kevin Arnold, and is working at Credit Lyonnais on the relationship side. And Bruce Cairnduff and Keith Phair both turned up at the awards party, as did web journalist Mike Tims.

Kreditanstalt für Wiederaufbau (KfW) firmly established itself as a government bond surrogate this week when its Eu5bn 10 year global bond achieved deep penetration into the portfolios of government bond buyers worldwide, despite pricing through its outstanding paper.

Kreditanstalt für Wiederaufbau (KfW) firmly established itself as a government bond surrogate this week when its Eu5bn 10 year global bond achieved deep penetration into the portfolios of government bond buyers worldwide, despite pricing through its outstanding paper.