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* De Nationale Investeringsbank NV Rating: Aa3/AA+ Amount: Sfr200m

Arrangers Chase, HSBC (agent) and Société Générale has closed the £500m five year revolving credit for LucasVarity plc. The loan was a blow-out in general syndication with over £750m raised and the facility was increased to £600m.

GENERAL syndication of the $10.9bn loan facilities backing Texas Utilities' acquisition of the Energy Group has been launched by arrangers Chase Manhattan, Lehman Brothers and Merrill Lynch. The facilities consist of a £3.625bn portion and a $5bn portion. In retail, senior lead managers are invited to take $150m pro-rata for a fee of 22.5bp, lead managers $100m for a fee of 17.5bp if they commit pro-rata or 15bp if they don't and managers $50m for a fee of 12.5bp if they commit pro-rata and 10bp if they don't.

* Moody's Investors Service has appointed Kathryn Kerle as representative director of its office in Singapore. She will be responsible for maintaining the agency's relationships with its clients in southeast Asia and will report to Edward Young, managing director Asia-Pacific. Kerle succeeds Patrick Winsbury, who is joining the agency's east Asian banking team as an assistant vice president.

BancAmerica Robertson Stephens has arranged a $500m revolver for Van Kampen American Capital Prime Rate Income Trust. Pricing for the 364 day loan is based on outstanding amounts under the loan. The Libor margin range is 37.5bp to 50bp. The Lisle, Illinois based investment company will use the loan for short term liquidity and temporary emergency purpose. Bank of America NT&SA is the agent for the loan.

* Banca Popolare di Brescia Rating: Baa2/BBB

Asset backed securities: * Huson Pty Ltd

South Africa Appetite for Investec Overseas Finance's $150m three year term loan has proved to be strong in general syndication. Retail was launched last week, after ING Barings, Creditanstalt, Landesbank Rheinland-Pfalz, Standard Chartered, Sumitomo and WGZ-Bank joined as co-arrangers.

THE REPUBLIC of Argentina has once again launched a ground-breaking bond structure in the emerging markets with an oversubscribed Ecu750m 30 year strippable zero coupon issue that gives an all-in cost inside of its plain vanilla dollar curve. Despite extremely poor market conditions, investors swamped sole lead manager ABN Amro with orders for what is the first emerging market deal offering a range of zero coupon strips in various maturities from three to 30 years.

Australia ANZ Investment Bank is arranging a dual tranche A$225m facility for Tenix Pty Ltd, the military shipbuilding arm of defence contractor Transfield Holdings Pty Ltd. Proceeds are split between an A$150m five year amortising term loan for general working capital paying a margin of 35bp and a commitment fee of 25bp, and a A$75m 364 day standby facility for potential acquisitions paying a 20bp margin and a commitment fee of 15bp.

Market commentary Compiled by Gerard Perrignon, RBC DS Global Markets, London. Tel: +44 171-865 1759