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ABN Amro and Société Générale are preparing to launch the $260m three year pre-export financing they are arranging for State Oil Company of the Azerbaijan Republic, or Socar. The amortising loan pays a margin of 85bp over Libor, EuroWeek hears, with an upfront fee of 65bp.

Railway company Deutsche Bahn's prospects of listing appeared slighter than ever this week when a committee of experts in Germany said that "there would be a considerable risk to taxpayers and competition" if the company were to float in its current form, as both an operator and owner of the network. And Infineon Technologies has deprived the European market of the forthcoming IPO of its Qimonda memory chip company, which could raise up to Eu1bn and value the unit at up to Eu4bn.

The $153m 12 year loan Arab Banking Corporation is arranging for United Stainless Steel Co should be launched within the next two weeks. The facility will part finance the construction of a steel mill in Hidd.

Rating: A2/A-/A

Rating: Aa2/AA-/AA-

Bank of China launched its hotly awaited IPO yesterday (Thursday), rounding off a remarkable week for equity issuance in Asia. The deal — which could raise as much as $11.4bn — may become Hong Kong's largest ever flotation and might be the biggest IPO anywhere in the world this decade. Bank of China International, Goldman Sachs and UBS are the arrangers. Bank of China, the country's second largest lender, set out on its roadshow yesterday hoping to sell 25.6bn new 'H' shares, 10.5% of its enlarged share capital.

Bank of Moscow priced its first seven year senior bond last Friday (May 5), at the wide end of guidance, but still achieved its tightest ever pricing amid a flood of rival deals from Russia and Kazakhstan. The $500m deal, rated Baa1/BBB- (Fitch), was one of the larger issues of the past fortnight, and was priced on the same day as Sibacadembank's $350m three year bond and Vimpelcom's $600m 10 year issue.

Deal flows remained solid in the EuroMTN market this week, with a variety of constant maturity swap (CMS) linked range accrual structures, commodity-linked deals and equity linkers.

Moscow Narodny Bank and Vneshtorgbank have been mandated to arrange a Eu15m one year loan for state-owned Belagroprombank. The deal, the borrower's debut, has a one year extension option and pays a margin of 400bp over Euribor.

Calyon has launched Eu1.5bn of debt for retailer Louis Delhaize and its subsidiaries. Eu750m will be made available to Louis Delhaize. It is split between a Eu600m five year revolver with two one year extension options and a Eu150m seven year revolver which will be used by Supermarchés Match.

Guarantor: Banco Popular Español