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Dresdner Kleinwort Wasserstein has been mandated by a consortium led by Macquarie Bank to arrange a loan supporting its £1.5bn bid for the London Stock Exchange. Macquarie yesterday (Thursday) said it offered 580p per share, 6% below the LSE's current share price. The London Stock Exchange rejected the offer as "wholly inadequate".

ABN to cut Eu600m in 2006

SENIOR

Property company British Land completed the signing of its £1bn EuroMTN programme this week. Barclays Capital and UBS arranged the shelf; they are joined on the dealer panel by Calyon, Mizuho International, Morgan Stanley, Royal Bank of Scotland and WestLB. On the new issuance front, the Italian region of Friuli-Venezia Guilia (FVG) launched the inaugural trade of its recently updated Eu2bn EuroMTN shelf this week. It issued a Eu387m 15 year amortising fixed rate eurobond which carries a 3.56% coupon. It was arranged by Depfa Bank, Dexia, Citigroup, Nomura and UBM.

Pensions and insurance company Storebrand's Eu175m refinancing through Danske Bank, Dresdner Kleinwort Wasserstein and Nordea will be signed next week. The oversubscribed five year revolver refinances a 2001 revolver when the company borrowed Eu225m. It paid 40bp via mandated lead arrangers and bookrunners Danske Bank and DnB NOR Bank.

Royal Bank of Scotland expects to close syndication of the structured property loan for the buy-out of specialist provider of mental healthcare assistance Partnerships in Care by early next week. The loan consists of £407.6m in senior debt and £67.9m of junior facilities, and both have a 10 year maturity.

Peru tapped its 2025 bond for $500m on Monday, only for the deal to plunge in the secondary market to trade even wider than Colombia. Political concerns played their part, but two research analysts also recommended underweighting the sovereign and there were unconfirmed rumours that money was being pulled out of Pimco and given to other fund managers, leading to sales of Peru bonds.

Development Bank of the Philippines has agreed an extension option of $50m for its $50m two year term loan. RZB-Austria is arranging the facility and is bringing in banks at the top level.

The completion of oil refiner and petrochemicals manufacturer PKN Orlen's Eu1bn five year club loan has been postponed to December 22 at the earliest after the company's supervisory board meeting was delayed. ABN Amro, Bank Austria, Bank BPH, Bank of Tokyo-Mitsubishi (facility agent), BNP Paribas, Calyon, Citigroup, ING, KBC, PKO Bank Polski and SG CIB (documentation agent) will all commit just over Eu90m to the facility, which comprises a Eu250m term loan and a Eu750m revolver.

Pressure on Bank of Italy governor Antonio Fazio to resign grew again this week with revelations that he and his family received gifts from the former Banca Popolare Italia CEO Gianpiero Fiorani. Fiorani, who was arrested on Tuesday night, is being investigated for alleged wrongdoing in the takeover battle for Banco Antonveneta. He is also accused of running a scheme that diverted hundreds of millions of euros from his bank for personal enrichment of a small circle of people.

Bank of Tokyo-Mitsubishi (bookrunner), DnB NOR Bank (bookrunner), SG CIB (bookrunner) and SMBC have closed syndication of the $1.65bn 15 year limited recourse financing for the J5 Nakilat consortium. The deal, which was about 25% oversubscribed but will not be increased, pays a pre-completion margin of 45bp over Libor, and a post-completion margin of 60bp over.