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  • Rating: Ba3/BB/BB
  • Deutsche Bank completed one of the last IPOs of 2005, with the long-expected flotation of Drax Group, the UK coal powered electricity generator, yesterday (Thursday). The deal had been flagged since the first quarter of 2005 — giving a neat symmetry to the year — and was earlier run as a dual track sale, with Deutsche Bank trying to find a suitable buyer for the company.
  • Syndication of Banca Transilvania's Eu75m five year loan will close imminently.
  • Bookrunners Commerzbank and Standard Bank will sign Bank of Khanty-Mansiysk's $20m 364 day trade finance facility for $43m on Monday. The loan pays a margin of 265bp over Libor.
  • Rating: Ba3/B+
  • Seizing the last opportunity they could to get their cash this year, Russian borrowers defied ebbing year-end demand this week to launch deals.
  • Stefano Scalera will take over Domenico Nardelli's position as head of international funding and liability management at the Italian treasury with effect from January 1. Scalera was in charge of domestic funding at the treasury from 2000 to earlier this year, during which time, together with Nardelli, he designed and implemented much of Italy's funding strategy.
  • Privatisation has caused the French government plenty of political headaches this year, but at least the IPO of Electricité de France went well in the market. But 10 years ago, when Alain Juppé was prime minister, it was even worse — the French privatisation programme had a dismal record of producing badly performing deals.
  • The S$300m five year deal for CDL Properties was soft-launched last week to the real estate firm's existing lenders. DBS, HSBC and NordLB are mandated arrangers.
  • ING, JP Morgan, Bank of Scotland and SG CIB have allocated and funded the loan backing the buy-out of retailer Cortefiel. The paper has already broken free to trade in the secondary market.
  • Car parts manufacturer CIE Automotive's Eu250m three year facility via BBVA will be signed today (Friday).
  • Stefano Scalera will take over Domenico Nardelli's position as head of international funding and liability management at the Italian treasury with effect from January 1. Scalera was in charge of domestic funding at the treasury from 2000 to earlier this year, during which time, together with Nardelli, he designed and implemented much of Italy's funding strategy.