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The S$75m three year loan for GP Industries was signed on Monday after the facility was increased from S$72m. Mandated lead arrangers Oversea-Chinese Banking Corp committed S$18m and HSBC contributed S$10m.

Rating: A- (Fitch)

Market commentary

Not long ago in these columns, we observed that the best bond houses in the Euromarkets, including Deutsche Bank and Barclays Capital, believed that they could continue to earn returns of 20% from fixed income. "What have they been smoking?" came the response from several investment banking competitors and hedge funds. Their view was that the great bond honeymoon was over after almost four glorious years; that interest rates were about to spiral; and that flattening yield curves had taken all the fun out of the famous carry trades.

Senior syndication for the Eu3.1bn loan supporting Spanish broadband operator Ono's acquisition of rival Auna is to close today (Friday). Bookrunners are ABN Amro, Calyon, Fortis and BSCH. MLI is Instituto de Crédito Oficial. Mandated lead arrangers comprise Royal Bank of Scotland, Ahorro Corporación Financiera, SG CIB, WestLB, Bank of Scotland, Caixa d'Estalvis de Catalunya, Banco Sabadell, Banco Español de Crédito, Rabobank and JP Morgan.

Banks expect to receive a $76m mandate from Daelim Corp by next week. The borrower has asked for a 12 year post-delivery shipping loan with a put option in year seven.

Wind turbine manufacturer Gamesa's Eu1.2bn loan via Banesto, Barclays, BBVA and Citigroup is for five years and pays a margin of 85bp tied to a margin grid based on net debt to Ebitda. It is split into a term loan of Eu470m, revolver of Eu400m and a guarantee facility of Eu230m.

Citigroup has been mandated to arrange a $100m three year fundraising for the Central Bank of Sri Lanka.

Citigroup scored a coup this week by becoming the first bank to crack the code of structuring tax-deductible hybrid securities for US corporate issuers. Having jealously watched European companies enjoy the benefits of tax-efficient hybrid deals, US firms have been trying all year to find a capital structure that won significant equity content of at least 50% from the rating agencies, but was still considered debt from a legal, accounting and tax point of view.

Citigroup scored a coup this week by becoming the first bank to crack the code of structuring tax-deductible hybrid securities for US corporate issuers.

Rating: Aa2/A/A+

Power company Eos Holding's Sfr400m acquisition facility via Keissparkasse Biberach, WestLB (bookrunner), and Zürcher Kantonalbank should close by the end of November. The four year term loan pays an out of the box margin of 37.5bp that is tied to ratings grid based on net debt to Ebitda. Three tickets are available to banks: Eu50m for a take of 25bp; Eu30m for 20bp; and, Eu15m for 15bp.