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Rating: Baa2

Reliance Industries' $350m five year term financing has been increased from $250m. Mandated lead arrangers ABN Amro, BA Asia, Bank of Tokyo-Mitsubishi, Calyon, DBS Bank and HSBC committed $22.5 each, while HVB and Mizuho Corporate Bank joined with $18m apiece.

Rating: Aaa/AAA/AAA

Rating: A3/A-

Two weeks after ISDA published a protocol to deal with CDS trades involving a bankrupt entity, it has gained some 450 adherents including banks, end-users, asset managers and hedge funds. The protocol derives from the bankruptcy of Collins & Aikman, an auto parts supplier featured in CDS indices by both CDX and TRAC-X — a predecessor of the widely traded iTraxx indices. It allows any institution to amend their documentation from physical to cash settlement and to participate in an auction to determine the final value for a Collins & Aikman bond due to mature in 2011.

The Eu1.83bn of debt supporting Goldman Sachs Capital Partners' purchase of Italian tyre, cable and systems company Pirelli will consist of a senior loan, a second lien and a performance bond, which is undrawn. A performance bond is a guarantee facility for products ordered by customers to insure a refund if the product is not delivered.

The maiden syndicated Eu2bn loan for Infrastrutture SpA will be closed imminently.

Guarantor: Japan

Bank of America has hired five former JP Morgan bankers as part of its bid to build up its global fixed income business at the short end of the debt capital markets. Morgan closed its European commercial paper business last December under a drive spearheaded by Jamie Dimon, chief operating officer of JP Morgan Chase, to rein in costs and increase profitability in the bank's fixed income division.

The extension and increase of the $45m one year facility that Bank CenterCredit completed in June 2004 will be signed for $125m in Almaty on Monday.

Guarantor: Federal Republic of Germany