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Shammi Malik, formerly head of ABS secondary trading at SG, has joined Standard & Poor's European Structured Finance group as director in its surveillance team.

Rating: unrated

Syndication of Banka Celje's Eu70m five year deal will close next week.

Syndication of paper producer Sappi's Eu600m five year refinancing loan should close next week oversubscribed.

EuroWeek hears that Blackstone has switched sides in the battle for Spanish telecoms firm Auna. Blackstone was bidding with Apax Partners and CVC Capital Partners but has now decided to join Providence Capital Partners and the Carlyle Group.

The $140m two year loan for Hyundai Capital Services has closed, after an increase from $100m. Mandated lead arranger Calyon contributed $40m.

Holidays in the UK and Europe, interest rate decisions by the Federal Open Market Committee and European Central Bank, and US non-farm payroll data due on Friday stalled issuance in the covered bond market this week.

Rating: A1/A+

Argentina completed its first voluntary debt issue since its $80bn default in 2002 this week, with a successful auction of Ps1bn ($345m) of inflation-indexed 2014 Bodens.

Although long dated benchmark issuance grabbed all the attention in the first quarter of 2005, the shorter end of the euro market has also served borrowers well so far this year, with Asian investors, and in particular central banks, providing much of the demand. Philip Moore reports. Belgium's most recent visit to the market for syndicated benchmarks came in March, when it launched a Eu5bn 10 year OLO (government bond) led by ABN Amro, Barclays Capital, HSBC and KBC Bank that was priced at 8bp over the 2015 Bund — the first time that Belgium had achieved a single digit spread over the German curve in the 10 year maturity.

Flinders Ports has raised A$185m through a multi-tranche club facility. Participating banks are Commonwealth Bank of Australia holding A$102m, Westpac Banking Corp lending A$38m and BankSA and National Australia Bank providing A$22.5m each.