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Rating: Aa2/AA+

Private equity firms may be less willing to pay high prices for UK companies, after the UK's tax collecting authority last Friday closed a tax loophole that they have exploited in the UK.

Private equity firms may be less willing to pay high prices for UK companies, after the UK's tax collecting authority last Friday closed a tax loophole that they have exploited in the UK.

Abu Dhabi based Mubadala Development Co has launched syndication of its Eu475m five year loan through mandated lead arrangers Abu Dhabi Commercial Bank, Barclays, Citigroup and National Bank of Abu Dhabi.

Market observers believe Venezuela is considering a dollar denominated benchmark global bond following the great reception the sovereign received in Europe on Monday for its Eu1bn 10 year deal.

The dollar swaps market has had an active and turbulent few days, with the 10 year Treasury spiking 20bp higher to trade at an intraday high of 4.54%. It retreated a little yesterday (Thursday) to 4.50%, but is still much higher on the week.

Some of the worst volatility in the US Treasury market for 10 months failed to dampen demand for US high grade corporate credits this week. Eager investors continued to snap up a modest but steady supply of new issues.

Guarantor: Volkswagen Financial Services AG

While the leveraged loan market is growing in size and investor liquidity is increasing fast, the more experienced market observers are warning that in certain areas leverage ratios are becoming overcooked. But as senior investors point out, there are still ways for investors to not only survive but also to outperform the market. The good news is that the most experienced investors in the European leveraged loans arena remain broadly positive about the outlook for the market. "We are fairly constructive on the market," says David Forbes-Nixon, chief investment officer and head of European operations at Alcentra, which has so far closed five CDOs and one European total return credit fund, and which now manages a total of Eu2.3bn. Of that total, Eu1.8bn is in senior leveraged loans, with a further Eu300m in mezzanine and the balance in high yield.

Barclays, HSBC, Lloyds TSB and Royal Bank of Scotland hosted a bank meeting for the syndication of a £1.2bn facility for bookmaker William Hill Wednesday. They are offering lenders two tickets: £75m and for fees of 20bp and £40m for 15bp.

Rating: A3/A (Moody's/Fitch)

CIBC and Citigroup have launched syndication of the post-initial public offering for Xerium, the manufacturer of products for the paper industry.