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Gordon Dyal and Claudio Costamagna, co-heads of European investment banking at Goldman Sachs, will be taking on senior positions in the firm.

Mandated lead arrangers BayernLB and Sanpaolo IMI have signed the $60m three year loan for Black Sea Trade and Development Bank.

Rating: BBB-/BBB-

A quartet of high yield offerings will be priced today (Friday) as high yield borrowers ranging from cable company Kabel Deutschland to speciality packaging company Chesapeake Corp make a last dash to the market before year end.

Rating: Aaa/AA+

Mandated arranger HSBC has launched a HK$1bn five year loan style FRN for Hang Lung Properties into syndication. The borrowing entity will be Levington, a BVI incorporated company.

Syndication for K&H Bank's Eu200m five year loan has closed oversubscribed. It will be signed imminently and the borrower is considering an increase.

Swedish Export Credit Corp (SEK) overcame volatile market conditions this week to price a $1bn three year global bond, which underlined the rewards possible for borrowers with a global shelf. With the ability to place its issue in all three time zones, SEK was able to pick up momentum from US and European demand that then encouraged Asian investors to commit to the deal. In the sluggish first day session, Asian buyers had been alarmed by rumours that Asian central banks were reducing their US dollar holdings.

Syndication of Millenia Tower Investments' S$325m five year multi-tranche fundraising has reached financial close. BNP Paribas, Oversea-Chinese Banking Corp and Sumitomo Mitsui Banking Corp are leading the facility.

Two South Korean subsidiaries of Singapore Power have become the first foreign-owned companies this year to issue a bond in won, debt capital markets bankers claimed yesterday (Thursday).

Mandated lead arranger Bank Austria has signed a Eu98.0875m loan for Telekom Slovenije.

Market commentary Compiled by Richard Favis RBC Capital Markets +27 11 784 5065