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Amount: ¥20.2bn

Southern Steel?s $80m five year fundraising is progressing in syndication and targeted for completion by the end of the month. DBS Bank is the mandated arranger.

UK clothes and food retailer Marks & Spencer is pursuing the unusual strategy of premarketing its £1.2bn loan to all its syndicate lenders, rather than just its lead banks, EuroWeek has learned.

Compiled by Richard Favis, RBC Capital Markets

Rating: Aa/A+

Despite continuing to post profits of more than a billion dollars per quarter ? the next quarter may be particularly tricky ? Merrill Lynch shares are down more than 20% from their high. As we own a few ourselves, we feel slightly sympathetic towards Stan O?Neal, who really does try to be all of the right things, and deserves more credit than he receives. However, almost all of the publicly quoted securities houses are trading in the dog house and Wall Street is going through another of those phases where it has few friends with investors.

Lead arrangers ABN Amro (bookrunner), Banco Bilbao Vizcaya Argentaria (bookrunner), Citigroup (bookrunner and administrative agent), HSBC (bookrunner), Bank of Tokyo-Mitsubishi, Caja Madrid, Scotiabank and ING have completed the $2bn facility for Teléfonos de Mexico SA de CV (Telmex) with an oversubscription.

SENIOR

VTB Capital, the finance vehicle of the Russian state owned investment bank Vneshtorgbank, has mandated four arrangers for its new $2bn loan participation note programme.

Rating: Aaa/AAA